‘Manchester among top world cities for property investment’
MANCHESTER has been ranked 15th in the world for property investment relative to the size of its economy (GDP).
A study by property agent Jones Lang LaSalle has placed it above Paris, Beijing and Milan.
When ranked according to the total volume of investment, Manchester comes 46th and is the only UK city apart from London in the top 50.
Rosemary Feenan, director at Jones Lang LaSalle’s global research team which led the study, said: “Manchester’s future will be dictated more by what it does to compete with other international cities such as Lyon, Boston or Vancouver, rather than other UK cities.
“An interesting real-life lesson can be seen in Latin America where Santiago’s so-called ‘Chilecon Valley’ is trying to exploit the US’ tough immigration rules with streamlined visa applications and grant funding to establish a rival destination for tech-entrepreneurs to California’s Silicon Valley.”
She added: “While not a world city in the same class as London – which tops our global rankings by both volume and relative to its GDP – Manchester must foster global visibility in order to continue its ascent.
“Trade alliances and the opportunities for its businesses in both emerging economies and established global economic superpowers like China will be vital to attracting future investment.”
David Lathwood, director and head of Jones Lang LaSalle in the North West, pictured, said: “This research carries some important messages for Manchester and its timing couldn’t be more critical. With prolonged economic stagnation in the eurozone and the continual shift of the global economic axis towards the emerging BRIC economies and Far East, Manchester has to focus on developing its offering now to remain competitive.
“Continual investment in the airport, High Speed 2 and the on-going growth of the city’s universities are absolutely critical to attracting new investment, while key development sites need to be brought forward quickly and regeneration projects accelerated.”
