19 of the 20 fastest-changing property markets in the world are in Asia, says JLL
Results of the latest JLL City Momentum Index are in, with Bengaluru topping the 131-city list tabulating urban hubs with the strongest short-term economic and real estate market momentum.
The tech sector, represented by large firms and startups alike, drove both real estate and economic momentum in Bengaluru, the report noted, as it did in runner-up Hyderabad, Ho Chi Minh City (eighth place) and Shenzhen (19th place).
The Indian city is one of 19 Asia-Pacific markets that cornered the top 20 this year. The only non-Asian city in the top 20 is Nairobi, whose significant amounts of infrastructure-focused investment from China catapulted it to sixth place.
Hanoi is in third place, while Delhi and Pune rank fourth and fifth, in that order.
Chennai, Xi’an and Guangzhou are seventh, ninth and 10th most dynamic cities in the world.
Indian and Chinese cities dominated the rest of the top 20, with the exceptions of Manila and Bangkok in 12th and 18th positions.
The glaring absence of European and North American markets points to an East-West growth divide, marked by continued rapid urbanisation and economic growth in Asia.
“Asia continues to show strong momentum, with cities that are successfully expanding their innovation economy punching above their weight in terms of attracting capital, companies and people,” Jeremy Kelly, director of global research at JLL, said.
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