20 Nov 20.11.2019 Manchester’s surging demand for real estate
20.11.2019 Manchester’s surging demand for real estate
In accordance with the recent findings of the report provided by the real estate agency Bisnow, economic growth in the Manchester is quickly outstripping the average for both the UK and EU.
The report found that while annual gross value added (GVA) for the UK and European Union currently averages 1.7% and 1.2-1.4% respectively, Manchester grows by that amount each quarter.
Moreover, Bisnow states that the actual economic growth in Manchester is even greater than the 5-7% GVA per year recorded by the Centre for Economics and Business Research.
According to the report:
- Manchester currently has more skyscraper development than any North American city (except for Toronto), with a record 64 cranes recorded above the city last summer – Deloitte Real Estate.
- Close to £2 billion was invested into Manchester’s commercial property sector by overseas investors between 2015-2019, with the fastest growing level of spend registered by North American and Far Eastern investors – Savills.
- 35,000 new residents will move into Manchester city centre by 2025, with the Deansgate (63%), Ardwick (62%) and Piccadilly (61%) wards expected to experience the greatest level of growth.
- A rising number of institutional investors are acquiring real estate assets in Manchester, including Aviva, Legal & General and DWS, who recently bought the Vita Student First Street project as part of a wider £600 million investment.
With Manchester having some of the strongest economic levels in both the UK and Europe, population growth continuing to put a pressure on current supply levels in the city’s property market, Manchester remains one of the most in-demand investment locations from global buyers.