Manchester Airport Group has recently doubled its estimate of the value of direct flights between Manchester and Beijing to the local economy. The direct flights have increased the number of visitors many of whom are interested in buying property along the area.
According to Manchester-China Forum, a group promoting commercial ties between the areas, an estimated £2.1 billion worth of development projects were associated to Chinese investors in 2016. Juwai.com, an online property portal being used by Chinese buyers revealed that the number of inquiries into Manchester properties has increased by more than 50% because of the growing enthusiasm for property investment overseas.
It is expected that within the next 10 years, the economic impact of Chinese visitors to Manchester will reach £500 million up from £250 million. The amount is only a representation of tourism spending and it does not include the effects of inward investment, infrastructure and employment.
Rhys Whalley, the executive director of Manchester-China Forum is optimistic for the outlook in 2017 because the devaluation of the pound can lead to an increase in investments in the UK. The property sector is one of the industries that has greatly benefited from the growing connectivity between the United Kingdom and China. The market was also stimulated by the visit of China’s President Xi Jinping in Manchester last October 2015.
Juwai.com also revealed that there has been a sudden increase in Chinese investor interest after the British voted to leave the European Union. Part of the reason for the growing interest is Manchester’s future growth. The city plans to add about 227,000 homes and 200,000 jobs by 2035.
One of the major deals that were signed in 2016 was made by Beijing Construction Engineering Group (BCEG). The Chinese firm will be in charge of the construction of 2,215 rented homes in Middlewood Locks, Salwood which is worth £700 million.
Investors are also looking at investment property in Karon. The investment is more than just a luxury vacation home; it guarantees generous rental revenues considering that Karon Beach is one of the favorite tourist destinations to Thailand. Travelers all over the world want to enjoy a piece of natural paradise.