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01 February, 2017
The growth and attraction of the Northern Powerhouse has resulted in an increase in inquiries into property in Manchester by more than 50%.
Chinese buyers, who use Juwai.com, which is an online property portal, which provides them with access to property investments overseas has seen a growth in inquiries. During November, there was a significant jump in interest from investors when compared to November 2015.
Following the increase of interest from Chinese investors, Manchester Airport Group has also increased its forecast of the value to the local economy of flights made directly between Beijing and Manchester.
It is believed that in ten years’ time, the investment from Chinese investment will be worth around £500 million which will have a significant impact on the economy. This is a figure that will not only come from direct investment but also money spent through tourism, jobs as well as infrastructure.
The additional flights from Manchester to Beijing have encouraged passenger numbers, many of which come to Manchester to invest in the area.
A group, known as Manchester – China Forum, encourages commercial ties between Beijing and Manchester and they believe that during 2016, Chinese investment contributed to almost £2.1bn in development projects.
This has led many to believe that 2017 is looking as though it could be a very lucrative year for the property investment in Manchester. As the strength of the pound continues to weaken, it will mean that many investors from outside of the UK will look to capitalise on low prices and good returns on their investment.
In fact, a number of large Chinese construction firms have been involved in large deals. Beijing Construction Engineering Group is one firm that will be involved in the construction of Middlewood Locks in Salford which is worth £700 million but will also result in 2,215 rented homes being added to the property market. Work has also begun on Airport City which is worth £1bn with the Beijing Construction Engineering Group have a 20% stake.
As the connection between China and the UK strengthens, the property sector has been contributing factor, helping to aid the connection. One of the reasons for this growth has been put down to the fact that Manchester is growing, not only now but in the future as some 227,000 home and 200,000 jobs will be added by 2035. To add to this, even after Chinese President Xi Jinping visited Manchester in 2015, a Chinese company purchased the pub that he drank in.
Following the decision that was made by UK citizens to leave the EU, Chinese investors showed a real interest as inquiries rose by 40% more than average. However, when compared to London, Manchester has not experienced the same level of individual residential investments.
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