Asian cities lead global rankings for rapidly growing real estate markets: JLL
By Timothy Tay
/ EdgeProp |
Indian cities dominate JLL’s recent list of commercially active cities that are undergoing rapid expansion in their urban economies and real estate markets. Four out of the top five positions went to Indian cities, namely Bengaluru and Hyderabad ranking top and second respectively, while Delhi and Puru take fourth and fifth places. Hanoi is the only Southeast Asian city in the top five rankings.
This is according to JLL’s City Momentum Index, an annual survey on 131 of the world’s most commercially active cities, tracking their socio-economic and commercial real estate markets over a three-year period.
Credit: JLL
“The absence of European and American cities demonstrates a marked East-West growth divide, reflecting Asia’s continued rapid urbanisation and economic growth,” says Jeremy Kelly, director of global research at JLL. “It is clear that the tech sector is a key driver in both real estate and economic momentum – driven by large technology firms as well as dynamic start-ups,” he says.
But fast growing cities must overcome the challenges of social inequality, congestion, and environmental degradation to transition into long-term growth momentum. “The provision of smart, efficient and productive real estate and increased transparency are key factors in driving long-term sustainable growth,” says Kelly. This will be supported by technological innovation into greener and smarter buildings, urban regeneration infrastructure projects, and long-term foreign direct investment, the report says.
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