Brexit has provided Thai real estate investors with the opportunity to acquire property in England at lower prices than possible in years past. And while London has proven to be popular among investors from Thailand, the Greater Manchester area is another place they should consider, according to JLL.
Greater Manchester has 2.8 million inhabitants making it the largest functional economic area outside London. The region is seen as a world-class business and investment location and has become a European metropolis. Manchester was recently voted as one of the best cities to live in and several leading companies have a large presence here.
“The economic figures speak for themselves: employment growth in Manchester has outperformed the UK average in the past 20 years and is forecast to grow faster rate than the UK average over the next 5 years. The current unemployment rate is a low 2.5 per cent and growth in office-based employees has out-paced the UK, at an average 2.1 per cent over the past 20 years. The Bank of New York Mellon, amongst others, has set up one of its 3 global hubs in Manchester, while all of the ‘Big 4′ professional services firms have a strong presence in the city,” says Maarten Prins, JLL Head of International Residential Property Services, to the Bangkok Post.
There are 4 major universities in Manchester and another 18 smaller universities and higher education institutions in the region that helps create an educated employee pool. 25 per cent of the labour pool has a higher education degree and Manchester has a graduate retention rate of 51 per cent. This is something that also helps real estate investors because it means more people will live in the area.
“Prices of investment-grade residential units in Manchester starting from GBP 400 per sq. foot within a price regime that has appeared attractive to Thais buying UK properties. Coupled with positive investment outlook, this will likely make Manchester another investment destination of choice for Thais,” says Prins.
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