Mumbai among 10 promising Asia-Pacific realty markets
September 29, 2007
India’s financial capital Mumbai is also emerging as a major destination for the real estate investors with the city being ranked among the ten most promising Asia Pacific cities by PriceWaterhouseCoopers.
Mumbai has jumped seven positions from last year to become the tenth most attractive real estate investment destination in the annual investor survey released on Wednesday by PwC and US-based research organisation Urban Land Institute.
Besides, New Delhi and Bangalore also retained their top-20 positions on the list led by Shanghai, Singapore and Tokyo — the top three destinations in Asia-Pacific region.
The response from investors towards India continued to be bullish with strong buy or hold recommendations for major cities like Mumbai, New Delhi and Bangalore across various property sectors, the report pointed out.
India has been on investors radar for several years, but it had proven inaccessible due to government restriction that were eased in 2005 to permit foreign investments, primarily through the construction-development route, PwC’s investment management and real estate sector leader Gautam Mehra said.
For investment in hotel space, Ho Chi Minh City was at the top, followed by Bangalore, Shanghai, Mumbai and New Delhi. In the office sector, Ho Chi Minh City, Mumbai, Tokyo, Bangalore and New Delhi were named top five cities.
For retail property, Ho Chi Minh City, Mumbai, New Delhi, Bangalore and Shanghai were named as the top five markets.
The industrial and distribution sector was also named as a major property type for 2008, with Ho Chi Minh City, Shanghai, Bangalore, Mumbai and Guangzhou ranked as the most promising markets. The most promising cities for apartment rental investments are Ho Chi Minh City, Mumbai, Bangalore and Guangzhou.