Real estate markets in emerging countries, picking up, global report suggests
Real estate markets in emerging countries have shown a strong start to 2015 including rising purchasing power and infrastructure development, according to a new report covering eight key countries.
The 2022 FIFA World Cup is already affecting property prices in Qatar where prices are rising not just in areas close to new infrastructure, according to the report from global property portal Lamudi.
In Africa, rapid infrastructure development is having a significant impact on property markets, particularly in Kenya. Improvements within and outside the Nairobi CBD is driving a property boom in the city outskirts, it claims
The report suggests that falling global oil prices is expected to improve the outlook for both real estate in Pakistan with reduced inflation expected to have a positive impact on the country’s economy, particularly property markets. While in nearby Bangladesh consumer confidence is improving and there is hope that the country’s real estate market will gradually pick up.
In the Ivory Coast, real estate has emerged as one of the most dynamic and varied sectors in the country. However, accessing property is not always easy, the report points out. On average, only four out of 10 own their home, with renting being more widespread.
Jakarta remains the location with the highest average property prices in Indonesia, but other cities are now catching up. South Tangerang and Bekasi are attracting property-seekers, largely as a result of low real prices, infrastructure development and close proximity to the capital.
The holiday home market is having a significant impact on real estate in Mexico. Acapulco is still the preferred beach destination for the population of Ensenada, while those living in Playas el Rosarito tend to visit Tijuana and the United States.
Due to fraud issues with banks in Mauritius, many property seekers are facing money concerns, with adverse effects for the real estate market. However, at the same time, the luxury segment in coastal regions and beyond is booming.
‘Our data shows a clear trajectory of property sector growth in the emerging markets. From infrastructure development, to rising purchasing power among a growing middle class, a range of factors are fuelling real estate expansion in these regions,’ said Lamudi Global managing director Paul Philipp Hermann.