20 Nov 2019
Manchester’s economic growth has significantly outperformed the average of both of the UK and all of the European Union, as per the findings published by commercial real estate news agency Bisnow.
According to the data, the annual gross value added (GVA) for the UK currently averages at 1.7%, while that of the EU stands at 1.2-1.4%. On the other hand, the GVA for Manchester increases by that amount on a quarterly basis.
The official data “lags behind” the economic reality for the northwest city, Bisnow stated, adding that in reality, economic growth for Manchester is even larger than the 5-7% GVA per year recorded by the Centre for Economics and Research.
Bisnow compiled a number of findings which also revealed that Manchester is currently home to more skyscrapers than any North American city (excluding Toronto), with a record 64 cranes noted on the city skyline last summer, citing official data from Deloitte Real Estate.
Between 2015 and 2019, nearly £2 billion was ploughed into0 Manchester’s commercial property sector by overseas investors, with Savills revealing that the largest number of investors hailed from North America and the Far East.
An increasing number of institutional investors, including Aviva, Legal & General and DWS – who recently purchased the Vita Student First Street project as part of an even bigger £600 million investment – are all looking into the purchase of real estate assets in Manchester.
Moreover, a whopping 35,000 new residents are expected to translocate to Manchester city centre by the year 2025, with Deansgate, Ardwick and Piccadilly forecast to see the highest levels of growth at 63%, 62% and 61%, respectively.
With Manchester home to the most robust economic growth in all of Europe, and the city’s population continually on the rise, property supply in the region is in demand. For global buyers, Manchester remains one of the most lucrative locations for investment.