By Andrei Skvarsky.
Global real estate company Lamudi says real estate business has been booming in many emerging and frontier markets.
In Myanmar, demand for real estate has outstripped supply, pushing up property prices.
In Sri Lanka, the tourism industry has opened up new opportunities for investors and developers, Lamudi, which is a Berlin-headquartered online real estate marketplace with operations in about 30 emerging and frontier markets, says in a report.
In Indonesia, a rapidly expanding middle class has been fuelling the property sector.
In the Philippines, there has been sustained demand for commercial real estate from the business process outsourcing sector.
Saudi Arabia is struggling with a housing shortage. The latter is largely the result of rapid population growth and has driven up property prices, Lamudi says, citing global real estate firm Knight Frank. In March, the Saudi Housing Ministry announced a scheme to build 500,000 homes with about $67bn set aside for the purpose.
Property markets have been on the rise in Nigeria, whose economy has overtaken South Africa’s as the largest in Africa, and in Kenya, which has also seen rapid economic growth.
New tax concessions have benefited Mexico’s property market, while in Colombia 2014 has seen an increasing number of real estate businesses go online, Lamudi says.
At the same time, China’s property market has cooled in 2014 after years of rapid growth. It slumped early in the year, with real estate prices falling and construction activity declining, the firm says.
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