By Andrei Skvarsky.
Real estate business in many of the emerging and frontier markets in Asia, the Middle East, Africa and Latin America is on the ascent with demand pressing up and foreign capital pouring in, according to online global real estate company Lamudi.
Economic growth, infrastructure development and rising living standards are behind the upward trend, Lamudi argues in a research report.
The report is based on online polls of house hunters and real estate agents in 16 of the more than 30 countries making up the firm’s business geography and on data from its global network of websites.
“Optimism prevails in each market, reflecting strong growth in the property sectors of emerging countries. Real estate agents surveyed by Lamudi are overwhelmingly positive about the prospects for growth over the next 12 months,” the company said in a statement announcing the release of the report.
One major factor are demographic changes – a growing middle class and an increasing proportion of young people in the population of a country, according to the study.
The countries covered in the report are Indonesia, the Philippines, Myanmar, Bangladesh, Pakistan, Sri Lanka, Jordan, Saudi Arabia, Nigeria, Kenya, Tanzania, Morocco, Ghana, Ivory Coast, Mexico and Colombia.
In many countries online property search is overtaking more traditional methods such as newspaper classifieds and word of mouth, the report’s findings suggest.
The study, the first research report to be issued by the one-year-old Berlin-headquartered company, features interviews with key figures in the property industry of each country. The global head of residential research at property consultancy Knight Frank, Liam Bailey, speaks on key trends in the international real estate market.
“While developed and mature real estate markets are often in the spotlight, real estate in the emerging world receives much less attention from both researchers and the media,” said Paul Philipp Hermann, a co-founder and managing director of Lamudi.
However, over the coming years the developing world is expected to be the main engine of global growth. Lamudi’s research provides a completely original perspective of property markets in the emerging world at a time when these regions are increasingly coming into focus.”
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