Manchester’s economy and property investment market is decisively booming thanks to the city’s new direct flights to Chinese destinations, according to new report undertaken by consultancy Steer Davies Gleave.
Launched last year, the new Hainan Airlines route between Manchester and Beijing has provided a boost of £200 million per month in tourism to the region. The trend is set to increase over the Festive Season as Chinese visitors come to spend their yuan at traditional Christmas markets and shopping malls and Chinese interest in Manchester during this holiday period also extends to the city’s bricks and mortar.
Manchester is fast becoming a key location, and indeed rival to London, for Chinese travellers. Steer Davies Gleeve report that enquiries to property agencies have risen by 54% since the launch of direct flights between Manchester and China, and property investment consultancy Properties of the World report a 30% increase in Chinese investors over the last year.
The UK falling pound, as well as improved tourist links, have made the UK an attractive place for Chinese property investors.
Xu Xiong of Properties of the World explains:
“Chinese investors are still taking advantage of the drop in Sterling against the Yuan, snapping up homes in the UK as the yields available are twice as high as those in China.”
Both Chinese and British investors are keen on UK buy-to-let property.
Jean Liggett, CEO Properties of the World, believes that the new Northill apartments, right on the Manchester waterfront, are likely to be especially popular with buy to let investors. Northill’s prime luxury residential homes comprise 1, 2 and 3 bedroom apartments from £109,995 with assured returns upwards of 6% NET. Situated right in the heart of the tech hub that is Salford Quays, it is seen as a premium destination to work, live and invest, and is therefore likely to attract desirable tenants.
“Christmas is an ideal time for buyers to scour the planet for enticing investment opportunities. Projects like Northill, where construction is well underway, are particularly attractive as their looming completion dates mean that buy-to-let investors can already see their end goal and the assured rental returns offer financial peace of mind too.”