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【World Property Journal】City Competitiveness, Quality of Life Outrank Economic Clout in Asia Commercial Property Decision Making

【World Property Journal】City Competitiveness, Quality of Life Outrank Economic Clout in Asia Commercial Property Decision Making

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Global real estate consultant JLL is reporting that several cities in Asia are emerging as competitive real estate markets, as investors and occupiers increasingly consider factors such as quality of life, innovation, sustainability, governance and resilience in their investment and location decisions.

According to the real estate consultancy's latest research with The Business of Cities, a city's economic fundamentals are no longer the main draw. What matters more to investors and occupiers is overall competitiveness, a performance benchmark the firm measured across more than 500 indices.

Stuart Crow, CEO, Capital Markets, JLL Asia Pacific says, "More capital sources are targeting economies in Asia that have quality of life advantages, innovation capabilities or institutional strength. 'Established World Cities' offering such strengths like Singapore, Tokyo, Seoul, Beijing, Shanghai, Hong Kong, and Sydney has attracted a total of US$65.3 billion over the last three years."

He adds: "Our clients are telling us that beyond the stability among top-tier cities, they're also seeking markets that are developing new platforms for innovation and effective resilience strategies."

The report identifies Guangzhou, Shenzhen, Taipei, Nanjing, Mumbai, Kuala Lumpur, Bangkok and Delhi as the group of 'Emerging World Cities' to watch in Asia, as they continue to serve a higher level of domestic demand and become increasingly experienced gateways for international trade and capital. In fact, Guangzhou and Shenzhen have raised a total of US$1.6 billion in foreign real estate investments in 2019 alone.

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