Most people buying an overseas property look to the safest markets such as France, the United Kingdom and the United States, but a new report highlights potential real estate hotspots in emerging markets.
Emerging cities across Asia, Africa, the Middle East and Latin America are filled with opportunities for those looking to invest in property, according to global property portal, Lamudi.
According to propertywire.com, it has compiled a list of top investment hotspots in the emerging markets, based on market trends, infrastructure developments and attractive commercial, residential and industrial real estate opportunities.
It said that Colombo in Sri Lanka is currently undergoing a dramatic transformation.
“Driven by Sri Lanka’s economic growth and infrastructure development, there has been greater urban migration towards Colombo, as well as a number of wealthy Sri Lankans moving back to the city following the end of the country’s civil war, leading to demand for both luxury and affordable housing,” the report noted.
Next comes Cartagena in Colombia because of the city’s ports, airport being in close proximity to the Caribbean, Florida and Panama. It describes Cartagena as a key investment spot.
“Renowned, international companies are putting down roots in Cartagena, taking advantage of Colombia’s 48 trade agreements and strategic location. Not only is an industrial hub, Cartagena’s tourism industry thriving, with world class hotels investing in expansion in the city,” the report stated.
It added that investment in Jordan is primarily concentrated in real estate, financial services and tourism and the country’s third largest city by population, Irbid, has a number of attributes that create attractive opportunities for real estate investors.
“Considered the cultural capital of Jordan, Irbid is home to a number of universities, including Yarmouk University, the Jordan University of Science and Technology, and a number of businesses related to these institutions. Furthermore, the city acts as an important transportation connection between Amman, Syria and Mafraq,” the report explained.
Next on the list is Naivasha in Kenya which is located 90 kilometres northwest of Nairobi. It is described as having attracted a number of key developers into the region.
The report stated, “Tourist attractions in and around Naivasha, such as the Lake Naivasha, Hell’s Gate, Aberdare Hills and Longonot National Park have led to the town’s development as a preferred getaway location, increasing demand for holiday homes in the area.
“With an environment conducive to both business and leisure, in addition to the availability of land, 2015 will see growth in residential, commercial and industrial real estate investment opportunities in Naivasha.”
Faisalabad in Pakistan, the country’s third largest city, has experienced a recent growth in development and construction as a result of the rapid growth of Pakistan’s economy, according to the report.
“The city has a large industrial sector and is brimming with investment opportunities. Faisalabad’s reputation as a major textile hub makes it an attractive option for commercial property investors, looking to expand into or within Pakistan. With a strategic location at a road and railway junction, and an international airport 15 kilometres from the city, Faisalabad is easily accessible for domestic and international investors,’ the report noted.