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According to CBRE India, Mumbai has been ranked as the seventh most preferred destination for cross-border investment in the real estate sector in the Asia Pacific region. The consultant's '2023 Asia Pacific Investor Intentions Survey' revealed that Mumbai ranks ahead of Shanghai, Hanoi, and Seoul on the list. This is the first time in the last two years that any Indian city has been included in the list.
The survey, which polled more than 530 Asia Pacific-based investors across a range of investor types from developers, private investors, and REITs to institutions such as insurance companies, pension funds and sovereign wealth funds, asked respondents a range of questions regarding their buying appetite and preferred real estate strategies, sectors, and markets for 2023.
The survey found that Tokyo topped the chart for the fourth consecutive year as the target market for cross-border investment, followed by Singapore. Vietnam continues to benefit from its status as a ‘China-plus One’ destination.
CBRE said that Mumbai and Shanghai continue to be focus for long-term investors looking to add to their real estate exposure in the world's two biggest emerging economies. Despite the challenging times, businesses have looked at India as an attractive, resilient, and cost-effective investment destination.
The majority (93 per cent) of institutional investors expect allocations to real estate to increase or remain stable in 2023, according to the CBRE survey. The survey also found that investors prefer high-quality assets in prime locations across all sectors, as these assets have strong tenant demand drivers and resilient cash flow. Only 5 per cent of investors say they will invest in alternative sectors, with healthcare-related properties, including life sciences and medical offices, the most preferred, overtaking data centres for the first time.
In summary, the survey shows that Mumbai is becoming a more attractive destination for cross-border investment in the real estate sector in the Asia Pacific region. Despite the challenging times, the Indian real estate sector has remained resilient and cost-effective, and it is expected to remain a key driver of global growth in 2023. Investors prefer high-quality assets in prime locations across all sectors, with healthcare-related properties being the most preferred alternative sector for investment.
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