My expectations for my November visit to Luxembourg did not include traffic jams, road closures, scaffolding, bulldozers, excavators, jackhammers, or circumnavigating around open-pit construction sites, but that’s exactly what I found.
The Bandra Kurla Complex in Mumbai, referred to by many as BKC, has continued to develop and is fast becoming the new business and residential heart of Mumbai. Originally intended to serve as an alternate business district to help decongest south Mumbai, commercial office stock has increased at phenomenal rates in the past five years. BKC now houses India’s Stock Exchange and the Indian headquarters of many large multinational companies.
Mumbai has long been known as a city with high levels of air pollution from the choking congestion and horrendous traffic conditions. During my recent survey, I confirmed that this reputation has yet to change! The construction of the elevated lines of the Mumbai Metro project continues to aggravate traffic problems along SV Road in the expat areas of Bandra, Santa Cruz, and Khar. Additionally, rush-hour gridlock in Bandra Kurla Complex (BKC) is being impacted by the work on the BKC Metro station project where there will be a new Metro Line 3 and 2B interchange.
Santa Cruz is considered one of the world’s fastest growing cities due to the ongoing migration of Bolivians from the rural regions to the country’s economic powerhouse. During my recent survey, I learned much about this developing city.
Construction of new apartments and houses over the last four years has created a large rental supply in Santa Cruz. Lower demand for these rentals has resulted in dropping rents. Vacancy rates are high at all but the most popular apartment buildings. Construction continues, with more 2-3-bedroom apartments planned to enter the rental market in the next 6-18 months. However, sources believe rents have likely reached their lowest point.
Oil was discovered offshore Guyana nearly five years ago, but the country has taken a fairly measured approach to development, bringing in consultants to ensure that the oil industry (and the country’s future economy) is stable. The first extraction project, Liza Phase I, is on schedule to begin production of 120,000 barrels of oil per day starting in Q1 2020. The rate of incoming workers is picking up speed and demand has risen quickly not only for rentals properties, but also goods and services.
Since the 2015 discovery of vast oil deposits two hundred kilometers off Guyana’s coastline, the country has become one of the hottest oil and gas locations in the world. The capital city of Georgetown is now a center of activity as exploration, planning, and infrastructure development progress.
As a resident of Hong Kong, I’m used to seeing the supremely fast-paced development of a modern city: new skyscrapers, high-speed train stations, subway lines, road tunnels, highways, stores, restaurants, and even a 55-kilometer-long bridge were built in the short time that I’ve lived there.
AIRINC's surveyors plan their days carefully so that they are able to gather the immense amount of data that is used to assess and calculate cost of living.
Guangzhou and Shenzhen have stable but strong and growing rental markets. While rents for units in some of the most popular buildings increase every year, rents in less competitive buildings tend to decrease.