During my recent survey of India, I visited Chennai. The city is located on India’s east coast and has growing automotive, industrial, and technology sectors. Behind the strength of this, the city government has invested in its infrastructure to alleviate traffic, reduce commuting times, and increase available housing units, including many expatriate-focused housing complexes along the attractive coastline.
Driving down the four-lane highway from Bangalore’s airport to the city centre, our progress slowed. The road ahead narrowed to two lanes due to bridges that the government has found prohibitively expensive to wide. Arriving after a full day of travel, my trip suddenly became that much longer as we trudged through traffic on the way to my hotel. I could see why assignees desire to live near their offices.
Rents are stabilizing in Dublin following a long period of inflation. Vacancy rates are still very low, and it can be difficult to find a one- to two-bedroom apartment in the city. There are a number of new developments, but progress is slow. Some companies buy blocks of buildings to renovate for employees, which decreases overall rental stock.
Join AIRINC and your global mobility peers for a breakfast briefing discussion on the recent results from our Long-Term Assignment Benchmark Study. From this session, you will learn more about policy best practice from 185 global companies who participated in the survey.
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.
In 2019, we witnessed continued global change and the influence of political uncertainty on our industry. Global Mobility programs have had to adapt and adjust to meet changing laws that have impacted expatriate pay packages, and we expect 2020 will bring more change.
On my most recent trip, I visited Baku, Azerbaijan. The political and economic heart of this oil-wealthy nation, Baku had seen a large exodus of expatriates starting in 2014 due to falling oil prices. These departures and an overall weak economy brought rents down significantly. Over the last two years, rents have started to recover, and the sources I met with indicated moderate price increases in certain areas. While oil prices have rebounded slightly, the primary driver of rising rents is a decrease in the supply of long-term rentals. ]
During my recent survey, I visited the Avenue Mall in Manama, a seafront mall stretching for 1.5 km. It reminded me of the Avenue Mall in Kuwait because it provides an outdoor feeling with large glass windows and skylights, while protecting shoppers from the burning sun. As anyone that’s traveled to Bahrain knows, the country is a popular destination for residents of Saudi Arabia seeking recreation and malls are one of the top attractions. Numerous expatriates and Saudi Arabians visit Bahrain for the shopping, movies, restaurants, waterparks, and other activities.
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.
Before assignee’s arrive in South Korea, it’s important for them to understand the variety of ways to rent a property. In general, there are three different rental payment methods in South Korea, and a mix of all three is typically used in any given city.