2015 was great for emerging markets in the real estate industry. While there were challenges because of the unpredictable oil prices, changes in investment laws and currency stability, 2016 has brought exciting, new prospects.
With the new starting its trend, the global real estate is watching out for these emerging developing countries' estates.
Mexico City (Mexico)
According to forecasts, by the year 2025, the city will most likely become the world's seventh-richest. The wealth is expected to open more doors for the real estate market in the years to come. While there is an ongoing oil price drop and a peso declination, the capital city of Mexico is currently experiencing real estate industry growth, Inman reported.
Quezon City (Philippines)
In barely a decade from now, the Philippine City is more likely to achieve four million in population count. The most populous and largest city in the country's capital, Quezon City has got the biggest online search traffic volume in the first and second quarter of 2015. The online platform for real estate market has also revealed that the city has got numerous affordable and rentable office spaces.
Mandalay (Myanmar)
Myanmar is booming in terms of tourism. Before 2015 ended, the city's hotel tourism ministry revealed its plans of drawing in 7.5 million tourists before 2020 ends. Mandalay, in general, is improving infrastructure by welcoming construction projects, even those from independent contractors.
The city's home ownership is also more affordable compared to most other cities in the country; however, commercial and residential real estate is currently scarce. With an increasing number of tourists coming in, experts are seeing significant real estate development.
Riyadh (KSA)
2016 will welcome $320 million worth of mall projects in Riyadh, the Construction Week Online reported. The malls will feature boutiques, hotels, restaurants, retail units, and office spaces. Riyadh Walk, on the other hand, will occupy 137,000 square meters of the entire city. This is currently considered a step higher in improving the commercial projects.
