Recently published government data shows Greater Manchester is one of the leading urban areas outside of London when it comes to attracting foreign direct investment (FDI). The research, from FDI Intelligence, covers 330 cities, 141 regions, and 38 local enterprise partnerships. Furthermore, according to th e annual EY Attractiveness Survey, Greater Manchester is the second most attractive place for Foreign Direct Investment (FDI) after London, receiving 5% of the UK’s total FDI.
After recently launching a new property investment opportunity in Salford, Greater Manchester, Jonathan Self, from Shojin’s Lending team comments:
“We like Greater Manchester due to its position in the market as the leading economic hub in northern England. With its diverse industry base, vibrant culture and robust transport infrastructure this attracts a talented, professional demographic who ultimately require good quality properties to live in.
The Manchester market is still maturing and as a result there are ample opportunities to provide homes of a good standard to cater for the growing working population’s needs. The rental market in particular offers strong yields to investors who are keen to get a foothold in the UK property market whilst still achieving a good return.”
Jonathan’s assertion is backed by the data, with annual growth increasing by 2.2% in 2023 according to EY’s 2024 regional economic forecast; this has resulted in a population increase of 0.75% annually, and a gross value added (GVA) of £78.7 billion. This surge in investment also helps to increase prices in other areas, as these investments attract high-quality renters and homebuyers. The city is still one of the best locations in the UK for investors to purchase property to let or sell, with a predicted 15.4% increase in rent by 2026 according to Redmayne SmithThere has never been a better time than now to invest in Manchester. In addition to FDI boosting the property market, it has also created an abundance of jobs, adding 3,888 jobs between 2022 and 2023 according to the DBT.
Kirat Dhillon, Head of Private Clients at Shojin, states:
“Salford and Manchester as a whole, are benefitting from strong economic growth, diverse market opportunities, and ongoing infrastructure development. The city has a thriving business environment, with a growing population and increasing demand for housing and commercial properties. Additionally, Greater Manchester's strategic location and excellent transport links make it an attractive investment destination.”
To summarise, the increased level of FDI into Greater Manchester has helped to accelerate the development of the city, with an increase in population, jobs and investment opportunities, international investors are keeping their eyes on the business hub of the North due to its recent performance and long-term potential. With the city’s focus on innovation and becoming a hub for technology, it is set up for sustainable growth which investors don’t want to miss out on.
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