The Asia-Pacific region once again made a name in the global market as a new report revealed that 19 Asian cities made it to the top 20 list of fast-growing urban locations.
Real estate consultancy JLL's City Momentum Index 2019 unveiled the top 20 cities that display dynamic economic growth and among these are cities within the Asia-Pacific ring, Entrepreneur reported. China, Thailand, India, Vietnam, and the Philippines all made it to the list.
It's not much of a surprise that no European or American city made it to the Top 20 ranks. Urban growth has started to shine the spotlight away from the East and West, putting Asia-Pacific in a good spot despite fears of a slowing global economy.
This year, technology is a leading theme that experts believe will have a strong hold on short-term economy and real estate momentum. The theme coordinates well with apparent innovative transformations in Asia over the past few years.
China's Shenzhen is among the cities considered to have pushed Asia-Pacific on top of the ranks. The city, along with Nairobi, Ho Chi Minh, Bengaluru, and Hyberabad, has established a strong technological startup culture that is expected to spur economic growth and real estate developments in global terms.
India and China have both displayed strength in terms of technology. Bengaluru continues to develop high-end electronics and tech products for global demand. China, on the other hand, is known for its competitiveness in the face of international giants such as South Korea's Samsung and America's Apple.
Furthermore, China's "Belt and Road Initiative" (BRI) could encourage multilateral trade that could help prevent the global market from slowing down.
The BRI has caught the attention of spectators and analysts across the globe, especially after Xi'an hosted the third Belt and Road International Fashion Week that highlighted the town's position on President Xi Jinping's grand plans.
In a press release obtained by Cision, Xi'an's municipal government pointed out that the BRI not only seeks to improve infrastructure and trade relations with other countries. Instead, it also aims to encourage cultural development.
While Asia-Pacific cities are faced with multiple challenges as they propel the economy to greater heights, the latest index report stated that China is making good developments within the real estate realm. "Progress is nonetheless being made on several fronts: pollution is now falling in my cities as China's government introduces radical measures to reduce emissions," the index report noted.
