Foreign Property News | Posted by Aye Myat Thu
With innovation now playing a major role in real estate investment strategies, Singapore has emerged as the world’s third most innovative city – behind San Francisco and Tokyo, reported The Business Times citing a JLL report.
This comes as the city-state is supported by substantial levels of foreign domestic investments.
Aside from being a regional hub for research and development (R&D) and services, Singapore is also the world’s top destination for foreign direct investment in high-tech industries, noted JLL’s Innovation Geographies report.
The study reinforces JLL’s belief that Singapore property investment and office market will remain vibrant in the short- to medium-term, barring external shocks.” said JLL Singapore’s head of research and consultancy Tay Huey Ying.
JLL further explained that innovation ecosystems in cities plays an important role in driving productivity, which leads to economic growth and, by implication, real estate demand.
JLL head of Asia-Pacific research Megan Walters shared that innovation helps cities attract companies and investors.
The report analysed 109 global cities, of which the seven leading Asia-Pacific cities accounted for over 50 percent of the region’s total annual real estate investment volumes in the last decade.
They are Tokyo, Singapore, Seoul, Beijing, Shenzhen, Shanghai and Sydney.
Ref: Property Report
