Will New Manchester – Mumbai Flight Route Invite Indian Investment into Manchester?
Jet Airway’s new Manchester to Mumbai direct flight route has prompted speculation that the city might be ripe for a wave of Indian investment. Manchester has already benefitted immensely from Chinese investment, and now it could be India’s turn to fall in love with this enticing British city.
“It wasn’t that long ago that investors from overseas looked only at London when it came to investing in UK cities, but the likes of Manchester have rocketed onto the global stage in recent years, attracting keen interest from China in particular. Those same attractions that convinced Chinese investors to look more closely at Manchester are now ready to woo investors from India.”
Increase in Visitors to Manchester Following Hainan Airlines Direct Route
Two years after the opening of the Hainan Airlines direct route between Manchester and Beijing, figures show a 38% increase in Chinese visitors to the region – higher than the London average and that of the UK as a whole, both of which stood at 30%. Hand in hand with the increase in-flow of people has been an increase in the flow of spending, with those visiting the North West spending 5% more than the national average.
“UK-China bilateral trade links have never been stronger: in 2017 UK-China bilateral trade expanded by 15.1% to reach a record £67.5bn, whilst UK exports of goods and services to China grew by 28.5%… I’m delighted to see Manchester and the surrounding region benefit so much from this flight connection to Beijing.”
Richard Burn, Her Majesty’s Trade Commissioner for China
Manchester Property Market Booming
Investors have also been spending big in Manchester since the direct flight route opened in 2016, particularly when it comes to the city’s property market. Of course, Chinese investment in Manchester pre-dates the direct flight connection. Indeed, the Manchester China Forum celebrated its fifth anniversary in April 2018. The forum has seen more almost £4 billion of investment in Manchester’s infrastructure by China in that time, with Airport City, Middlewood Locks, Angel Meadows and the Northern Gateway all benefiting.
As well as giant, corporate investors, individuals with an interest in property have been keen to get involved in the Manchester scene. Areas such as Middlewood Locks are perfect for them, with properties such as Middlewood Plaza offering a decent entry point into the market. Priced from £153,000, the stylish apartments, townhouses and duplexes provide the ideal contemporary property investment.
Jet Airways’ New Direct Route Between Manchester and Mumbai
With Jet Airways’ opening of a new direct route between Manchester and Mumbai, there’s plenty of scope for rupees to start rolling into the city too. Earlier this year, more than £1 billion of new Indian investment into the UK was announced, creating or safeguarding 5,750 British jobs as a result of technology, trade and investment partnerships between the two nations. Figures from the Department for International Trade show £18 billion worth of trade between the UK and India in 2017, representing a 15% increase over the 2016 figure.
“Removing barriers to trade is a key way in which the UK can capitalise on the predicted growth in world markets and I’m so delighted we have come to this new trade partnership with India.”
Liam Fox, UK International Trade Secretary
Now that the Jet Airways route has made Manchester more accessible to Indian investors, and thus removed a barrier to their involvement in the local area, it remains to be seen how quickly the city can impress Indian visitors with its potential. Those of us working in the UK buy to let property sector will certainly be keeping a close eye on the situation.
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