The annual Deloitte Manchester Crane Survey was released recently and the figures show that Manchester is one of Europe’s fastest growing cities.
The survey reveals that building in the city centre has maintained pre-recession levels of construction for the second year running, with the city centre seeing 11,000 flats constructed in 41 schemes. 2017 saw twenty new residential schemes begin construction in Manchester, which is just two less than the record-breaking 22 schemes in 2016.
There has been a reported 60% increase in residential units under construction from the previous year as demand increases in the property market.
According to the Deloitte survey, there are six towers that are also above 25 storeys now under construction.
There are currently 11,135 units being developed, these developments represent the third year of sustained growth for the region.
It’s not just homes that are adding to the building surge, there are major schemes across the office sector for Manchester. There are six new developments being added to the city centre bringing the total office space currently under construction to over 1.5 million sq ft.
Manchester is heading towards a future of stability in terms of its property market and the popularity assigned to this city is only continuing to increase.
Simon Bedford, a partner of Deloitte Real Estate says “We’ve reached the point where Manchester should be judged by different criteria from other UK regional cities. Manchester is now in a different league, genuinely competing with other European and international cities.”
“Backed by significant investor confidence, a strong business community, and an influx of new talent, the demand for property, particularly in the residential market, has never been more evident.”