Mumbai is at seventh position in Asia Pacific as a preferred destination for cross-border investments in real estate sector, according to property consultant CBRE India.
The consultant on Friday released its 2023 Asia Pacific Investor Intentions Survey. Mumbai is ranked 7th among the 10 APAC cities and emerged as a preferred destination for cross-border investment in the region, it said.
Mumbai ranks ahead of Shanghai (ranked 8), Hanoi (ranked 9) and Seoul (ranked 10) on the list. No other Indian city had featured in the list in the last two years.
Tokyo topped the chart for the fourth consecutive year as the target market for cross-border investment, followed by Singapore. Vietnam continues to benefit from its status as a China-plus One destination.
Mumbai and Shanghai continue to be focus for long-term investors looking to add to their real estate exposure in the world's two biggest emerging economies, CBRE said.
Real estate sector in India has remained resilient throughout 2022. Despite the challenging times, businesses have looked at India as an attractive, resilient, and cost-effective investment destination, Anshuman Magazine, Chairman & CEO - India, South-East Asia, Middle East & Africa of CBRE, said.
Investors cite the fear of a recession, interest rate hikes and a mismatch in buyer and seller expectations as their greatest challenges this year, CBRE said.