Direct flights from China result in economic boom for Manchester

The economy in Manchester has witnessed a surge thanks to the city's new direct flights to Chinese destinations, according to consultancy firm, Steer Davies Gleave.

Launched last year, the new Hainan Airlines route between Manchester and Beijing has provided a boost of £200 million per month in tourism to the region. This tourism income is set to rise further this month as the biggest influx of Chinese tourists arrive during the festive season - with Manchester International Airport expecting some 22,000 passengers in December.

Many of these visitors come to spend their Yuan at traditional Christmas markets and shopping malls, but Chinese interest in Manchester during this holiday period also extends to the city's bricks and mortar. With Cathay Pacific increasing its service from Manchester to Hong Kong, Manchester is fast becoming a key location, and indeed rival to London, for Chinese travellers.

Indeed, just as the airlines put their landing gear down in Manchester, so too are potential investors with enquiries to property agencies rising by 54% since the launch of direct flights between Manchester and China. The fall of the pound has been cited as the reason for this recent boom in Chinese investment as the yields available from UK homes are twice as high as those in China.

One property investment consultancy which has seen just such a rise in interest is Properties of the World, which has recorded a 30% increase Chinese investors over the last year.

 “Much of the inward investment pipeline for Manchester, including property, is from Chinese companies and investors and so direct flights from the city to a range of key Chinese destinations is important to enable those who own assets here are able to visit regularly and with ease,” says Jean Liggett, CEO of Properties of the World. “Manchester's door is very much open to the East.”

Buy-to-let developments in the city are proving popular for Asian buyers, including the Northill apartments, right on the Manchester waterfront.  The luxury residential homes comprise 1, 2 and 3 bedroom apartments from £109,995 with assured returns upwards of 6% NET.

Jane adds: “Christmas is an ideal time for buyers to scour the planet for enticing investment opportunities. Projects like Northill, where construction is well underway, are particularly attractive as their looming completion dates mean that buy-to-let investors can already see their end goal and the assured rental returns offer financial peace of mind too.”