Regeneration to See Birmingham Rival London by 2026
Birmingham is currently experiencing an impressive revitalization, developing swiftly into one of the country’s cultural and business hotspots. The city has upcoming plans to install a high-speed railway network. As such, the next ten years should show even more remarkable growth for the city. That is good news for foreign investors who are taking advantage of the city’s unprecedented growth. There is now an opportunity to purchase residential and commercial properties alike.
There are more foreign investment plans under development in Birmingham than any other city in the area. Today, locals recognize the amazing strides their city has made in terms of economic development. In 2016, investors backed the construction of nearly 1.45 million square feet of commercial office space. Furthermore, residential construction increased ten-fold. Many of these offices are becoming the future homes of leading financial services providers. Hence, this change further adds to investor confidence.
With HSBC, one of the world’s most well-known banking giants, relocating to the Arena Central area of Birmingham and other respected financial services companies planning to follow suit, Birmingham is currently England’s leading financial services centre outside of London. Currently, the financial services sector contributes around 15 billion pounds per year to Birmingham’s economy. This is drawing high-profile investors and residents alike to the city.
Once the HS2 station has been completed, Birmingham will be a viable option for workers commuting to London. Along with the city’s growing prestige as a financial centre, this move has encouraged the development of additional residential areas throughout the city and has solidified Birmingham’s position as a growing hub for commerce, tourism, and more.
The country’s largest urban renewal project outside of London is slated for completion. This will give foreign investors an idea of what they can expect from Birmingham’s residential real estate market in the near future. Once completed, the project will include 1,300 homes set on 61 acres right in the heart of Birmingham.
The decision to remodel the beautiful and historic Curzon Street station has led to further growth for the city. Birmingham Airport, which is currently the seventh-busiest airport in England, is expected to become an international hub for travel in coming years as well. Airport officials expect to add more destinations and welcome more visitors to the city in the future. This move reflects the city’s justified optimism.
In addition to making impressive strides in the financial world and beginning a process of regeneration and growth, Birmingham is becoming a cultural hub. In fact, the city is currently in the running to host the 2026 British Commonwealth Games. If they win this bid, it will certainly drive further foreign investment, regeneration, and growth.