Cardiff’s property market has made great strides in recent years and demonstrated what it has to offer investors, despite being significantly smaller than other major cities across the UK.
A recent study published by real estate services firm Savills noted that Cardiff “punches well above its weight”. The Welsh capital is half the size of Liverpool, the next largest of the nine UK ‘core cities’, but has established itself as a vital economic engine for the wider region.
As the sixth biggest retail centre in the UK, Cardiff attracts more than 20 million visitors a year and makes an annual economic contribution of £1 billion.
Looking to the future, the city is on course to see further growth in the coming years. Its projected population growth of 25 per cent by 2034 is likely to outpace all the other core cities, including London.
Oxford Economics has predicted that employment in Cardiff will increase by 12 per cent by 2030, generating 27,600 new jobs.
Nearly 77,900 people who currently work in the city – a third of the total labour force – are commuters, and there are now 1.6 million people who live within a 45-minute journey of Cardiff. Access will improve with the electrification of the Great Western main line and the removal of tolls on bridges crossing the Severn, bringing an anticipated £1 billion boost for the Welsh economy.