Back to the complete issue
Wednesday, 17 August 2022

Forget NYC — Bangalore is a new expat hotspot + Business travel won’t fully recover before 2026

New expat havens: With soaring housing prices amid rising global inflation and a pandemic-fueled work from home culture, new cities around the world are emerging as more popular expat hotspots by digital nomad visas, affordable housing, spectacular beaches, and flourishing cryptocurrency markets, Bloomberg writes. Some of the new contenders that are edging out traditional favorites (such as New York, Hong Kong, and Singapore):

The hipster / laidback destinations: Lisbon, with its good weather, affordable house prices, and beautiful beaches has established itself as a popular expat destination with good school options and a growing international community. Brazil’s Rio de Janeiro “continues to hold an allure” for expat workers, with stunning landscapes and world-renowned beaches, the business information service says.

The tech hub: Bengaluru (aka Bangalore) houses thousands of software firms and startups, due to inflows of venture capital, estimated at USD 7.2 bn in 2020 up from USD 1.3 bn in 2016. Money from global technology companies and foreign investors such as Sequoia Capital and Goldman Sachs has brought in a surge of expats and a growing number of international schools, restaurants, and bars.

The unlikely contender: Densely populated Mexico City, with a population of nearly 22 mn has gained traction as a center for entrepreneurs and startups in South America, attracting foreigners from around the world.

And speaking of expats and travel: Global business travel spending is unlikely to return to the pre-pandemic level of USD 1.4 tn until mid-2026, according to the Global Business Travel Association’s latest forecast picked up by Bloomberg. The outlook pushes back the recovery timeline by 18 months from the association’s last outlook report, according to Bloomberg. Recovery to 2019 levels has been stalled by the lockdowns in China, the effects of the Russia-Ukraine war, disruptions in the supply-chain, and labor shortages. Global business travel is expected to come in at 65% of the 2019 level this year at USD 933 bn, with North America and Western Europe staging the strongest recovery.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.