While megacities in the more developed world are becoming saturated in terms of population, their counterparts in the emerging markets continue to progress. Cities including Jakarta, Manila, Karachi and Mexico City are becoming drawcards for young, tech-savvy and mobile adults.

That’s the opinion of Paul Philipp Hermann, co-founder and managing director of global real estate portal, Lamudi. “Investors are recognising a change in megacities in the emerging markets. In advance of the ASEAN integration, Southeast Asian megacities including Jakarta and Manila will witness increased growth, both physically and economically,” says Hermann.

Manila, Philippines

“While work is underway to create an economic powerhouse, these cities are becoming investment hotspots for real estate, technology, finance, education and industry. The demand for a successful integration, coupled with the pressure of rapid urbanization, is causing these countries to work on improving local infrastructure, with particular focus on their capital cities.”

According to Hermann, Colombo, Sri Lanka’s largest city and commercial capital, is currently undergoing a dramatic transformation. “Driven by the country economic growth and infrastructure development, there has been greater urban migration towards Colombo. Skyscrapers have shot up across the city over the past five years, an attestation to the pulling power that the country is developing with domestic and international investors.”

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Colombo, Sri Lanka

Launched in 2013, Lamudi is a global property portal focusing exclusively on emerging markets. The fast-growing platform is currently available in 34 countries in Asia, the Middle East, Africa and Latin America, with more than 900,000 real estate listings across its global network. The leading real estate marketplace offers sellers, buyers, landlords and renters a secure and easy-to-use platform to find or list properties online.

Riyadh, Saudi Arabia

Earlier this year, Riyadh was named the Middle East’s top financial centre. As Saudi Arabia diversifies its economy to reduce its dependence on the oil and gas sector, banking and financial markets are stepping up to attract significant investment into the country. “Ambitious development projects in the city are expected to boost the local economy, offering local and international financial institutions, bodies and banks a home in Saudi,” says Hermann.

“Lagos has a very promising future,” he adds. “The city’s rapidly growing population and strong economic growth is increasingly attractive to investors. As the second fastest growing city in Africa, Lagos is home to the country’s banks and financial institutions, as well as corporate headquarters.

Lagos, Nigeria

Furthermore, Lagos is one of the fastest urbanizing cities in the world. Consequently, it has become a hub of high-tech innovation and development, increasingly alluring to investors, venture capitalists and entrepreneurs.

“Across Asia, the Middle East, Africa and Latin America, megacities are revealing increasing infrastructural, economic and investment potential. Young and growing populations, coupled with economic growth are turning these megacities in a desirable choice for foreign investors, multinational corporations and financial institutions.”