World's Best Property Markets
The recent Wealth Report 2010 on high end residential property by Knight Frank and Citi Private Bank ranks the world's top property markets as follows. The ranking is based on economic activity, political power, knowledge & influence and quality of life.
1. New York
5. Los Angeles
Global Property Guide's article World's Most Expensive Real Estate Markets in 2009 shows Monaco as the most expensive property market based on cost per square foot. This is consistent with an analysis within the Wealth Report. Forbes, although a bit dated now, wrote on World's Best Places for Real Estate Buys where it ranked Washington DC at #1, New York at #3.
Here is my quick and unscientific explanation of why I think New York is the best property market relative to other commonly mentioned cities. Disclosure - New York is my market and where I live.
London- too 1970s.
Parents in commonwealth countries (Hong Kong, Singapore, Malaysia, India) used to send their kids to the UK. My parents went to university in the UK. But that's because Great Britain used to rule the world and have the strongest navy. A quarter of the world was under the British empire. Times have changed. It's now 2010. The CIA Factbook ranks the following countries in terms of GDP. US #1, Japan #2, China #3, UK .... #7.
Beijing and Hong Kong:
These markets appreciated by more than 40% last year alone! Go into any restaurant and you will find half the customers reading the real estate section of the newspapers and speculating as if the newspaper were a stock screen. Want to join the casino?
Maybe if the criteria were based on romance and scenery.
Too much driving and pollution.
Hard for foreigners to fit in. Just ask someone who has lived there.
Steady appreciation, healthy ROI, limited land, diversity of economy, quality of life.
Our website Castle Avenue Partners - Manhattan, New York Investment Property
Annual return on Manhattan Property
Foreign Buyer Guide to Manhattan Property