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Top 10 UP-AND-COMING CITIES FOR THE RICH

Beirut, Lebanon , Cape Town, South Africa , Chennai, India , Chicago, US, Dublin, Ireland, Istanbul, Turkey, Jakarta, Indonesia, Lagos, Nigeria, Melbourne, Australia, Panama City, Panama

1.    Beirut, Lebanon

Despite its turbulent history, Beirut stands out as being an ideal place for adventurous real estate investors. There has been some recent spill-over from the ongoing Syrian conflict. But the Mediterranean coastal city is known for its culture and nightlife, which attracts a young population. It’s also a regional financial hub.

2.    Cape Town, South Africa

In addition to reasonably priced housing, Cape Town offers gorgeous weather and an active culture. Cities, where English is the first or second language, also tend to be desirable among wealthy investors. English ‘being the global language for business’ tends to enable more commercial activity, so Cape Town is well placed. It also doesn’t hurt that the city is on the coast.

3.    Chennai, India

Chennai, formerly known as Madras, is one of India’s biggest metropolitan cities with a population of more than 4 million. The coastal city is a hub for commerce in southern India and has a diverse economic base and strong cultural life. It is also a magnet for ultra-high net worth individuals in the region.
Chennai offers the most affordable options for real estate investors.

4.    Chicago, US

The US housing market is making a comeback, and investors interested in riding the wave can bet on Chicago real estate. Chicago’s growth is likely to be in line with the economic growth of the US so it is an American recovery play. Residential prices are now beginning to recover but it still looks cheap in relation to world cities and offers high yields.

The area is home to the headquarters of various multinationals including McDonald’s (MCD) and Exelon (EXC), and it’s also known for affluent suburbs where ultra-rich individuals live and play.

5.    Dublin, Ireland

If you’re looking for value, Dublin is the place to go.

The city was ravaged during the eurozone crisis and the real estate market took a nosedive. But a recovery is now firmly in place.

The city is moving to attract young people and technology companies. Google (GOOG) and Facebook (FB) both have large offices in the city.

6.    Istanbul, Turkey

Turkey has received some bad press lately: a deadly mine disaster, anti-government protests, a corruption investigation. But that has overshadowed the fact that the country, which straddles Europe and the Middle East, is becoming quite prosperous.

Foreign investment has steadily increased since 1990 and has contributed toward growth in the construction, automotive, banking, insurance, electricity and information technology sectors.

Throw in a young, vibrant atmosphere, bustling tourism and a rich history, and you’ve got a recipe for a possible housing boom.

7.    Jakarta, Indonesia

Jakarta is a major urban centre that has seen real estate prices shoot up as the country’s economy flourishes. The city’s property market has benefited from demand from abroad and a middle class that’s increasingly affluent.

8.    Lagos, Nigeria

Lagos, a rapidly growing city of 20+ million people, has a large population of ultra-rich individuals. The sheer size, and power of the city, fuelled by oil and natural resources, points to real-estate growth.

Boko Haram seems intent on wreaking havoc across Nigeria, launching devastating bomb attacks and kidnapping schoolgirls. Brave investors may be able to snap up some bargains.

9.    Melbourne, Australia

Melbourne, with its population of about 4.3 million people, has caught the attention of property experts. It’s a highly developed, growing city that could act as a safe haven for real estate investors who are too nervous to put their money in emerging markets.

The government forecasts the city’s population will balloon to nearly 8 million by 2051 and builders will have to meet housing demand by constructing another 1.6 million dwellings.

10.    Panama City, Panama

Panama is a major beneficiary of globalization, with the country sitting between North and South America and trade routes between the Atlantic and Pacific oceans.

Panama is forecast to be one of the fastest growing economies in Latin America in the coming years and is uniquely placed to reflect the growth of world trade as all types of shipping pass through its famous canal.

As the country’s economy grows, Panama City has seen new hotels and restaurants crop up. Property investors are taking notice.

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