Luxury Real Estate Markets That Are Buzzing Right Now

Investing in luxury real estate is more of an art than a science. You might think that you’ve got all the metrics worked out and that your price forecasting models are accurate. But as with any market, particularly at the top end, tastes can change, and prices can go down as well as up.

This year, the luxury real estate market is booming as the global economic recovery gathers speed. Here are the top investment locations right now.

#5: Singapore

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Singapore has been one of the most desirable places to live for a long time. Not only are incomes staggeringly high in the city-state, but crime is practically non-existent. For millionaires and billionaires, it’s something of a retreat. Though the city is heavily urbanised and has a large population, it’s great weather and stunning inland countryside makes it the perfect place to stay.

#4: Los Angeles

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Los Angeles is the home to Hollywood and, importantly, Beverly Hills, which is a huge magnet for the rich and famous, not only in the US but also all over the world. There are streets here which don’t have any properties below $10 million in value, making it one of the most prestigious places to live in the world. Although Los Angeles isn’t the safest place in the world, it does have areas which are effectively separated off from the main centre. These gated communities will retain their high value, so long as security remains strong.

#3: New York

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The Big Apple is the third hottest luxury real estate market today, according to CIRE’s Luxury Index. Here, the average price of million-dollar-plus homes has increased by more than 6 percent in the last year alone.

New York City has recovered significantly since the depths of the financial crisis. And like many other “world cities” it’s begun attracting talented people back again, pushing up the value of properties at the top end of the market.

#2: London

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London has been at the top of the luxury house market for the last five years. It has, however, been unseated this year. Despite this, prices in the capital rose more than 10 percent at the top end of the market.

Prices in London have been shooting up as investors look to property management company services and as restrictions are based on developments around the city. The combination of strict planning permission and the demand generated by the City of London - the financial heart of the region - is pushing prices up very rapidly.

#1: Hong Kong

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Space was always limited on the island of Kowloon where Hong Kong is located. But now that the population has boomed to more than 8 million, that space is now at an extreme premium.

What’s more, the new wealth being generated on mainland China is also leading to a surge of newly wealthy people who want to move to the city. Unlike other major conurbations on the periphery of China, Hong Kong has strict air quality laws as well as a more socially-free culture. It’s no wonder it’s become popular among the successful.

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