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Househunters in Miami, Chicago and Lagos had better get ready for their dream homes to get that much more expensive. The cities have joined the list of locations that could outperform real estate markets in more established global cities, according to a new report.
Candy & Candy, Savills and Deutsche Asset & Wealth identified 12 cities across the globe where residential property price growth could outstrip that seen in prime world cities over the next few years.
The cities named ranged across Europe, Asia, Africa, the Middle East and the Americas, and included both developed and developing world cities, such as Tel Aviv and Chennai, Panama City and Beirut.
At present, five cities -- London, New York, Hong Kong, Singapore and Moscow -- account for 40 percent or $2.2 trillion of all global ultra-high wealth real estate investment.
The Candy GPS (global prime sector) report, out on Friday, said investors were now eyeing the real estate yields that could be tapped by investing in cities yet to see high inflows from wealthy individuals.
"Canny investors with an already full 'trophy asset' portfolio are looking with more interest at the yields available from real estate. Those looking for income-producing properties are more likely to find high and rising rental incomes in the places where capital values have not been driven by UHWI (ultra-high worth individuals) inward investment," said Paul Tostevin, associate director of Savills World Research, in the report.
Yolande Barnes, director at Savills World Research, described the locations listed as "rising second-tier cities, with the potential to show strong residential property price growth as growth investors seek alternative locations".
"They range from well-known and very well established cities such as Melbourne, Australia to little-known but interesting centers in developing economies such as Chennai, India, that have a high number of ultra-high net-worth residents," said Barnes.
Characteristics that added to the cities' attractiveness include English spoken as a first or second language (Melbourne, Miami, Chicago, Dublin, Cape Town), the presence of new tech industries (Dublin, Tel Aviv), proximity to green spaces or water (Tel Aviv, Miami, Beirut) and cultural amenities (Istanbul, Chennai).
Chennai is the cheapest of the 12 cities listed, with a two-bed apartment in the best part of town setting you a back a mere $160,000. At the other end of the ladder is Tel Aviv, where similar accommodation will cost $1.45 million. Those interested in a middle-tier option might look to Beirut, where an apartment now costs $500,000.