(New York) — According to recent reports, even with a majority of the world’s growth residing in Asian and Latin American Markets, Western cities are still a prime target for the wealthy to invest and live in. According to multi-millionaires around the world, London and New York now reign as the two most desirable cities to buy real estate in, with London leading the pack as the most beloved city in the world for the wealthy to have both first and second properties.
While these cities are currently leading the rest of the world as far as desirable luxury real estate goes, many experts predict an upcoming change in favorability. It is projected that London, New York and other European and American cities will eventually fall from the top of the list as the most desirable locations for the rich and be replaced with some of China’s most popular cities like Beijing and Shanghai.
The expected submergence of these cities as the most popular locations for luxury real estate has to do with the fact that both Shanghai and Beijing lead a recent list of cities growing in importance to high new worth individuals. Not only does the growing economy cause people to want to live in these towns, but things like the presence of Fortune 500 companies, quality of live, cultural diversity, entertainment and safety all play into the appeal of these urban areas as well.
However, despite the expected rise with these Asian cities, reports show that the New York luxury real estate market will still remain strong for many years. While New York is the only American city on the current “top ten” list, it is projected to hold on to its current spot on the list by 2020, and still be the second most desirable city for international multi-millionaires to invest in. In future years, when Beijing and Shanghai are expected to top the list, New York is still projected to stay strong. Many cities, such as the quickly developing Sao Paul, Brazil, which is seen as the capital of capitalism in South America, still rely and will continue to rely on New York. Not only is New York seen as the most important city in the world to Sao Paul, especially in regards to doing North American business, but it continues to be a top choice for the South American elite in terms of second homes.
As the global concentration of wealth changes, there seems to be big developments on the horizon for the one percent to adapt their real estate investment strategies in favor of the growth of Eastern nations. However, despite these global changes, New York City is projected to continue to be a rock in the market and continue to sustain its position of importance in the global luxury real estate market.