Is Jakarta the next NYC?

Up-and-coming cities around the globe may soon attract international buyers

Jakarta: one of the up-and-coming cities poised to attract international buyers
Jakarta: one of the up-and-coming cities poised to attract international buyers

WEEKENDEDITION Move over New York City, London and Hong Kong — the global elite may soon be buying in up-and-coming cities like Lagos, Beirut and Cape Town, according to a new report.

The design firm Candy & Candy, in cooperation with Savills World Research and Deutsche Asset and Wealth Management, has released the Candy Global Prime Sector Report, which names 12 up-and-coming luxury markets around the globe that cosmopolitan real estate enthusiasts may begin to prefer, according to the Wall Street Journal.

The report considered economic factors, as well as a cultural attractions and the presence of English as a first or second language when compiling its list of cities, which includes: Lagos, Beirut, Cape Town, Chennai, Chicago, Dublin, Istanbul, Jakarta, Melbourne, Miami, Panama City and Tel Aviv.

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However, even if international luxury buyers become more adventurous, the political situation in each country may prove a unique hurdle on the way to property ownerships.

“You have to look at the political risk,” Nick Candy, CEO of Candy & Candy, told the Journal. Candy added that noting unpredictable currency exchange and ownership limitations for foreigners in some markets might hinder their growth. [WSJ]Christopher Cameron