The Real Deal New York

Is Jakarta the next NYC?

Up-and-coming cities around the globe may soon attract international buyers
May 04, 2014 12:00PM

 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.

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