Top Cities Across the Globe Attracting Luxury Buyers at an Accelerated Rate
Although a number of real estate markets across the country have been affected by the current economic climate and shifts in the housing market, there are a substantial number of International cities where prices continue to rise as demand stays increases.
The majority of these markets are known for their affluent culture, that attracts both individuals in the home country and those abroad. According to Business Insider, the following markets topped the list.
St. Petersburg, Russia – With its cultural appeal and vibrant personality there is a definite attraction to this city, as evidenced by prices in St. Petersburg being up 8.2% in the first quarter of 2011.
Monaco – Monaco attracts homebuyers from across the world as it offers an appealing perk for many –no personal income taxes. Combine that with its warm summers and mild winters, and it’s no wonder that this city saw a substantial increase in the first quarter of 2011.
Geneva, Switzerland – Mesh together the beauty of the Rhone River, The Alps and Lake Geneva, it’s not a surprise that this Swiss city attracts elite buyers from across the globe. Home prices in Geneva are up nearly 4%.
Zurich, Switzerland – Zurich is the second Swiss city that made the list. Given its low tax rates and rankings for high quality of life, an 8% increase in home prices seems fitting for this flourishing European city.
Singapore – In addition to being rated one of the most business friendly cities in the world, Singapore also has the world’s largest percentage of millionaire households – 15.5%. Prices in this Southeast Asian city have increased nearly 9%.
If you’re interested in learning more about international luxury markets, please feel free to contact us. Though our network is based in Coastal Orange County, it also spans across global luxury markets.