While cities like London, New York, and Paris are traditionally thought of as the premiere destinations for luxury home buyers, there are several up and coming locales attracting young millionaires and billionaires in great numbers. Cities like San Francisco, Vancouver, and others have enjoyed surging home prices, and are attracting savvy luxury buyers that want to plant roots in the next haute locale before anyone else does. Here are the top 10 growing luxury markets.
San Francisco
Country: United States
Price Rise: 14.3%
The tech industry is exploding in San Francisco and all that extra money is funneling directly into the real estate market, as young techies are looking for new homes in the Bay Area.
Bangalore
Country: India
Price Rise: 13.6%
Much like San Francisco, India’s Bangalore is experiencing a tech boom of its own. The growing city has become a haven for tech firms.
Miami
Country: United States
Price Rise: 12.2%
Miami’s deep connections to Latin America are bolstering the city’s real estate market. Young professionals are also buying second homes in the sunny costal city.
Vancouver
Country: Canada
Price Rise: 11.8%
Residential areas in Vancouver are filled with foreign buyers from areas like China.
Jakarta
Country: Indonesia
Price Rise: 11.2%
The increasingly wealthy capital of Indonesia has seen a sharp increase in luxury real estate prices over the past few years thanks to a steady migration of younger, richer residents to the cities.
Tel Aviv
Country: Israel
Price Rise: 10.2%
Tel Aviv has seen an increase in home prices thanks to popular demand both domestically and abroad.
Tokyo
Country: Japan
Price Rise: 8.1%
The Yen is taking a battering in the global market, meaning foreign buyers are flocking to the Japanese capital.
Dublin
Country: Ireland
Price Rise: 8%
Ireland’s strengthening economy has given the country a second lease on life. A strong university system and the growing economy have attracted multitudes of wealthy Asian and American buyers.
Los Angeles
Country: United States
Price Rise: 8%
Sometimes you can’t beat the classics. Los Angeles — and specifically Beverly Hills — continues to attract wealthy buyers.
Sydney
Country: Australia
Price Rise: 7.4%
Friendly interest rates and a recent mining boom have contributed to heavy foreign investments
