According to CNN International, San Miguel de Allende is one of the most important emerging real state markets worldwide.
- San Miguel de Allende, Mexico.
The uneven global recovery that followed the 2008 housing crash has fueled a new crop of luxury housing markets.
Politics, currency rates and potential economic growth are the top influencers when identifying real estate markets ripe with opportunity, according to Dan Conn, CEO of Christie’s International Real Estate, which just released its annual luxury real estate outlook.
For instance, Mexico’s stabilizing economy has prompted more locals to buy second homes — and many are flocking to San Miguel de Allende.
“It’s a beautiful place and it’s become a more secure and stable place,” said Conn.
- Victoria, British Columbia
Victoria is starting to steal Vancouver’s thunder.
Vancouver has been a hot market for a while, with luxury home prices soaring 25% in 2015 creating affordability concerns and leading buyers to look for a cheaper alternative.
“Victoria has a lot of the same things you want from that market: proximity to Asia, waterfront, but also the same stable government, financial institutions and great academic institutions,” said Conn.
- Cartagena, Colombia
Colombia is emerging as a resort market, and its transformation has created a possible buying opportunity, according to Christie’s.
“It’s benefited from dramatic improvements in security, more than any other country,” said Conn. “It’s significantly safer and honestly it’s one of the most physically beautiful places I’ve ever been.”
- Jackson Hole, Wyoming
For buyers looking to escape to a resort market, Jackson Hole is quickly becoming the worst kept secret.
“You can get incredible luxury in Jackson Hole and all the amenities of bigger resort towns, like Aspen, and it’s a great buying opportunity,” said Conn.
- Buenos Aires, Argentina
New leadership in Argentina has created more stability and its currency has moved closer to market equilibrium after currency controls were eased, according to Christie’s.
The favorable exchange rates have increased the country’s exports and sparked interest in its luxury real estate market.
“You can buy things at a very small fraction of where they were just a few years ago,” said Conn. “And now you have a better government and promise of a more stable fiscal environment.”
- Atlanta, Georgia
Georgia enhanced its tax incentives to the film industry in 2008, and Atlanta’s housing market is reaping the benefits as it becomes a movie-making hub.
Luxury home sales in the city are up 25% annually and prices continue to rise, according to Christie’s. Right now, the starting price for a luxury home is $1.5 million.
The city is also becoming a tech hub, attracting more angel investors and venture capitalists — which is a boon for housing demand.
Source: CNN Money
