In the next five years, residential property in the United States will increase in price more than that of any other country in the world. Savills agency experts made this conclusion based on the following factors: better demographic indexes in the country, economic development rates, GDP index (growth by more than 2.5% over the past year) and the dynamics of the demand in the real estate market.
The commercial and residential property in the United States has been increasing in price for the past four years. The most expensive houses are found in New York City; the fastest developing market is that of San Francisco and the Silicon Valley. Peak prices compared to the financial crisis of 2007-2008 have been covered by 32%.
The list of the most attractive cities in terms of investment also includes Los Angeles, Houston, Miami, and Washington D.C. At the bottom of the list is Chicago: its so-called ‘Ukrainian Village,’ a historic district of the city, has been named the most comfortable place for living in the U.S.
Despite the growing demand fueled mostly by the Americans, the U.S. real estate market is of big interest to citizens of Canada, the United Kingdom, India and China.
Second top in the list of the hottest investment destinations in real estate property sector for the upcoming years is the United Arab Emirates. This country boasts stable indexes of capital formation inside the country, population increase, and growth in demand for housing by local residents, Savills experts state. The top ten countries also include the United Arab Emirates, Spain, and the United Kingdom. Some surprising newcomers to the top investment-attractive ranking are Barbados, the Cayman Islands, and the Dominican Republic.
According to the ratings, the key group of buyers of housing on the Caribbean Islands will include well-off Americans, Chinese, and Europeans who buy winter residences for themselves.
The rating is based on the following indexes: demographic situation in the country, economic development indexes, GDP, the real estate market supply, and rates of economic growth.
The U.S. houses and apartments have been increasing in price over the past three years. San Francisco real estate market shows the highest rate of price increase: the prices went up by 27.9 percent compared to the level of the 2008 crisis. SF is followed by Los Angeles and Miami in the investment attractiveness rating. New York City is ranked fourth.
The highest interest in the U.S. real estate sector is demonstrated, in addition to Americans, by the British, the Canadians, the Indians, and the people from China.
Home prices in the most attractive state of the Southeast Asia, Hong Kong, reached their highest, and their situation will change in the near future: the country will be ranked 12th in the investment appeal rating.