Friday, May 2, 2014

12 Up and Coming Global Cities

Lagos, Nigeria is among a list of 12 up-and-coming luxury markets around the globe, according to a new report from Savills World Research, in cooperation with design firm Candy & Candy and Deutsche Asset and Wealth Management.

The report considered economic factors, such as job-market potential and gross domestic product, but also a number of qualitative aspects, like cultural attractions and the presence of English as a first or second language.

(Via WSJ)


  1. How do these luxury apartments compare to all the "luxury" apartments being built here in the States? All I'm seeing these days in my area of PA are advertisements for newly built "luxury" apartments at ridiculous prices. With so many people supposedly hurting in this economy, I always wonder why there's such a demand for overpriced apartments while the more modestly priced units seemingly dwindle.

  2. Speaking as a Tamil, Chennai real estate is wildly overpriced and in real terms hasn't been keeping up with inflation, from money-printing. So no one is selling and there's a ton of inventory.
    Goldman Sachs is heavily invested in the city. With growing social and political instability, maybe some
    people want to pull before the prices collapse.

    So now, Chennai property is suddenly being listed on the luxury market.

    Listen. A city where there are two-hour electricity cuts in a state with severe water-shortage and numbers of other problems is not my idea of luxury real estate.

    The best there will cost you $600,000, for which you can easily buy a sea-side mansion in the US. And even at 600,000 you won't escape filth, noise, pollutions, and crowds once you get out of your small enclave.

    Granted, Chennai is a culturally interesting place with loads of fascinating businesses and entrepreneurial geniuses, but talking about luxury markets is kind of bizarre in this context.

    Yes, you can find Porsches in Chennai. But would would drive a Porsche on a third-world road?

    Who would care about high-end consumer items in a city filled with the most dire social needs?
    WSJ is just talking someone's portfolio.

    1. Well said Lila... That is the truth about every major Indian city today. I wonder why don't Indian owners of real estate sell their holdings and buy a great lifestyle for themselves and in some cases for several future generations, somewhere else outside of the country.
      I think they are. in their ignorance sitting on a serious time bomb. Since the real estate values will not collapse quickly because over 50% of their values are cash investments (off the books) - The currency may take a serious beating to equalize this 'wealth effect'. There is rampant inflation on the horizon in India.