Which destinations are catching the eye of luxury homebuyers?
Which destinations are catching the eye of luxury homebuyers?
Move over, New York, London and Tokyo
While places like New York, London and Tokyo continue to be popular with luxury homebuyers, several other non-traditional locations are also drawing more interest.
Bangkok, Austin (Texas) and university towns in England are among some of the new places intriguing those looking to purchase a luxury residence.
Thomas Lam of Knight Frank Hong Kong told Market Watch that emerging markets like Bangkok and Malaysia are becoming more interesting for buyers in the region. Thailand’s competitive prices and up-and-coming superluxury market has made it popular while the slumping Malaysian ringgit has made the country a more appealing destination for foreign buyers.
More: Finishing touches on Bangkok’s tallest superluxury tower
In the United Kingdom, luxury homebuyers are not as focused on London as they have been in years past. University locations like Bath, Cambridge and Oxford are starting to develop luxury housing markets. The reason these towns have become so trendy is that they cater to alternative lifestyles.
Bath in particular has become a luxury market on the rise. Celia Welham of Knight Frank pointed out that Bath is now a favored luxury destination that is outperforming the rest of the market across the UK. The city has two universities and a diverse range of activities that makes it popular with all age groups.
Texas is an attractive place for luxury buyers since there are no estate taxes. Dallas and Houston continue to lead the way, but lesser known Austin has become another luxury hotspot in the state. Not only is the city Texas’ state capital but it has developed a reputation as a culture hub with a robust music scene and lots of nightlife.
And while Manhattan still remains one of the world’s top locations for luxury homebuyers, other areas in New York are gaining in popularity. Dolly Lenz, CEO of Dolly Lenz Real Estate, explained that the borough of Queens has seen a drastic upswing in interest with suburban locations such as Bedford in Westchester County also garnering more attention from luxury buyers.
This story originally appeared on DDproperty.com on 21 July 2016.
Source: Property Report