London, New York And Kuala Lumpur Are Top Three Property Hotspots
Property investment firm IP Global has named London (pictured), New York and Kuala Lumpur as the top three property investment hubs in the world.
London’s bullish property market has been boosted by international investors with a five percent growth forecast for 2012 while New York, with prices still 20 percent below their peak is considered a safe investment destination. Kuala Lumpur leads the Asian region with average price increases of between five and 24 percent.
Cities were categorised under Bright, Fair or Cloudy, with London, New York and Kuala Lumpur in the Bright section. Brisbane, San Francisco, Istanbul and Perth were named the ones to watch or Cloudy, while Athens, Prague and Hong Kong were listed under cities to avoid.
London’s high standing is due to strong growth forecasts of five percent for 2012 and 23 percent in the next four years. Sales volumes also climbed 85 percent over the previous year, backed by an 11 percent price growth as well as strong rental demand.
In spite of the global economic uncertainties, New York remains a secure investment hub, seeing renewed interest from affluent real estate investors with prices still 20 percent below their peak. The Association of Foreign Investors in Real Estate noted that New York is again the top city for foreign investment in 2012, holding the top spot for the second consecutive year.
Malaysia is also expected to be a top destination for foreign direct investments as the property sector delivered strong results, with Kuala Lumpur recording average price increases of five to 24 percent.