Top Global Property Hotspots For 2024

London, New York and the French Riviera remain perennially popular as overseas property investments for UHNWs, but there are emerging hotspots set to entice affluent buyers in 2024, reports Abode2.

The 2024 Luxury Outlook complied by Sotheby's report identifies Australia, Mexico, Saudi Arabia and Turkey as four of the countries set to experience growth over the coming months, driven by factors including currency fluctuations, policy changes and shifting property values.

Australia

Ultra-high-net-worth investors from around the globe who own property in Sydney and Melbourne have Queensland in their sights as a potential second home location.

Australia has fared well during the pandemic and considered a safe haven for buyers thanks to the stability of our economy and the Australian dollar, not to mention the world-renowned climate and lifestyle benefits.

New developments on the Gold Coast are in plentiful supply, with 15 to 20% of buyers from Asia, especially Singapore, Hong Kong, and China, with Australians and Australian expats also investing in the region.

This increased demand for overseas property investments has driven up prices, with values on the Gold Coast almost doublinge over the past three years.

Mexico

Rich in cultural and history, Mexico has long been a favourite of Americans and Canadians, drawn by the lifestyle and its proximity to the US. But now Mexico City is attracting people from all over the world seeking a slice of its art, archaeology and acclaimed restaurants.

More Americans and British families are buying family homes in the city, many choosing the neighbourhood of Las Lomas where a host of  international schools are located. The districts of Condesa and Roma are highly sought-after.

Saudi Arabia

A change in the law is forecast to open up Saudi Arabia as a key real estate hotspot. Currently, only Saudis can buy and sell properties in the kingdom, but that is about to change with new regulations that will allow foreign investment in real estate. Set to be a huge turning point for luxury real estate, property insiders confirm it will be the final piece of the puzzle to encourage more development. It will however take time for the market to catch up with new regulations.

Turkey

Standing at the crossroads of Asia, the Middle East and Europe, Turkey draws a rich cosmopolitan crowd. The depreciation of the Turkish lira over the past three years has also driven demand from the Middle East and Europe.

High-net-worth individuals from Russia and Ukraine are top buyers, with many from Kuwait, Saudi Arabia, Qatar, the United Arab Emirates, and Lebanon because they like the fact that Turkey is a Muslim yes decidedly modern country. Foreign buyers who purchase US$400,000 worth of property in Turkey are eligible for Turkish citizenship, which has also attracted wealthy people from Syria, Afghanistan, Iraq, and Iran seeking greater economic and political stability.

Straddling east and west, Istanbul is a particular draw, with waterfront mansions on either side of the Bosporus going for between S$10 million and US$300 million. These properties are in demand due to their enviable position and also for the huge investment potential.