Five up and coming cities attracting investors

For the insight into each city’s popularity, we ask our local agents and associates:

1. Why is the city becoming a stronger prime real estate proposition?

2. What type of prime property are buyers looking for?

3. Tell us about the city’s unique feel

1. Scottsdale, Arizona, US

1. Savvy investors and second-home buyers are taking a closer look at cities in Arizona for several reasons. Taxes, great weather and the cost of living, in general, are much better and more affordable than other cities in the US.

2. A hot buying trend is for homes that have the very latest in high-tech and design, such as home automation, and both indoor and outdoor entertainment spaces. A beautiful 5,000 sq ft condo in an amenity-rich building in a prime location may be on the market for US$3.5 million – a similar home in Los Angeles could command double the price.

3. Desert chic is the vibe. Arizona attracts artists from around the world, as well as big restaurant names such as Nobu and Maple & Ash. What’s more, Fendi Residences will launch a new mid-rise condo community – one of only two in the world. With low tax rates for homeowners, Scottsdale is becoming as desirable as Los Angeles.

Raul Siqueiros, Principal, Savills associate The Agency RE

2. Edinburgh, Scotland

1. Edinburgh’s popularity has increased for a variety of reasons, principally driven by its accessibility. Within the past few years, it has gained flight connections to the US, the Middle East and China, really opening it up to the world. It has gone from being a regional to an international city.

2. Typically, buyers are going for city-centre flats and houses, either in the Georgian New Town and West End areas or in the fantastic prime new build developments, such as Quartermile. In fact, this is a whole new destination of its own, featuring exceptional modern architecture, high-quality shops and leisure facilities.

3. We’re a small city punching well above our weight. We’ve got an international feel, but the city is also made up of small suburban villages with their own fiercely independent shops and a strong sense of character.

Ben Fox, Director, Residential, Savills Edinburgh

3. Valencia, Spain

1. Valencia offers great value when compared with the major Spanish cities, such as Barcelona and Madrid.

2. We see two main types of buyers: those who are looking for 150-200 sq m apartments in the city centre, which have real Valencian character, beautiful mosaic floors and high ceilings. Then there are buyers who want stunning sea views – the Patacona and Malvarrosa beach areas are especially popular with them.

3. We have the wonderful Turia Gardens, a 9km-long park created on the bed of a former river that winds through the city. It passes museums, sports facilities and fantastic architecture. We also have around 300 sunny days a year and numerous wonderful beaches. Plus, our small city is low on traffic, healthy and world-renowned for its colourful Las Fallas festival.

Estefania Roig Garcia, Partner, Savills associate Lucas Fox

4. New Delhi, India

1. International companies and those who work for them are increasingly attracted to setting up in the National Capital Territory of Delhi. This is due to the area’s excellent road network, rapidly expanding mass transit system, highly reputable schools and outstanding medical facilities.

2. Buyers want luxury properties that have global design standards, are within gated communities and have a high level of amenities, such as 24/7 multi-layered security, recreational facilities and in-house concierge services.

3. Being the capital, the city is populated by government officials from various parts of India, increasing its ethnic diversity. The sizeable expatriate population working in various embassies and multinational firms also brings a cosmopolitan feel to the city.

Shveta Jain, Head of Residential Services, Savills India

5. Hangzhou, China

1. Located south-west of Shanghai, Hangzhou is a rising tech powerhouse and one of the most liveable cities in China. The city’s technological prowess is supercharging its economy and taking the lead for innovation in this sector in China.

2. There are some incredible villas in the west of the city, where tech companies are setting up next to West Lake. High-quality new developments are also starting to spring up along the Qiantang River, either in Qianjiang New City or Qianjiang Century City, where the Asian Games will be held in 2022.

3. The city feels youthful and full of potential due to its younger, tech-inclined population. For a big place, it’s also relatively laid-back, with lots of nature close to the city centre.

James Macdonald, Head of China Research, Savills

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