Ten Best Cities For Global Real Estate Investors
Kenneth Rapoza , CONTRIBUTOR I cover business and investing in emerging markets.
Sunny LA makes the cut and beats London for best city for global real estate investors to put their money to work. (Shutterstock) And the best city in the world to invest in real estate is… Los Angeles.
The City of Angels beat out London as the new hot spot for global real estate investors in the third annual Schroders Global Cities 30 Index, released on June 26. Schroders is a London-based investment bank. For a city known more as a one-trick pony producing movie magic, Los Angeles is home to the well-respected colleges UCLA, USC and Pepperdine and start up tech companies are claiming their spot on the A-list. Snapchat, Pandora, eHarmony, Dollar Shave Club and Boingo Wireless are just some of the big names in tech that call LA and its beach ‘burbs their home. This means there is more to LA than acting and writing screen plays. That’s not only attracting some refugees from costly Marin County up in northern California, but it is also attracting Chinese capital. China is building real estate and moving in to LA at a faster pace than they are in Miami and New York.
“The scale and economic depth of LA makes it a compelling location to work and live. One of its key economic strengths is that it doesn’t have to rely on only one industry,” says Tom Walker, co-head of global real estate at Schroders. “The technology sector, in particular, has grown substantially over the past few years, and this has not only boosted demand for office space but also for residential property, much of it due to the increased hiring of Millennials,” he says about America’s largest generation since the Baby Boomers. See: Miami Owes Its Life To Foreigners — Forbes American cities dominate the index, taking 18 of the top 30 places, including four of the top five. Recommended by Forbes MOST POPULARPhotos: The 10 Most Dangerous U.S. Cities +77,038 VIEWSGalaxy Note 8 Leak Reveals Samsung’s Nasty Surprise
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