(Newswire.net — February 25, 2017) — As tech millionaires abound and money flows like champagne through the streets of New York, London, San Francisco and Berlin, the luxury homes are selling at higher and higher prices. What defines a luxury home? Depending on the location, the starting price for a luxury property in the West, could be as little as $1 million or as high as $10 million. What are some of the fastest growing markets in the West for luxury homes? The answer may be surprising to many. These markets may not have the highest prices (at the moment), but they do offer a glimpse of where the ultra-wealthy are moving. Here are a few hot markets and one emerging one to keep an eye on:
Croatia
Home prices in many of the Croatia’s coastal towns have been rising sharply due to an flux of buyers from Slovenia, Germany, Italy, Austria and Scandinavia. This is partly due to the beauty of the country and its low cost relative to other popular European coastal destinations. Croatia occupies the largest area of the eastern coast of the Adriatic Sea. It has more than 1,000 islands, second in Europe only to Greece, and stunning natural beauty that make it a more popular luxury home destination. Luxury real estate in Croatia doesn’t have the caché of its more famous Mediterranean neighbors, but this Balkan nation of 2.4 million boasts more than 1,200 miles of beautiful coastline on the Adriatic Sea and impressive beachfront villas, often selling for far less than ones sold in Greece, Spain and Italy.
Toronto, Canada
The Greater Toronto Region will see a 95-per cent increase in the number of homes sold over $4 million. Toronto’s turbocharged luxury market continues to be a function of fairly short supply and steadily increasing demand.
Toronto is located on the northwestern shore of Lake Ontario, with a population of 2.6 million. It is the fourth largest city North America. If you approach the city from the water, almost every building you see will have been constructed in the past two decades. There were 13 skyscrapers in 2005; there are now close to 50, with 130 more under construction. Toronto is a truly international city with a bustling downtown and a booming business sector. It is also a highly desired place to live for families because of its good schools and low crime. For these reasons it is one of the hottest luxury property markets in the world.
Valencia Spain
This might be surprising given that the Spanish property market was hit hard by the global recession. But foreign investment is hot right now and residential construction continues to increase. The market is clearly recovering well and drawing overseas investors to the country once more.
Valencia, Spain’s third largest city, is strategically located in the middle of the Mediterranean coastline, equidistant from Madrid and Barcelona. With 300 days of sunshine a year, an average temperature of 18ºC, over 20km of beaches and fine local cuisine, Valencia is a popular choice with visitors to Spain both relocation. Valencia has magnificent beaches and endless cultural activities. Having hosted The America’s Cup, the European Grand Prix of F1 racing and the Valencia Open 500 tennis tournament, it has rapidly developed into a vibrant, attractive city. Its luxury homes market is booming, including new builds and old villas updated with all of the latest amenities. And buyers are taking notice.
Hottest Rising Market – Seattle, Washington
Seattle is among the hottest real estate markets in the US and the one with the most potential. This emerald city has a unique and enduring beauty with air is fresh air beautiful lakes everywhere, evergreens, mountains, and Mount Rainier overshadowing the city. It has also become a sanctuary for luxury home buyers, with high end homes set in some of the world’s most beautiful locations. Many luxury home buyers who have been priced out of places like San Francisco and Los Angeles now come to Seattle looking for a luxury home.
Seattle leads the US in house-price growth, proving how attractive the Northwest region of the US has become. People are flocking here because of employment opportunities from the many large tech companies, higher income potential, and a great quality of life. A growing wave of money from China and other foreign countries is also pouring into the Seattle-area housing market, helping drive home prices even higher.
These hot markets are all over the globe and if you are considering moving to one, or several, you should consider hiring international movers like InternationalMovingCompanies.com. They can transport all of your valuables anywhere.