Housing market prices for 2013 to remain volatileWith globalization moving a step up each day ever since the turn of the century, and the continuous rise in population, people are becoming more interested in buying property more than anything, and not only in their own country, but other cities around the world. There are many factors investors or families willing to set up and settle respectively in another land need to look into. Some major factors in this regard would be inventory prices, perpetual events and their frequency, tourist destinations within the city and the luxury factor. However, two fundamental parameters that need to be considered are the current prices and the scope of price rise, which obviously influences the resale value. Because all of us want a safe and secure future in the end, too!

 

General global state for the current year

While some housing markets in the UK, US, China and Australia, promise stability or improvement, going by latest statistics, most global destinations are not showing major signs of certainty, especially in European countries like Spain and Ireland. The reasons for this have been recession, unemployment and tight credit in these regions of late. UK, Switzerland and Sweden, though, continue to be strong and promising markets for the near future in Europe. In North America, while Canada is going through a rather soft period, the US is emerging as one of the top countries for buying housing property. The continent that has surprised most, with Columbia and Chile having shown steady increases in price, right through the entire last year. In Asia, China is the leading destination for buying housing property, whereas, India, Indonesia and Australia remain moderate, achieving steady improvements, though not as good as the Silk country. Thailand and Korea are also in the race, though still a bit behind.

 

In all the countries, housing market prices vary from city to city, depending on various reasons. For example, Rio de Janeiro will be one of the leading global tourist destinations with the football world cup and the Olympic Games scheduled there in 2014 and 2016 respectively. Or Cannes, which hosts the most popular film festival every year. Some of the top cities predicted to be hot housing destinations by most experts are discussed in the following section.

 

Top housing destinations for 2013

Though buyers would need to do some self research and homework before working out where to buy property, and nothing can be said with full certainty regarding any city and its past trends, there are many reasons why the following cities stand out as the top global housing destinations for the current year. Let’s have a look at the top 10 cities (in no particular order) one should consider buying housing property this year.

 

London: There has been a rise of 2.2 per cent already in the first three months of 2013, having been 0.8 per cent in the October to December quarter last year, and with an annual price growth of 4.7 per cent, England’s capital city should count among the top cities for housing property in the near future.

 

New York: The skyscraper city leaves many of the world’s business capitals behind, but even when it comes to property, escalating rises in land and rent rates makes New York worth having a look at. The fact that housing is 4 per cent overvalued owing to rents and 2 per cent owing to incomes, whereas in all of the US it is 6 per cent and 21 per cent undervalued respectively, just tells you why.

 

Hong Kong: Prices have increased to more than double since the financial crisis of 2008, and the apartments here are the world’s costliest. If that’s not all, office property in Hong Kong is the second most expensive in the world. And with limited amount of land and most of the housing up in the air, the future looks good as well. The average price per square kilometers was around twenty thousand US dollars during the end of 2012.

 

Paris: Prices remained stable last year in the city of romance, and while the market has been tough overall, Paris has flourished and will continue to do so for 2013.

 

San Francisco: While people will always argue over whether this city has indeed the best climate you’ll find anywhere around the world, low mortgage and extremely low levels of inventory have resulted in huge rise in prices and demand as well.

 

Cote d’Azur: Though many around the world might not have heard much about this city as yet, this French city is growing in housing market price by the day, and it would be a good idea to buy property here sooner than later. Smaller apartments, good amount of sunshine and negotiable prices make it a smart deal, but be smart while buying and you certainly won’t regret being a part of the city to watch out for.  

 

Toronto: Toronto would be a smart deal for the professional buyers, as has been the trend over the last decade or so. And these guys have multiplied a lot and many of them have earned fortunes they might not have ever thought of. While first-timers would prefer to be on the safe side, and though a tricky choice right now, semi-detached houses could be a good buy for the professional ones.

 

Dallas: Another American city on our list, single family home prices rose by over 7 per cent over the past year, inventories are low and so are the interest rates. The job opportunities in this city are growing and Dallas is actually in one of its best phases. And if you are thinking of being near central US, Dallas would be the best choice.

 

Los Angeles: Emerging as one of the world’s top economies, and with great employment opportunities in major industries here, LA is not just about Hollywood and Disneyland (another good reason to build a home here). Stabilization would not take more than a couple of years and the general public, and not just the affluent, will benefit from it as well.

 

Miami: One of the topmost beach cities in the world, and of course-America, Miami also plays the role of an entry to Southern and Latin America. The port of Miami is called the “Cruise Capital of the World” and why not as a large portion of the sea traffic caters to this part of the globe. People from the south are now more interested and willing to pay to get a stake in housing here. And with all the natural beauty and commercial aspects around, and next to the Atlantic Ocean, Miami is the final city on our list.

So choose wisely, and invest carefully.