List of new global 'it' cities holds some surprises
The Wall Street Journal reveals unexpected locations of luxury real estate markets.
Have you been fantasizing about relocating somewhere exotic and living a life of opulence? Your choices may be more varied than you think. According to the Wall Street Journal, the twelve new cities that have made their way into international real estate's luxury elite include Chennai, India; Lagos, Nigeria; and Tel Aviv, Israel.
The paper notes that rising prices in established markets like New York and London have made up-and-coming cities prime targets for many people looking to relocate or buy additional real estate.
The luxury housing market is particularly strong in Tel Aviv, the priciest city on the list.
"Ten to 15 years ago, there wasn't an international product," Tomer Fridman, CEO of Israel Sotheby's International Realty, said. But today's thriving tech industry has attracted a surge of foreign buyers and investors. The Wall Street Journal notes that a 10,000-square-foot penthouse in the city's Manhattan Tower is listed for a whopping $25 million.
Below, a panoramic tour of the 12 cities that made the list:
MORE FROM THE GRAPEVINE: