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The global neighbourhoods to watch in 2017

17 April 2017

Malaysia, 13 April 2017 – The Wealth Report 2017 highlights a change in UHNWI investment patterns as political uncertainty, cooling measures and barriers affect traditional markets. Education, lifestyle and alternative safe havens are overtaking as priorities, and savvy investors are looking for new opportunities.  This year’s Wealth Report identifies five of the best neighbourhoods around the world poised to outperform in the following key categories:

 

Gentrification and the ripple effect

Dominic Heaton-Watson, International Project Marketing, Knight Frank Malaysia, comments, “Neighbourhoods similar to New York’s Lower East Side, aptly described by the New York Times as where “gritty meets trendy”, have traditionally been overlooked for more established postcodes. However, recent housing developments, such as the US$1bn Essex Crossing Development, are acting as a catalyst for wider gentrification. This tends to support the rising interest from our Malaysian clients seeking real estate investments east of Manhattan. One example would be The Dutch at Long Island City where investors have seen it as the new Brooklyn, with great investment upside potential given that it’s just one stop away from Manhattan.”

Elsewhere, buyers looking for an authentic bohemian atmosphere, coupled with high-quality, good value housing, are turning to areas like Quartier Des Pâquis, Geneva. Alex Koch de Gooreynd, Partner, Knight Frank predicts this artisan quarter is poised to “outperform the rest of the city by some margin over the next five to ten years”, paralleling the transformation to that of London’s Notting Hill in the 1970s.

 

 

Value hunters

Buyers might be surprised to see long sought after locations, such as Mayfair, London, which provide some of the most stylish housing in the world on the value hunter list. However, relative value p/sqft redefines the postcode as more financially accessible and the arrival of some of the world’s most prestigious developments secure its position. Cosmopolitan neighbourhoods similar to the 10th Arrondissement, Paris, which are centrally located yet offer lower property prices are popular with creative industries. Hip inner city areas such as Woodstock, Cape Town, which are offering Urban Development Tax Incentive schemes, are seeing average property prices sharply rise to 2.2m rand. Alternatively, buyers looking for a beachfront location should consider the South Coast, Barbados with new projects such as the Capri development.

 

Technology and creative industries

With the recent boom in the technology and creative industries, high-tech sectors are shaping the residential and cultural landscape of neighbourhoods. Zhangjiang, Shanghai, previously known as a manufacturing and industrial area, has transformed into a major residential community as an IT hub.   Mumbai’s largest tech firms are queuing to set up offices in the previously overlooked area, Majiwada-Kasarvadavali, resulting in an influx of tech HNWI’s and rapid improvement to social infrastructure. Mediaspree in Berlin, where hip clubs sit alongside Coca-Cola and Mercedes Benz will see its first high-rise skyline due to a surge in housing demand. 

 

Infrastructure and transport

Regeneration and expansion of public works, including major train lines, roads, airports and hospitals, are attracting developers and residents alike to urban and suburban areas. Notable development to infrastructure has cemented Dubai South as the emirate’s flagship urban project, with the highly anticipated first two residential communities due to complete 2019. Neighbourhoods such as South Main, Vancouver, seen as a gateway to downtown have seen recent land banking as developers anticipate growth alongside improvement to transport connections.

For the full list and details of the 20 neighbourhoods, please refer to pages 36 to 39 of The Wealth Report.

END

 

To download the report, please visit:
http://www.knightfrank.com/wealthreport

 

For further information, please contact:

Mr Nicholas Holt, Asia-Pacific Head of Research

nicholas.holt@asia.knightfrank.com +86 10 6113 8030 @nholtKF

 

Ms Rachel Loke, Asia-Pacific Head of Marketing, Communications & Digital

rachel.loke@asia.knightfrank.com +65 6429 3587 @knightfrank

 

Ms Denise Nah, Asia-Pacific Public Relations & Communications Manager

denise.nah@asia.knightfrank.com +65 6429 3599 @knightfrank

 

Ms Seline Soo, Marketing & Communications Manager, Knight Frank Malaysia

seline.soo@my.knightfrank.com +603 2289 9669 @KnightFrank_my 

 

Notes to editors

Knight Frank LLP is the leading independent global property consultancy. Headquartered in London, Knight Frank has more than 14,000 people operating from 413 offices across 60 countries. The Group advises clients ranging from individual owners and buyers to major developers, investors and corporate tenants. For further information about the Company, please visit knightfrank.com.