To help you navigate the competing claims for future cool locations - Knight Frank has produced the following list of the best to watch.
While not a surprise “tip”, Williamsburg is after all the epitome of the gentrification model - a 20 year process starting with artist incomers, followed by musicians, then creative and now professional service residents. But the presence of high quality properties (lots of loft spaces), a strong lifestyle offer and convenient access to Wall Street means Williamsburg still has a long way to go.
In a city as densely occupied as Tokyo, the presence of a large amount of vacant land, close to the CBD and adjacent to water means the Toyosu-Kachidoki bay-area is set to see substantial investment over the next few years. This is about as big an opportunity as you can find in Asia’s most populous city.
Significant volumes of domestic and regional investment have expanded central Sydney’s prime residential offer in recent years. Adjacent to the CBD, Barangaroo has already seen considerable investment; its central location and waterfront views contribute to our positive view on the opportunities here for future value growth. Over the next ten years, approximately 1,000 high-rise and low-rise residential apartments have been master planned for the area, with selling prices averaging AUD20,000/sq m.
Increasingly seen as more than just an upmarket residential area the 16th is often compared to London’s Borough of Kensington and Chelsea. Home to some of the best schools, museums, parks, and some of France’s most prominent sporting hubs it is easy to see why the 16th retains its crown among the well-heeled.
As a result prices have remained firm over the past five years, but importantly remain below the levels seen in the most established 6th, 7th and 8th arrondissements. If you want a safe but buzzing area this is it. Development opportunities are small scale and subject to intense competition.
Cape Town’s CBD has seen considerable growth in both value and demand and has been a strong hot-spot in a South African context. Partially as a result considerable residential and commercial development has taken place already in the area, with the area’s population growing rapidly from less than 2,000 to nearly 5,000 in the past five years. New development opportunities are being released through change of use from commercial to residential usage.
Infrastructure investments are helping the emergence of this area as a new luxury residential area. A number of luxury residential developers will come on stream, including The Austin II to be completed in 2015.
An old neighbourhood, which has retained more of its historic character than most of Singapore. The growth of high quality café and retail offering in recent years has helped lift values. Development opportunities are available but this is a sensitive urban area which will require skilful interventions.
Already affluent suburbs, these adjacent markets to the north of the CBD are seeing several development led improvements. Led by several significant retail and leisure developments. Relatively affordable values point to opportunities for value growth.
With a wealth of regeneration and gentrification stories across London, we could have equally listed Earl’s Court, King’s Cross or numerous significant development sites. Instead it is Victoria Park, to the north-east of the City of London, that we settled for, with London’s tech scene pushing demand and values from the south and with the Olympic Park legacy to the east, values have risen strongly in this area, there is scope for further growth.
Proximity to Downtown (which has the Burj Khalifa and Dubai Mall). Good connectivity to major arterial roads.