In addition to the slow and steady rebound in the real estate economy of America, there are some other countries set to do well in 2013.
As per a detailed property report conducted by London based real estate agency- Knight Frank, it was revealed that Dubai, Miami and Moscow will see the strongest real estate markets in 2013. The countries were ranked to be the most lucrative markets for 2013 in the luxury housing sector, reported Arabian Money.
Knight Frank conducts the study- Prime Global Cities index- every year since 2006. The index is used to analyze the performance of luxury housing markets in key cities around the world.
Prices in housing markets will rise 2.5 percent across 14 cities globally, which will be led by Moscow, Miami and Dubai, reported Property Wire.
Prices of luxury houses in Dubai are expected to go up by 5 to 10 percent in 2013. The demand for luxury homes in the country is attributed to the fact that many people from U.K. and Asia will be relocating to the country. However, Moscow will see the strongest markets with an assured 10 percent increase in luxury house prices as many important projects are expected to take off in the country, reported World Property Channel.
Rich investors from Venezuela, Brazil and Argentina have been purchasing properties in Miami leading the luxury house market of the city to experience a good upsurge, reported All Dubai property.
Among the 14 key cities, prices are expected to remain even in 11 cities. However, prices are expected to go down in Geneva, Paris and Shanghai by less than 5 percent, reported Property Wire.
The report revealed that supply will play a huge role in market performance for cities like Miami, New York and Moscow. Performance in Asian countries will be hampered a little by government imposed regulations, but is expected to become promising by mid 2013 if economic tables turn, reported All Dubai property.
The report also warned that the worldwide economic slowdown is posing a great threat to the global real estate markets. Government regulations, currency fluctuations and the demand and supply patterns are other potential risks to the world housing markets, reported World Property Channel.