Looking to invest in a property offshore? After evaluating the global real estate market uptrend, the New York Post compiled a list of the hottest markets around the world for American investors looking to plunk millions on foreign real estate.
The Post reveals that among Americans, New Yorkers are the most active when it comes to buying and selling real estate abroad.
"Along with lifestyle considerations, New Yorkers - much like other High Net Worth Individuals [HNWIs] - now see foreign property as a wise investment as they look to spread and diversify their wealth," James Price, Knight Frank's head of Global Real Estate in London, told the Post.
Check out the top five most lucrative property investment foreign hotspots below:
1. Monaco - The fact that several areas in the city are "income tax free zones" makes it one of the best cities for American investors. Add a beach, the sun and the mountains and you have the most attractive city to own a pied-a-Terre in.
2. Argentina - The Latin American city has been dubbed a mixture of Paris, Madrid and London. Its diverse landscapes make it an ideal vacation retreat.
3. Tel Aviv - The second most populated city in Israel has garnered a lot of popularity of late with its tech boom. Industry experts say the city offers the best of NYC and Los Angeles, making it one of the best overseas spots for American investors.
4. Zambia - The vast agricultural lands, a stable government and easy commutes make this African country another potential hotspot for property investment.
5. Singapore - The Lion City has appeared on the top five of several "most expensive city" lists last year, but owning a home there can give you weekend access to Bali and other Asian retreats.
Overall, the global real estate market is mapping a steady upward trajectory. The improving world economy accompanied with low borrowing costs has fuelled strong growth in the global property sector.
According to a recent report by Scotia Bank, about two-thirds of all real estate markets around the world posted a significant increase in home prices, about 40 percent more than last year's figures.
Knight Frank, the international real estate think tank, recently released its annual Wealth Report for 2014. The report gives insight into the global residential, commercial and investment trends around the world.
Check out a video encapsulating the 2014 report below:
