While New York City has long had a reputation for good real estate investment, several other cities are also now following close behind.
London, Singapore and Hong Kong are becoming hot spots for real estate investment.
Around the world, there has been an emphasis on luxury real estate, which is seen as a sound investment. Prices on luxury apartments in these cities have gone up astronomically, making competition fierce.
Warren Buffett recently bought Allie Beth Allman & Associates, a real estate firm in Dallas which specializes in luxury properties.
“Allie Beth Allman & Associates is a strong company with an exceptional reputation in a growth market,” said Ron Peltier, chairman and CEO of HomeServices of America Inc., an affiliate of Buffett’s firm Berkshire Hathaway. “This transaction aligns with our vision of acquiring distinguished companies in leading markets that share our core values.”
Found in 2003, Allie Beth Allman & Associates had $1.5 billion in sales last year.
The future of real estate could be in virtual reality. The trend is picking up in bigger cities and has now reached Tampa.
Previously used for video games, real estate is getting the same treatment, making it easier for home buyers to search and tour houses from the comfort of their own home.
“I think it helps you a lot, because from the comfort of your home you can go throughout the entire house without ever actually wasting your time and your realtor’s time to physically go there,”said house hunter Holly Hostler.