This is because the size of the domestic real estate market is the largest in the world. New York tops the league at $44.8 billion in big deals in 2014, while Los Angeles and San Francisco were the fourth and fifth most invested world cities at $23.2 billion and $21.5 billion respectively.
Most of these big deals were indigenous: US property owners selling to US property buyers. This makes the US cities some of the biggest world markets but with far less reliance on global players than other world cities.
San Francisco and Miami set for double-digit population growth
The rate of economic growth in US cities over the past five years has generally not been as rapid as in many of the other cities that we look at, but they may have more wind left in their sails as a result.
US cities generally represent stable, ‘old world’ rates of economic growth, but have also been suppressed of late by the broader economic malaise experienced through the rest of the country. The out-performer has been San Francisco, which has led the US tech-based economic recovery.
Most notable is the forecast rate of population growth that San Francisco and Miami are set to see in the next 15 years, which approach those forecast for Shanghai and London (see fig. 4).
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