Overall, we sense the global market cycle is now moving on a stage. Both occupiers and investors have been clinging to first-tier cities and prime property like limpets to a rock in times of global turmoil and economic uncertainty but, as this abates, they are becoming more adventurous.
Investors are now beginning to peel away from the expensive centre and seeking alternatives in more peripheral locations and higher-yielding secondary property.
They are also looking at cheaper and higher yielding second-tier cities, especially in Europe and the USA, where there may be prospects of economic outperformance and high population growth. Non-city property such as resorts that were popular in the nineties and noughties are also regaining their attraction, particularly at the discounted values of the post 2008 market.
Those looking at the longer term will find an increasing number of new opportunities in resort property, both established locations in which Asians start buying and in new locations and leisure property types within Asia.
We foresee an increasingly diversified global residential property market offering considerable opportunity and we have covered some of its more important markets and market trends in this report.