Quote:
Originally Posted by YSL
https://betterdwelling.com/uber-rich...-second-homes/
1. London
2. NYC
3. Hong Kong
4. Singapore
5. Dubai
6. The Hamptons
7. Geneva
8. Miami
9. Paris
10. Zurich
11. Los Angeles
12. Palm Beach
13. Rio
14. Sydney
15. Monaco
16. Tel Aviv
17. Rome
18. Cape Town
19. Nice
20. Saint Troez
Interesting that London is dropping by a significant number. NYC has probably surpassed London at that rate, since they're close. Is it because of Brexit?
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I could see NYC passing London eventually, because of Brexit, but there are still some inherent differences that make London better set-up for non-nationals.
London has basically no property taxes and doesn't have income taxes on foreign earnings. NYC has high property taxes and the U.S. taxes some foreign earnings. Also, NYC has much higher transactional costs ("mansion tax" and high costs for outside buyers).
Also, a TON of high end housing in NYC consists of co-ops which generally don't allow for second home ownership. Luxury London real estate tends to be townhouses, where you can do anything. Also, London kinda "needs" wealthy foreigners; in NYC there are more local wealthy than anywhere on the planet.
Over the long-term, NYC will likely have more wealthy non-locals as Brexit erodes some of London's competitive advantages. But because the UK is (comparatively) a significantly smaller, less wealthy country, and because it's more centrally positioned, and the only English-speaking major country in Europe, there will always be a higher % of wealthy non-locals.
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