Whether you’re trying to earn a profit or invest in a property that will increase in value over time, Business Insider spoke to real estate brokers and experts who forecasted what the 15 hottest real estate areas would be in the new decade.
Continue reading to find out more about the hottest new spots to call home.
New York’s Long Island City:
According to Eric Benaim, CEO of Queens-based brokerage firm Modern Spaces, Long Island City is a hot market right now and will be for the next ten years.
“In the previous decade, Long Island City has transformed from a predominantly industrial enclave to America’s fastest-growing neighborhood. With a wealth of new, luxury apartment buildings that boast heightened design and over-the-top amenity packages, LIC matches Manhattan’s real estate sector, “Business Insider spoke with Benaim.
“Part of the neighborhood’s recent growth can be attributed to Amazon’s previous plan to establish its HQ2 in LIC, demonstrating the area’s ability to compete with Manhattan’s commercial market. eventually canceled the contract; it helped to keep the neighborhood on the map around the world.”
Hawaii’s Kapolei:
On the island of Oahu, the city of Kapolei is one of the state’s fastest-growing cities.
According to RE/MAX Honolulu’s John Harris, Kapolei, nicknamed Oahu’s “In 1990, Kapolei and ‘Ewa was 42,931 people living in 11,722 homes; in 1990, the population of Kapolei and ‘Ewa was 42,931 people living in 11,722 homes. The region’s population is expecting to reach 130,700 people in 40,900 dwellings next year, a more than 200 percent increase for both “figures,” he says.
“Investment and development in Kapolei have resulted in dozens of new communities of single-family houses and townhomes over the years. But also numerous commercial centers, a world-renowned resort, major retail and entertainment offerings, a government center, and a new University of Hawaii campus, with much more growth planned over the next two years,” Harris told Business Insider.
North Carolina’s Leland:
According to Jay Seville of Coldwell Banker Sea Coast Advantage, Leland, North Carolina, is predicted to rise in popularity.
“Thanks to the baby boomer retirement tsunami that has been raging for the past five years, Leland will continue to be one of the hottest markets in the country” and is still going strong. Leland has one of the most powerful new construction machines in the country, with real estate taxes that are 15% lower than those in New York, New Jersey, and other major cities. Many of these retirees are compelling to relocate due to the Northeast’s expensive real estate taxes. And the baby boomer retirement wave is expected to last at least another ten years, “According to Seville.
Oakland, California:
According to Climb Real Estate president Chris Lim, the San Francisco-adjacent city of Oakland will continue to develop as a cheaper alternative to the pricey town.
Lim told Business Insider that Oakland had “more affordable housing alternatives and a booming restaurant and art scene.”
Reno, Nevada:
Business Insider also advises keeping an eye on Reno by Chris Lim. “Reno, Nevada, is expected to be one of the strongest real estate markets in the country in 2020, according to my predictions. Reno benefits from no state income tax, lower housing costs, an international airport, and proximity to Lake Tahoe, in addition to Tesla’s relocation. Reno will undoubtedly be the hottest real estate market in the United States in 2020 and beyond, according to experts, “he stated.
Vancouver, British Columbia:
Outside of the United States, Vancouver, Canada, will be a popular destination in the coming decade.
“In the 2020s, Vancouver will undoubtedly be one of the hottest real estate markets in North America. From 2009 to 2019, home prices in Vancouver increased by 81.7 percent, owing to population growth resulting from high levels of immigration and significant economic growth. As well as stringent land-use regulations that severely limit new housing “There’s a lot of supply,” said Mike Stewart, a real estate agent.
“Unlike much of North America, Vancouver’s immigration is dominated by high-income and high-net-worth individuals who are eager to buy a home as soon as they arrive. Knowledge-based industries such as international trade, film, and television production, technology, tourism, and banking and finance should continue to overgrow in Vancouver “‘ I told Business Insider,’ he said.
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