{"id":5509,"date":"2026-08-07T13:00:49","date_gmt":"2026-08-07T20:00:49","guid":{"rendered":"https:\/\/livsothebysrealtyca.blog\/?p=5509"},"modified":"2026-08-04T16:02:06","modified_gmt":"2026-08-04T23:02:06","slug":"resilient-cities","status":"publish","type":"post","link":"https:\/\/livsothebysrealtyca.blog\/spu\/resilient-cities\/","title":{"rendered":"Resilient Cities"},"content":{"rendered":"\r\n\t\t
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Four urban destinations where real estate investments have staying power<\/h2>\n\t\t\t<\/div> \n\t\t<\/div>\n\t<\/div> \n<\/div><\/div>\r\n\t\t
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More than 4 billion people\u201445% of the world\u2019s population\u2014now live in cities, according to a report released by the United Nations in November 2025, and \u2028this number is expected to continue to rise into 2050. \u2028So is the wealth cities generate. Just 1,000 cities produce nearly 60% of global GDP, according to Oxford Economics\u2019 2025 Global Cities Index, released in May 2025. For \u2028real estate buyers, that concentration of capital and \u2028talent is what makes urban property uniquely resilient. \u2028But not all cities are built the same.<\/span><\/p>\n

The consultancy firm Kearney\u2019s Global Cities Resilience Index, released in October 2025, pinpoints \u2028what separates the property markets that recover and appreciate from those that don\u2019t: effective institutional governance, sustainable finance and business environments, technological innovation, social capital \u2028and integration into global networks.<\/span><\/p>\n

Here is what that resilience looks like across cities where homebuyers continue to return, what each of \u2028their real estate markets offers right now, and the \u2028elements that make these urban centers in particular display serious staying power, despite various hurdles. <\/span><\/p>\n\t<\/div>\r\n<\/div>\r\n\r\n\r\n\r\n\n\t\t\t<\/div> \n\t\t<\/div>\n\t<\/div> \n<\/div><\/div>\r\n\t\t

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I am text block. Click edit button to change this text. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.<\/p>\n\t<\/div>\r\n<\/div>\r\n\r\n\r\n\r\n\n\t\t\t<\/div> \n\t\t<\/div>\n\t<\/div> \n<\/div><\/div>\r\n\t\t

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New York, New York<\/strong><\/h5>\n

\u201cBetting against New York City is never a good idea,\u201d says Wendy Arriz, senior global real estate advisor, Sotheby\u2019s International Realty – East Side Manhattan Brokerage. \u2028\u201cIt has a one-of-a-kind spirit that can\u2019t be beat.\u201d<\/span><\/p>\n

In the past 25 years, New York has survived \u2028a terrorist attack, a global financial crisis that began on \u2028Wall Street and a pandemic that led to a rise in remote \u2028and hybrid work, reshaping the commercial real estate landscape across the city, and sending many residents \u2028to less-dense locations with lower costs of living. Despite that not-so-distant history, New York is growing, with a 4% year-on-year increase in sales in the first quarter of 2026, generating US$6.2 billion in total sales, according to real estate market data published in April 2026 by Sotheby\u2019s International Realty – New York City Brokerages.<\/span><\/p>\n

\u201cThere is an endless supply of people who are \u2028New York enthusiasts,\u201d says Arriz, who is based on the Upper East Side. \u201cThat\u2019s where the energy comes from\u2014really dynamic people live here, because of the business community and the unrivaled arts. For someone who appreciates that and wants that, there\u2019s no other place that competes.\u201d Housing sales activity has increased \u2028since 2019, according to Arriz. However, despite eye-popping deals for ultra-luxury residences, overall prices have been relatively stable over the past decade.<\/span><\/p>\n

\u201cNew York is undervalued. Prices have been flat for a long time and the rest of the nation has had a lot of appreciation that we haven\u2019t seen,\u201d she explains. For example, the median price of a Manhattan residence in 2016 was $1.15 million, The New York Times reported \u2028in January 2016,5 while almost a decade later, in 2025, it was $1.28 million, according to Sotheby\u2019s International Realty – New York City Brokerages data. \u201cAt some \u2028point we\u2019re likely going to see more appreciation,\u201d Arriz continues, \u201cso I think there\u2019s a value play in investing \u2028in New York property right now.\u201d<\/span><\/p>\n

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Betting against New York City is never a good idea.
\n– Wendy Arriz, Senior Global Real Estate Advisor, Sotheby\u2019s International Realty – East Side Manhattan Brokerage<\/span><\/h5>\n<\/blockquote>\n

Buyers are looking for \u201cmove-in-ready or move-in-\u2028ready-ish\u201d units, although they are willing to do a slight \u2028\u201cnip and tuck\u201d to a home, such as swapping out the countertops or renovating a bathroom, Arriz adds. However, a value-driven buyer may choose to do the work after purchasing, since they may reap a healthy \u2028return on investment (ROI).<\/span><\/p>\n

New York City\u2019s property market, like many others, is also driven by a lack of inventory. Last year, city officials paved the way for tens of thousands of new homes, many affordable, to be built in Manhattan and Queens, which \u2028will take pressure off other areas of the real estate market. Recently, Arriz noticed a resurgence of luxury buyers moving to Fifth or Park Avenue co-ops for perceived access to schools, wider streets and a stronger sense \u2028of neighborhood. Other buyers will pay a premium for \u2028a brand-new development and are less sensitive to \u2028what neighborhood they live in, preferring to \u201cfollow \u2028the product,\u201d Arriz explains.<\/span><\/p>\n

That means the outer edges of Manhattan on First, Second or Third Avenues; Long Island City; Queens or \u2028the Financial District and Battery Park City, which are not traditionally residential areas but saw a 20% jump in sales in 2025, according to Sotheby\u2019s International Realty data. \u201cThey don\u2019t seem to mind living there as much as previous generations,\u201d she says. The expansion of the city\u2019s subway system to Second Avenue on the Upper East Side in 2017 no doubt eased the way for some, Arriz adds. <\/span><\/p>\n

Meanwhile, headlines regarding a proposed tax \u2028on second homes in New York City valued at $5 million \u2028or more have given the luxury property market pause. \u201cMany are waiting to see how this proposal unfolds,\u201d \u2028Arriz says. \u201cIt is not the first time real estate professionals have had to navigate a significant shift in the marketplace.\u201d She also sees no signs of the real estate market slowing down, especially with Wall Street performing so well. \u201cBarring some unforeseen situation, we expect the \u2028rest of 2026 to be a strong year,\u201d she says.<\/span><\/p>\n\t<\/div>\r\n<\/div>\r\n\r\n\r\n\r\n\n\t\t\t<\/div> \n\t\t<\/div>\n\t<\/div> \n<\/div><\/div>\r\n\t\t

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Los Angeles, California<\/strong><\/h5>\n

Natural beauty and warm weather are two of the biggest attractions of living in Los Angeles, according to Ernie Carswell, senior global real estate advisor, Sotheby\u2019s International Realty – Beverly Hills Brokerage.<\/span><\/p>\n

\u201cWe just have it so good out here,\u201d he says. \u201cWe\u2019re constantly saying how blessed we are with the weather or with the beauty of the backdrop, the mountains down to the ocean. It\u2019s something that we love and we don\u2019t \u2028want to let go of.\u201d<\/span><\/p>\n

Not everyone agrees, Carswell concedes, as \u2028there have been some departures of high-net-worth individuals from California for no-income-tax states \u2028like Texas and Florida. Still, home prices remain \u201cwell \u2028above the levels in 2019, in spite of the cooling off \u2028we\u2019ve had since 2024,\u201d he says.<\/span><\/p>\n

This has been due to two upheavals in the local property market, Carswell notes. The first involved the addition of the so-called mansion tax, or the United to House LA Act, which took effect in April 2023. It adds \u2028a 4% levy for properties priced at US$5.3 million and \u2028up and a 5.5% surcharge for properties conveyed at US$10.6 million or more, according to the city\u2019s Office \u2028of Finance.8 \u201cIt doubled the cost of selling a home if you own a luxury property,\u201d he explains.<\/span><\/p>\n

Then the city was devastated by major fires in \u2028January 2025. Around 17,000 homes in the Altadena \u2028and Pacific Palisades neighborhoods were destroyed, according to a January 2026 report by Columbia University\u2019s Climate School.9 The recovery has been faster in the more affluent Pacific Palisades area, while Altadena \u2028is still reeling and recovery has been slow, Carswell says.<\/span><\/p>\n

In addition, fires over the last decade have also increased insurance costs in the most susceptible \u2028areas. The owner of a four-bedroom home in Brentwood, which neighbors Pacific Palisades, could now pay US$120,000 a year in insurance, up from around US$20,000 a decade ago. Brentwood has also seen house prices jump more than 50% in the past year as \u2028many displaced families look to stay local, he notes.<\/span><\/p>\n

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There\u2019s a spirit in Los Angeles of ultimate freedom that you don\u2019t want to give up.
\nThat\u2019s why this city keeps rebounding.
\n– Ernie Carswell, Senior Global Real Estate Advisor, Sotheby\u2019s International Realty – Beverly Hills Brokerage<\/span><\/h5>\n<\/blockquote>\n

But the city\u2019s housing options are very diverse. \u201cLos Angeles is a patchwork quilt of values, styles, topography and even fire liabilities,\u201d Carswell says. \u201c\u2028There\u2019s a lot to consider.\u201d<\/span><\/p>\n

Across the Los Angeles metro area, prices were \u2028up 0.4% in March 2026 compared to the same time \u2028the year before, according to data published by the California Association of Realtors in April 2026.10 \u2028Homes continue to appreciate, with property investors making money despite added taxes or fees. California \u2028also has one of the strongest economies in the world, ranking as the fourth-largest according to data released \u2028by the International Monetary Fund and the U.S. Bureau of Economic Analysis in April 2025.<\/span><\/p>\n

Something less concrete keeps Angelenos in place. \u201cThere\u2019s a spirit in Los Angeles of ultimate freedom. \u2028And once you have it, you don\u2019t want to give it up,\u201d \u2028Carswell says. \u201cThat\u2019s why this city keeps rebounding.\u201d <\/span><\/p>\n\t<\/div>\r\n<\/div>\r\n\r\n\r\n\r\n\n\t\t\t<\/div> \n\t\t<\/div>\n\t<\/div> \n<\/div><\/div>\r\n\t\t

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Milan, Italy<\/strong><\/h5>\n

Long a business and industrial hub, as well as the financial and economic capital of Italy, Milan\u2019s transition into \u2028a global city has accelerated in the past two decades. Starting in 2005, long-abandoned railyards in Porta Nuova were redeveloped into a bustling business district \u2028focusing on finance, fashion and media. The city started \u2028to build international attention, first with the Expo 2015 world fair, and more recently as the host of the 2026 \u2028Winter Games, according to a February 2026 report by \u2028AP News. Many Italian and international companies, \u2028from Prada and Versace to banking and energy firms, \u2028are now headquartered there, attracting sophisticated global buyers.<\/span><\/p>\n

Italy\u2019s flat tax, which caps foreign income tax for homeowners at EU\u20ac300,000 (US$351,000) annually, \u2028has attracted a new set of property buyers to Milan, according to Diletta Giorgolo, global real estate advisor, Italy Sotheby\u2019s International Realty. Others want to take advantage of Italy\u2019s Residence by Investment Program, which starts at EU\u20ac250,000 (US$292,000) according \u2028to the country\u2019s Ministry of Enterprises, and allows recipients to travel freely through Europe.<\/span><\/p>\n

\u201cThat has attracted a lot of ultra-high-net-worth individuals (UHNWIs),\u201d says Giorgolo. \u201cMore people \u2028were coming to Italy for not only residency, but their \u2028fiscal regime. We were always used to international \u2028buyers, but they came for second homes. The big difference is that now many are buying primary homes.\u201d<\/span><\/p>\n\t<\/div>\r\n<\/div>\r\n\r\n\r\n\r\n\n\t\t\t<\/div> \n\t\t<\/div>\n\t<\/div> \n<\/div><\/div>\r\n\t\t

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Milan took 11th place in a ranking of the cities with \u2028the most millionaires, according to an April 2025 report \u2028by global wealth advisors Henley & Partners. People are coming to the city from the U.K., the U.S., Canada and \u2028even France, where taxes are high, she explains.<\/span><\/p>\n

The flat tax is particularly appealing for families \u2028living in the U.K. who previously benefited from that country\u2019s non-domiciled tax regime, which exempted affluent foreign nationals from paying tax on their \u2028overseas investments. Since that program ended last \u2028year, Milan\u2019s popularity has only increased, and it is now one of the most requested urban destinations in the country for foreign homebuyers, according to Giorgolo.<\/span><\/p>\n

Milan\u2019s schools draw families to the city, while entrepreneurs are attracted by its business climate and location, she adds. Milan is \u201cin the center of Europe,\u201d Giorgolo notes. \u201cYou can travel quickly to Austria, France, Switzerland, Germany, so there are many advantages.\u201d<\/span><\/p>\n

Villas with gardens and penthouses are among \u2028the most coveted property types, according to Giorgolo. \u2028Many homebuyers are looking for residences with historic facades that have been gut-renovated to make way for ultra-modern interiors, she says.<\/span><\/p>\n\t<\/div>\r\n<\/div>\r\n\r\n\r\n\r\n\n\t\t\t<\/div> \n\t\t<\/div>\n\t<\/div> \n<\/div><\/div>\r\n\t\t

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Residential assets in Milan see consistent growth, \u2028with \u201cappreciation around 3% to 4%. Some have had a 7% increase, but it\u2019s a continuous, steady growth,\u201d she says. Still, Milan offers relative affordability. \u201cIn comparison to other big capitals, Milan\u2014even if there are some very \u2028high square-meter prices right now\u2014is still affordable in respect to other cities,\u201d Giorgolo notes, adding that the general cost of living in the city is also good. \u201cUniversities are less expensive, and so are restaurants.\u201d<\/span><\/p>\n

Inventory in Milan, like so many other luxury \u2028residential destinations, is extremely limited. That\u2019s especially true for move-in-ready homes, which are rare \u2028and sell very quickly, she adds. Plus, Italians are very \u2028house proud, with around 80% of residents owning their own home. Those residents do not move often, instead considering homes \u201cpart of their family and heritage.\u201d<\/span><\/p>\n

But when families are ready to sell, trophy assets \u2028in Milan\u2014and throughout Italy\u2014go very quickly, according to Giorgolo. Prices for the most sought-after estates can climb as high as EU\u20ac30 million (US$35 million).<\/span><\/p>\n

Milan continues to attract the elite buyers because of its economic engine, as well as the lifestyle it provides and the favorable tax environment. \u201cIt\u2019s still a very human-sized capital,\u201d Giorgolo says. \u201cIt\u2019s also the closeness to so many other important places, the international schools, and that the prices are continuing to grow at a very good pace.\u201d<\/span><\/p>\n\t<\/div>\r\n<\/div>\r\n\r\n\r\n\r\n\n\t\t\t<\/div> \n\t\t<\/div>\n\t<\/div> \n<\/div><\/div>\r\n\t\t

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Hong Kong, China<\/strong><\/h5>\n

After years of oversupply, Hong Kong is bouncing \u2028back, according to Teresa Chan, director of business development, List Sotheby\u2019s International Realty, Hong Kong. \u201cTotal transactions reached about 62,000 units for 2025, up 17% from 2024, with primary [home] sales making up 33%,\u201d she explains, noting that overall house prices were up 1.13% year-over-year in October 2025. \u201cSupply remains high, with 27,000 unsold units \u2028and 20,000 new completions expected in 2026.\u201d<\/span><\/p>\n

The pandemic was hard on Hong Kong, with restrictions and economic uncertainty slowing the city\u2019s property market until only recently. Home prices in the\u2028 city rose 3.3% in 2025, the first rise since 2021, Reuters reported, citing government data.15 \u201cOn the sales side, activity has continued to improve since March 2026. \u201cTransaction volumes are recovering gradually, led by \u2028the primary market, supported by stabilizing interest \u2028rates and improved sentiment following Chinese New \u2028Year,\u201d Chan says. \u201cHomebuyers remain selective and price\u2011conscious, but liquidity has clearly improved \u2028when pricing is realistic.\u201d<\/span><\/p>\n\t<\/div>\r\n<\/div>\r\n\r\n\r\n\r\n\n\t\t\t<\/div> \n\t\t<\/div>\n\t<\/div> \n\n\t

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The City\u2019s adherence to an independent common law legal system provides a reliable foundation for investment, while its simple and competitive tax regime enhances wealth preservation.
\n<\/span>– Teresa Chan, Director of Business Development, List Sotheby\u2019s International Realty, Hong Kong<\/span><\/h5>\n<\/blockquote>\n\t<\/div>\r\n<\/div>\r\n\r\n\r\n\r\n\n\t\t\t<\/div> \n\t\t<\/div>\n\t<\/div> \n<\/div><\/div>\r\n\t\t
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In addition, global uncertainty has reinforced Hong Kong\u2019s position as a relatively safe haven for some UHNWIs, Chan notes. \u201cWe are seeing growing interest \u2028from regional homebuyers and families reassessing geographic exposure, with Hong Kong viewed as a stable base for both capital preservation and long\u2011term living.\u201d<\/span><\/p>\n

Mainland Chinese residents make up as much \u2028as 30% of homebuyers in Hong Kong, she adds, with UHNWIs from tech sectors and returning overseas \u2028property investors also showing interest. Brand-new \u2028luxury apartments and condominiums in areas such as \u2028The Peak and Mid-Levels are the hottest type of residence, with older buildings only selling at a premium if they\u2019ve been renovated, Chan explains.<\/span><\/p>\n

In the longer term, real estate investors can expect \u2028a healthy profit, according to Chan. \u201cPrices are forecast \u2028to rise 3% to 5% in 2026,\u201d she says, adding that luxury residences could see up to 5% appreciation. \u201cROI depends on the holding period. The long-term is positive due to recovery, but the short-term can be volatile.\u201d<\/span><\/p>\n

One plus: Hong Kong abolished all additional taxes \u2028for residential property buyers in early 2024, including the Buyer\u2019s Stamp Duty and the Special Stamp Duty, she adds.<\/span><\/p>\n

All buyers, whether permanent residents or not, \u2028are now subject to the same standard stamp duty, \u2028which has progressive rates based on property value. \u2028The maximum rate is 4.25% for properties valued at or above HK$21.74 million (US$2.8 million), Chan says.<\/span><\/p>\n

She also notes that Hong Kong offers investment-\u2028linked residency for those who make a HK$30 million (US$3.85 million) investment in the city, including \u2028property, via the New Capital Investment Entrant \u2028Scheme.16 This program was relaunched in March 2024 \u2028to help attract buyers, with the city expanding eligible investments and pushing to establish family offices \u2028with tax concessions. \u201cIt\u2019s all designed to boost the \u2028city\u2019s luxury property market and overall financial hub status,\u201d Chan says.<\/span><\/p>\n

Institutional stability, a strategic economic location \u2028and a high quality of life are the big draws for buyers, \u2028she adds. \u201cThe city\u2019s adherence to an independent common law legal system provides a reliable foundation \u2028for investment, while its simple and competitive tax \u2028regime enhances wealth preservation.\u201d<\/span><\/p>\n

With its location near mainland China and the \u2028other municipalities of the Greater Bay Area\u2014which includes Macau, Guangzhou and Shenzhen\u2014Hong \u2028Kong \u201coffers unparalleled access to regional economic growth,\u201d Chan adds. \u201cThis is complemented by world-\u2028class infrastructure, a dense network of amenities \u2028and a vibrant international culture that collectively \u2028make it uniquely appealing for both property investment and living.\u201d<\/span><\/p>\n

Urban Appeal<\/strong><\/h5>\n

Cities are the global engines of the economy\u2014and there \u2028are always homebuyers lining up who want a piece of \u2028the action. Urban areas maintain their appeal by offering access to the arts, culture and people, sophisticated housing options and strong infrastructure. For many, \u2028it\u2019s the combination of energy and opportunity that \u2028keeps them within city limits.<\/span><\/p>\n\t<\/div>\r\n<\/div>\r\n\r\n\r\n\r\n\n\t\t\t<\/div> \n\t\t<\/div>\n\t<\/div> \n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"

More than 45% of the world\u2019s population\u2014now live in cities, according to a report by the United Nations in 2025, with numbers expected to increase<\/p>","protected":false},"author":237480086,"featured_media":5510,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_wpcom_ai_launchpad_first_post":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"{excerpt}\r\n\r\n{url}","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false,"jetpack_post_was_ever_published":false},"categories":[765166367,135,765166251],"tags":[765166368,765166370,765166400,318499075,765166399,747966,765166401,765166398],"class_list":["post-5509","post","type-post","status-publish","format-standard","has-post-thumbnail","category-765166367","category-articles-of-interest","category-luxury-outlook-report","tag-2026-luxury-outlook","tag-global-real-estate-market","tag-hong-kong","tag-liv-sothebys-international-realty","tag-lost-angeles","tag-luxury-living","tag-milan","tag-new-york-city"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t