Among the most desired cities to live for the wealthy, Vancouver has become one of those cities joining the list of cities that also includes San Francisco in Southern California, Shanghai, Monaco and the beautiful Australian city of Sydney where the famous Opera House is located.
For the average person, the housing prices of high rise buildings are absolutely ridiculous and we probably think we could do a lot with that kind of money but when it comes to the rich and powerful, the more ”ridiculous” the better. Because of the growth in the city of Vancouver in 2015, more investors are looking at these buildings.
Due to the high demand from foreign investors and the amazing currency rates, the city of Vancouver is beginning to climb up the ladder.
One of the reasons for this is that, the wealthy are now buying up property in the top cities in the world for comfortability. Most of them are businesspeople and need somewhere they can call home when they are in a country for business. Plus, a lot of them have their kids studying abroad.
As much as this is every real estate agent’s dream, in the sense that the commission depends on how expensive the property is, governments around the world are beginning to see the bad side to this trend. The more foreign investments they get, the higher the home prices get for their individual national population which will have a negative effect on the economy. It will make them more conscious of spending.