According to a survey conducted by international real estate agency Knight Frank, cities from the BRIC countries (Brazil, Russia, India and China) will soon be among the top 10 cities in the world for global real estate investment.
The dominance of long-time big cities, mainly from the West, is now being challenged by those of the rising BRICs. Property values in these cities are expected to appreciate as they become more important centres of finance and commerce.
China will have the most cities in the survey's future top ten, with Shanghai, Beijing and Hong Kong knocking three long-standing global cities down the list.
The top global city in 2011 is New York City, and it will remain so in 2021, says the survey. It predicts that the world's leading cities in 10 years' time will be:
1. New York (also the current #1)
2. London (also the current #2)
3. Shanghai (displacing the current #3, Paris)
4. Beijing (displacing the current #4, Tokyo)
5. Hong Kong (replacing Brussels, which will fall out of the top 20)
6. Singapore (replacing Los Angeles, which will fall to #18)
7. Mumbai (moving up 31 places to take Singapore's place)
8. Tokyo (down 4 places from its current position)
9. Paris (down 6 places from its current position)
10. Moscow (replacing Berlin, which falls to #16)
Brazil's Sao Paulo is currently at #25, and is expected to be just outside the top ten in 10 years' time.