Real estate has historically been one of the most popular and profitable options for anyone looking to generate and preserve wealth. Today, investing in real estate not only has become more profitable than ever before but also more accessible thanks to technology and globalization. This trend has resulted in more investors seeking opportunities in global real estate projects, with real estate developers being happy to meet that demand.
The global real estate market in 2023 offers unparalleled opportunities for astute investors seeking to capitalize on the sector's promising growth. Worth $3.88 trillion in 2022, the global real estate market’s value is expected to grow to $6.13 trillion by 2030, representing a CAGR of 5.2% in the 2023-2030 period. Global REITs have also skyrocketed over the past years, with REITs representing 83% of 2021’s global GDP.
International real estate investment has contributed greatly to this growth. A Knight Frank report found that 19% of all its clients’ real estate portfolio was held overseas, a number that is likely to grow given the current strength of the US dollar and the increasing prevalence of luxury nomadism.
With real estate developers looking to capitalize on the growing demand for overseas real estate projects, investors can struggle to navigate through the multitude of options available. In order to help you make an informed investment decision, here are the top 10 global real estate projects you should keep in mind if you are considering investing in real estate.
1. Hudson Yards (New York)
Located in Manhattan’s New West Side, Hudson Yards is much more than just the biggest real estate project in the United States. Once completed, Hudson Yards will cover 28 acres in which two office towers (10 and 30 Hudson Yards), a shopping mall, four residential buildings with high-end condominiums and offices, an arts center, and Thomas Heatherwick’s intricate spiral staircase known as “Vessel” will coexist.
The project also features 14 acres of public spaces, more than 100 shops and restaurants, and the Equinox Hotel, further increasing its potential revenue and the value it brings its residents. Companies like L'Oreal, Boston Consulting Group, VaynerMedia, SAP, Warner Media, Wells Fargo, Equinox, BlackRock, Accenture, Amazon, Ernst & Young, and Pfizer are already renting office space in Hudson Yards. According to Avison Young, 9.8% of Hudson Yards office space was available for lease at the end of the second quarter of 2023, down from 37% one year ago.
With an estimated 26,966 residents, Hudson Yards has also found success in the residential market. This is not surprising when considering the experience and reputation that Related Companies and Oxford Properties Group, the two real estate developers leading the project, have built over the years.
2. Ellinikon (Greece)
Located on the sunlit Athens Riviera and only 20 minutes away from the Acropolis’ ruins, the Ellinikon is currently Europe’s greatest urban regeneration project. The project aims to become a major destination for tourism, businesses, and residential living by offering what is in essence a smart city built into another city.
The Ellinikon’s 2.3 square miles will offer branded, coastal, and park residences, as well as hotels, malls, and commercial offices. The amenities include a private park, marina, schools at all levels of education, sports and health facilities, and cultural venues. With an estimated 10,000 residential units and 27,500 square miles of office space, the land in which the former Hellinikon Athens International Airport was located is now expected to attract over 1 million people.
The $8 billion project’s master plan was designed by Foster + Partners, a British architecture firm regarded as one of the best in the world. Led by LAMDA Development, the project is putting a lot of emphasis on sustainability, tourism, and accessibility, securing certifications like LEED and SITES in the process. The first phase is expected to open in 2025, meaning that there is still time to become an early investor in one of Europe’s most promising projects.
3. Hamptons Greece (Greece)
Nestled along the tranquil Aegean Sea and boasting nearly one kilometer of golden sandy beach, Hamptons Greece is perfectly positioned for global connectivity. With two international airports just 25 and 70 minutes away respectively, worldwide travel is a breeze. Furthermore, it's only a four-hour drive from the magical city of Istanbul and a mere seventy minutes from Greece's second-largest city and the country of Bulgaria. Hamptons Greece represents a $650 million project in the burgeoning real estate market of the country.
Beyond its strategic and prime location, Hamptons Greece mirrors the luxury of North American amenities found in high-end projects of Miami or New York City. This blend of distinct American design and the captivating allure of Greece culminates in a truly unique experience. Spanning a vast 149,000 square meters, the development is characterized by its commitment to the environment, dedicating nearly 112,000 square meters to parks, green spaces, and water features that include a lazy river that weaves throughout the complex.
The community is set to include a 5-star hotel and 288 lavish villas, housing up to six bedrooms each. Many of these villas will boast enviable beachfront views. For an added touch of luxury, each villa is designed with its own private infinity pool, encapsulating the essence of refined living.
Hamptons Greece sets a new standard for luxury, offering a suite of unique amenities. This includes 24-hour concierge and valet services, a full-service spa, a state-of-the-art fitness center, personal chefs, house cleaning services, and even personal butlers. Diverse sports facilities, a business center, private meeting rooms, and screening rooms cater both to personal and professional needs. Additionally, gardening and maintenance services, as well as private beach cabana access, ensure a comfortable and indulgent residential experience.
The project is being led by Canadian Entrepreneur and financier Alex Haditaghi in partnership with a team that includes renowned architects Reza Mohtashemi and Athanassios Kyratsous, While Hamptons Greece might not match the grand scale of some other projects, it decidedly offsets this with its exclusive character, prime location, and exceptional architectural designs and features. The project's unique charm is further amplified as it is one of only two gated communities in Greece. Notably, it also stands out as the only large real estate project in Europe that offers North American amenities.
4. Union Park (Toronto)
Located in Downtown Toronto, Union Park promises to be the city’s largest mixed-use development. Costing an estimated $3.5 billion, Union Park will offer over 800 rental residential units, two towers dedicated to office space, an integrated daycare, 200,000 square feet of retail space, and a covered courtyard known as the “winter garden”.
With a heavy focus on sustainability, the project has also allocated over $6 million to parkland and capital improvements, ensuring that the development integrates with the surrounding neighborhood in a positive way. Union Park has also been designed to meet all the standards required to achieve platinum Leed Certification.
The design of the project has been led by architectural firms as renowned as Pelli Clarke & Associates, Adamson Associates, and OJB, ensuring a unique and modern style that is also compatible with sustainability goals. The developer behind the project is Oxford Properties Group, which has a portfolio of over 23 million square feet across Canada, the United States, the United Kingdom, and Europe.
5. Al Habtoor Tower (Dubai)
Located in the heart of Al Habtoor City, Al Habtoor Tower is an 82-story high building boasting over 1,600 luxury apartments and 22 sky villas of up to 3 three bedrooms with a breathtaking view of the city and unparalleled amenities. As with most projects in Dubai these days, the tower places great emphasis on modern architecture and design, as well as high-tech automation.
The tower is meant to be a vertical city in which its residents have access to everything they need on a daily basis. Al Habtoor Group, the project’s developer has built over 14 world-class hotels and residential properties across the world over its 50 years of existence.
While many details are yet to be known about the amenities and services themselves, the group’s reputation has already been enough to gather attention from national and international investors. With firms like Morgan Stanley expecting a rally in the Dubai real estate market over the next few years, Dubai is certainly a region that every real estate investor should keep an eye on.
6. AMAALA (Saudi Arabia)
Located along the Red Sea coast in northwestern Saudi Arabia, AMAALA is part of the country’s Vision 2030 plans. The megaproject is inspired by the red sea and aims to become the biggest family wellness destination in the region, using its 4,155 square kilometers to offer “unique and restorative guest experiences”.
AMAALA will offer over 3,000 hotel rooms and 800 residential establishments, as well as recreational facilities, all designed around the red sea, and a new world-leading marine life institute and yacht club. An estimated 200 high-end fashion establishments and art centers will also be introduced to make AMAALA a premier destination for art tourists.
Originally led by a company by the same name (AMAALA), the developer eventually joined forces with Red Sea Development Company to form Red Sea Global, the organization that is now in charge of the project. Despite being located within the Prince Mohammed bin Salman Natural Reserve, the project operates independently from the government.
7. Diriyah Gate Project (Saudi Arabia)
This is another giga-project right in the heart of Saudi Arabia and focused on attracting tourists and residents from all corners of the world. Located next to the At-Turaif World Heritage Site, this project features historical remnants of old palaces, mosques, and other buildings while also offering all the comforts of modern life and luxury.
Intended to become a cultural hub, this project will offer everything from world-class restaurants to unique museums, all while promising to launch “new assets” every year until 2030. With around 38 hotels and resorts from brands like Ritz-Carlton and Park Hyatt, 400 luxury outlets, and several bazaars, the over 100,000 new residents and visitors will certainly have access to everything they need for a unique experience.
The project is currently led by the Diriyah Gate Development Authority as part of Vision 2030, meaning that the project has the full backing of the country’s government. Requiring over $63 billion for its construction, the Diriyah Gate Project has already become one of the largest and most complex developments in the world but also, one of the most promising.
8. MilanoSesto
Located in Milan’s municipality of Sesto San Giovanni, MilanoSesto is an urban regeneration project covering an area of over 370 acres. Built around the ideas of social inclusion and sustainability, this development seeks to build a community in which daily life, work, and study are all possible. With this purpose in mind, MilanoSesto is not focused on luxury living but rather on creating a balance in which different groups of people can collaborate and thrive.
Expected to be completed in 2025, the construction of the project’s first stage started in 2021. This part of the project will not only offer affordable rents targeted at students, families, and the elderly but also co-working spaces, childcare establishments, a health and research district, a new rail station, commercial spaces, sporting events, and over 45 hectares of green spaces.
The project is being led by global investment firm Hines and alternative asset management firm Prelios, two of the biggest players in the global real estate industry. Just like with Ellinikon, Foster + Partners has also designed the master plan for this project, ensuring that sustainability, comfort, and community are all taken care of from the get-go.
9 Louvre Abu Dhabi Residences (Abu Dhabi)
Located right next to the Louvre Abu Dhabi art museum this ultra-luxury residential development is all about bringing the luxury lifestyle and the arts closer than ever before. The project is the result of the increasing demand for premium residences in the region, especially among those looking for the best cultural, artistic, and architectural experiences.
In addition to its 400 apartments of up to three bedrooms, Louvre Abu Dhabi Residences will also feature five penthouses, the luxurious “La Salon Detente” lounge, a private theater with a capacity for 12 people, a well-equipped gym with saunas, a yoga and meditation room, indoor children playroom, swimming pools, sunset deck, sky garden, and much more. All of these spaces will feature art and sculptures inspired by the museum, bringing art into the resident’s everyday life.
Aldar Properties, a proven veteran and expert at creating sustainable commonalities, is in charge of developing the Louvre Abu Dhabi Residences project. Despite the luxurious nature of the project, Aldar has implemented a comprehensive payment plan that has already attracted investors looking to capitalize on the properties once they are completed in 2025.
10. New Cairo Capital (Egypt)
While not an individual real estate development but the next stage in the moving of Egypt’s capital, New Cairo Capital represents one of the biggest real estate projects of the last decade. Also known as The New Administrative Capital, this new city represents a communal Egyptian dream in commercial, residential, and entertainment districts merging to create a new world-class cultural hub.
With over 725 square kilometers of which 490 are currently available for development, New Cairo Capital is expected to create over 1.75 million permanent jobs and attract over 6.5 million residents. The smart city is expected to cost around $59 billion and serve as a means to alleviate the increasing population density in the former country’s capital.
So far, New Cairo Capital has received 14 ministries and government agencies, an indication of the faith the government has in the project. Companies like Siemens, China State Construction Engineering Corporation, Huawei, Mastercard, Nokia, FourSeasons, and Orange have already shown interest or committed to participating in the development of the new city.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. and Nasdaq® is a registered trademark of Nasdaq, Inc. The information contained above is provided for informational and educational purposes only, and nothing contained herein should be construed as investment advice, either on behalf of a particular security or an overall investment strategy. Neither Nasdaq, Inc. nor any of its affiliates makes any recommendation to buy or sell any security or any representation about the financial condition of any company. Statements regarding Nasdaq-listed companies or Nasdaq proprietary indexes are not guarantees of future performance. Actual results may differ materially from those expressed or implied. Past performance is not indicative of future results. Investors should undertake their own due diligence and carefully evaluate companies before investing. ADVICE FROM A SECURITIES PROFESSIONAL IS STRONGLY ADVISED. © 2023. Nasdaq, Inc. All Rights Reserved.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.