Global real estate is being redrawn by higher-for-longer interest rates, uneven inflation, reshoring and defense spending, climate risk repricing, and the normalization of hybrid work. The result is not a single “hot market” story but a mosaic: some cities win by attracting talent and capital, others lose as affordability, regulation, or physical risk bite, and a handful of overlooked places emerge as credible alternatives for households and businesses seeking stability. This article maps the forces and highlights where the next cycle is likely to concentrate demand—and where it may quietly exit.
For decades, cross-border property investing followed a familiar script: capital moved to stable cities, tax rules changed slowly, and real estate served as a reliable store of wealth. That script is being revised in real time. Governments are tightening who can buy, what can be built, and how property is taxed and financed—often through technical amendments, administrative guidance, and “temporary” measures that become permanent. The result is a new playbook where political risk, compliance capacity, and data transparency can matter as much as location.
