Lately, the real estate market in San Diego has been booming—and now we have yet another new indication of the health of that market. The firm CBRE has just released its annual report on real estate investments and has placed San Diego high on its list of desirable places.
On last year’s survey, San Diego was ranked 17th. In this year’s survey, the city has moved up to 11th place. The reason that there has been such a large jump has to do with the fact that housing is in short supply and high demand. This has driven up rents, which makes investing in real estate in the current market very lucrative. A diversified economy adds even more to this opportunity.
This is good news for everyone, because increased interest in investing in real estate in San Diego means that there is more money available for real estate projects. Some investors are renovating old apartments and homes to boost their value, while others are building new properties from the ground up. This increases both the quantity and quality of housing options available in San Diego.
Curious how other cities ranked in comparison to San Diego? Los Angeles leads the pack in first place. Second place goes to Dallas/Fort Worth, while third goes to New York City. Seattle came in fourth followed by San Francisco in fifth. Ranking directly ahead of San Diego in 10th place is Toronto, while tying with San Diego are Philadelphia, Phoenix and Minneapolis/St. Paul. Montréal comes in at number 12, followed by Mexico City and Bogota in 13th place.
Investors building new housing units in San Diego will have an impact on supply and demand, which in turn will impact the real estate market as well as the general economy in numerous ways. Be sure to keep up with my blog for future updates on the housing market in our beautiful city.