Beirut: A Favorite Up-and-coming City for the Rich

CNN: Forget New York, London and Hong Kong. These 12 cities should give wealthy real estate investors the best returns over the next few years, according to Savills, Candy & Candy, and Deutsche Asset & Wealth Management.

1. Beirut, Lebanon
2. Cape Town, South Africa
3. Chennai, India
4. Chicago, U.S.
5. Dublin, Ireland
6. Istanbul, Turkey
7. Jakarta, Indonesia
8. Lagos, Nigeria
9. Melbourne, Australia
10. Miami, U.S.
11. Panama City, Panama
12. Tel Aviv, Israel

Despite its violent history, Beirut stands out as being an ideal place for adventurous real estate investors, according to a new report from Savills World Research, Candy & Candy and Deutsche Asset & Wealth Management.

Yes, there has been some recent spillover from the ongoing Syrian conflict. But the Mediterranean coastal city is known for its culture and nightlife, which attracts a young population, said Yolande Barnes, director at Savills World Research. It's also known as a regional financial hub.

"Real estate in the city still looks very cheap by international standards," said Barnes.

Prices for two-bedroom apartments tend to range from $180,000 to $500,000, depending on the location.

Posted on June 6th, by CNN Money