Capital cities are known for offering world-class city breaks, but in many cases, it’s the second city that offers the better deals. These national sidekicks might not have the big-name appeal of their capital cousins. However, they often provide a cooler vibe and some more memorable experiences, for tourists; as well as lower property prices and rapidly growing markets, for investors.
With this in mind, we look at some of the hottest second cities in the world right now.
Porto
The home of port is predictably a hotspot for food and drink. Porto in Portugal is renowned for its tight cobbled streets filled with excellent bars, cafes and restaurants. The local cuisine involves lots of meats, fish, stews and plates piled with shellfish. Although famous for its fortified wines, there are plenty of rich local varieties to choose from.
If you climb the Clérigos Tower, you can take in a beautiful panorama of the entire city with its colourful rooftops and quaint alleyways. Down at street level, you can wander through the picturesque streets and enjoy vibrant street art, which is rapidly gaining the city a reputation as an artistic hotspot.
Investment is flowing into the city; big corporates are moving in, international student numbers are rising rapidly, and the property market saw a 10% year-on-year increase in average sales price in 2022. It is no wonder Porto is one of the main destinations chosen by real estate investors.
Manchester
When people think of Britain, they often look no further than London. However, if you’re brave enough to escape the magic boundary of the M25 and head north, you’ll find that Manchester is rapidly coming into its own and establishing itself as a world-class city in its own right.
This former village was the epicentre of the industrial revolution until Britain’s manufacturing sectors stuttered and it fell into decay. However, recent regeneration has seen Manchester become one of the most sought-after destinations in the country.
Businesses are uprooting from the capital to this northern powerhouse, and with them are coming young, upwardly mobile professionals—many of whom are searching for quality rental accommodation.
House prices are also surging beyond the national average, making property here a great long-term investment.
Miami
Once upon a time, this Floridian city lived up to its depiction in Miami Vice. Crime was high and much of the city was in decline. However, the last decade or so has seen it rise up like a phoenix from the flames.
The local economy is booming, the art scene is thriving, and people of all ages are relocating here—drawn by the prospect of sun, sea and a cool, diverse, culture.
Miami has one of the most profitable housing markets in the U.S., having experienced over 130 months of consecutive house price growth and its second-best sales year in history last year. It’s also leading the U.S. in terms of single-family rental prices, rising 20.1% in the year to September 2022.
With this, Miami is fast becoming a strong rival to the capital of global tourism, Orlando—as well as other major U.S. cities.
With booming economies, rapid population growth and thriving housing markets, these three “second cities” are some of the hottest places to invest this year. Over the past decade, they have firmly established themselves on the world map and, with more affordable prices, they are giving neighbouring capital cities a run for their money. With this, investors are flooding into the world’s top second cities—and bagging some lucrative deals.
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