One of the most promising destinations in the field of real estate, Chicago is gaining prominence among investors of late and the underlying potential for growth is considerable.

Chicago stands sixth on the global scale for cities with the highest GDP. By the year 2017, Chicago will be the most prominent destination for real estate investments due to the rapid growth and investment opportunities available.

During the past two years, SEAC Global has seen investors attract amazing returns on their investments and by leveraging on this, the potential for profits is high in the case of Chicago.

In this article, we share with you the reasons why Chicago is such an excellent market:

Stability and Diversity in the Economy

The economy of Chicago is spread over multiple industries and is diverse. The industries that make up for the economy include technology, finance, commerce, manufacturing, telecommunications, transport etc. and the workforce is equally diverse to match the opportunities.

Steady Growth

Over the past five years, Chicago has seen a stable economic growth and the median household income has now reached USD 63,156 in 2016, which is 13.2% more than the national average. The number of new millionaires in Chicago is growing 7.1% every year and as a result, the overall real estate market is also growing. The value of homes in Chicago metropolitan area increased by 3% in one year and the median home values increased by 6.5%.

Investment Flow

Chicago attracts substantial corporate investment. Thirty six Fortune 500 companies have their base in Chicago and, 400 companies have their corporate headquarters based there.

In the recent years, the international investments into the markets of Chicago has also increased rapidly as investor’s strategy is to invest extensively in destinations other than New York. As New York and Chicago have similar markets and economies, the low prices of real estate in Chicago make it a promising destination.

The city is also home to the world famous Chicago Mercantile Credit Exchange where many of the country’s best brokers ply their trade.

Rich in culture and connectivity

The connectivity of Chicago is excellent, as it is the third most-visited city in the US, with the amount spent by tourists standing at USD 13.7 billion every year. Also, tourists have multiple options for visits such as architecture, art and design. In the recent years, many Hollywood movies were shot in Chicago and it also has the Wrigley Field, home of the world renown Chicago Cubs one of the true contributors in the history of baseball.

With an excellent public transit system, it makes Chicago the sixth-best destination in the US as per Wired Magazine.

Assured returns

The investors will certainly have better returns when compared to Manhattan properties, which currently attract around 3% returns, whilst the returns in Chicago can be as high as an impressive 7-8% yield.

It also has two prestigious universities: The University of Chicago and The Northwestern University, apart from the other 30 universities, making it a hub for students.

As of now, the prices are 17% below average prices and hence, there is a tremendous potential for development, making it an amazing bet for potential investors assuring of great returns.