Since the Great Recession, emerging markets have become an attractive investment strategy for intrepid, independent-minded and savvy investors. In many emerging economies, real estate has surged and continues to attract investors who’re willing to take the leap.

Investors looking to put their money in these emerging markets need to be particularly interested in the real estate market in gateway cities all around the world. These are Tier-1 cities which form entry points into the country through air or by sea. But as I argue in this post, there’s much more to them.

Cities like New York, Boston, San Francisco and Los Angeles in the U.S. are Tier-1 gateway cities, as are London, Tokyo, Beijing, Shanghai, Hong Kong, Dubai, Paris, Mumbai, Seoul, Shenzhen, etc. These cities show great potential for capital appreciation. Owing to the expanding economy, a growing middle class, and policy reforms that aim to safeguard the interests of the investor, the appreciation of capital looks promising.

Below are some of the markets that you should be watching:

1. Beijing

Despite slowing economic growth, China’s year-on-year prices for newly launched projects have continually appreciated by 12+%. According to the National Bureau of Statistics, real estate investment in China went up two points in the first two months of 2017 to 9.1%. Based on the data, Reuters revealed that growth in property investment rose to 9.4% in March alone.

Last year, the Global Cities Index, which ranks cities based on future prospects and how favorable they are to real estate investment, listed four Chinese cities in its top five. Beijing was ranked as the world’s best city to invest in real estate. The other three were Shanghai, Shenzhen, and Tianjin.

Beijing, home to about 22 million people, has jumped from the fourth position to take the top, unseating Shanghai, which had the top position when the index was first calculated.

2. Sao Paulo

Being the largest economy in a region with over half a billion people, Brazil stands out in Latin America as a definite target for real estate investors.

Investors willing and able to look past the inevitable short-term stresses that come with development trends can enjoy what is arguably the most compelling property opportunity in any market. This opportunity comes in the form of short-term factors that are pushing some of the property owners to sell or long-term factors embedded in the economic potential of the country or the leading role played by the city in fueling this development.

As a commercial hub, Sao Paulo attracts everyone, from people moving in from other cities to immigrants from other countries. The government also actively promotes tourism and encourages visitors into the country. This has led to a surge in demand for residential buildings, villas and apartments alike.

Sao Paulo is a city with the potential to become a leading commercial hub. Despite the short-term challenges, it is a market to consider.

3. Mumbai

Despite being the most preferred real estate investment destination, India is also the fastest growing major economy. According to Thomson Reuters, its 2017 projected growth is 7.0%. That’s ahead of China’s 6.3% projected growth. This development is largely credited to domestic consumption, meaning the middle class is expanding. This usually translates into a higher demand for housing for expanding tastes.

As the financial capital of India, Mumbai is an attraction for all, locals and foreigners alike, making it the most populated region in the country. The recent development of infrastructure in the city also promises to expand the real estate market as more places become accessible and people are more willing to stay in parts of the city they never used to.

The implementation of the Real Estate Regulatory Act (RERA) this year requiring builders and property sellers to adhere to strict guidelines is likely to boost confidence in real estate as well.

Real estate has gone global

Real estate investors have a lot to gain from global gateway markets. They are attractive to not just businesses but people in general. This means that the demand for commercial real estate continues to increase over time with rental growth. In this era of paltry bond rates, real estate investment in these markets provides a good return and capital protection.