Cape Town and Lagos are among 12 cities ranked globally as “rising second-tier cities” with the potential to show strong residential property price growth as investors seek alternative locations, CNBC.com reports.

The African cities made the list of locations that could outperform real estate markets in more established cities such as London and New York, according to a new report.

Candy & Candy, Savills and Deutsche Asset & Wealth identified the 12 cities.

In addition to Africa, second-tier cities are located in Europe, Asia, the Middle East and the Americas, the developed and developing world, and they’re not the usual suspects. They include Beirut, Tel Aviv, Panama City and Chennai, India.

So is Lagos, Nigeria a potential rival to New York and London for your real estate investment dollars?

Five cities — London, New York, Hong Kong, Singapore and Moscow — account for 40 percent or $2.2 trillion of all global ultra-high wealth real estate investment, CNBC.com reports.

“Canny investors with an already full ‘trophy asset’ portfolio are looking with more interest at the yields available from real estate,” said Paul Tostevin, associate director of Savills World Research, in the Candy Global Prime Sector report. “Those looking for income-producing properties are more likely to find high and rising rental incomes in the places where capital values have not been driven by UHWI (ultra-high worth individuals) inward investment.”

Yolande Barnes, director at Savills World Research, described the locations listed as “rising second-tier cities, with the potential to show strong residential property price growth as growth investors seek alternative locations.”

They range from well-known and well-established cities such as Melbourne, Australia to little-known but interesting centers in developing economies such as Chennai, India, that have a high number of ultra-high net-worth residents, Barnes said.

Here’s the complete list of 12 cities, along with the cost of a two-bedroom apartment in the not-so-ritzy part of town:

Tel Aviv: $500,000
Melbourne: $320,000
Miami: $275,000
Chicago: $250,000
Dublin: $210,000
Panama City: $200,000
Beirut: $180,000
istanbul: $125,000
Cape Town: $110,000
Jakarta: $90,000
Lagos: $70,000
Chennai: $40,000

Characteristics that added to the cities’ attractiveness include proximity to green spaces or water (Tel Aviv, Miami, Beirut); English spoken as a first or second language (Melbourne, Miami, Chicago, Dublin, Cape Town); the presence of new tech industries (Dublin, Tel Aviv); and cultural amenities (Istanbul, Chennai), CNBC reports.