Generating more buzz than a swarm of bees, Time Out has compiled the definitive round-up of the world's coolest neighborhoods. These up-and-coming hot spots have everything from fashion-forward boutiques and edgy art galleries to achingly stylish bars and restaurants. If you're tempted to relocate to a bustling cultural epicentre, here are eight homes for sale to whet your appetite.

One of the Windy City's most distinctive neighborhoods, Pilsen offers a taste of Mexico in Chicago. The area, which has welcomed immigrants from south of the border since the 1970s, is home to the National Museum of Mexican Art and has a plethora of taquerias, tequila bars, Latino cafés and vintage stores. Fancy snapping up a home here? According to Redfin, average prices come in at $214 (£166) per square foot.

This new-build townhouse in bustling Pilsen is a real gem. Listed with Jameson Sotheby's International Realty for $460,000 (£357k), the contemporary home is priced more or less at the average for the neighborhood but has a fabulous interior.

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Designed to a premium specification, the three-bedroom, two-and-half-bathroom property wows with top-of-the-line finishes throughout, including hardwood flooring, granite worktops and stainless steel appliances. The open-plan living room is bright and airy, leading through to a stylish kitchen-diner with sleek grey wood units and a breakfast bar.

The elegant bedrooms are larger than you might imagine for a new build and the master even features a sizable walk-in closet. Elsewhere, there's also a study, as well as an attractive patio and two-car garage outside. What more could you ask for?

The perfect marriage of coolness and affordability, the Berlin neighborhood of Wedding has got it going on. While rising housing costs are pushing out the hip crowd from areas like Kreuzberg and Neukölln, Wedding remains cheap and cheerful. And though the district has seen an influx of slick bars, vegan restaurants and swish art galleries, it has retained its unpretentious charm. According to a report by estate agents Guthmann, property prices here average out at $525 (£406) per square foot.

This newly converted loft apartment in one of Wedding's former factories is the last word in industrial chic. On the market with Guthmann, it's priced at $506,000 (£394k), a little above the average for the neighborhood.

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With a wow-factor open-concept living space, the property, which dates from 1895, is loft perfection with its exposed brick walls, raw concrete ceiling and enormous arched floor-to-ceiling windows.

As you can see from this image, the bathroom is equally as edgy with rough brickwork and exposed pipes and ducts adding a quirky industrial aesthetic. Despite the age of the building, the loft is accessed by an elevator and has the latest central heating technology installed.

Home to 92 nationalities and counting, Arroios is a multicultural paradise to the north of Lisbon where you can dine on dim sum and mezze, feast your eyes on contemporary African art at the Mercado de Culturas or decompress with a meditation or yoga class. The area is also home to Casa Independente, one of the city's most talked-about nightlife venues. Sold? Property search engine Casafari found that apartments here cost $417 (£324) per square foot on average.

Reflecting the vibrant neighborhood, this two-bedroom, two-bathroom apartment is a stunning fusion of old and new. Located in a traditional building clad in patterned stone tiles, it's decked out with all the mod cons a city dweller could wish for. With no shortage of charm, the property is currently on the market for $550,000 (£427k).

Inside, the living room charms with a brick feature wall, wood flooring and a log-burning stove that's perfect for Lisbon's cooler months. French doors lead out onto a compact sun-kissed patio, which makes for the perfect spot to relax and unwind.

The kitchen, which also has access to the patio, is decked out with sleek minimalist cabinets in a bold blue hue and a striking cylinder island extractor. An exposed concrete-effect wall completes the chic industrial-inspired space. Interested? The property is listed with Century 21.

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Blissfully chilled out, the neighborhood of Jalatlaco in historic Oaxaca de Juárez is an oasis of calm, though the area comes alive once a year during the Day of the Dead festivities. Those in the know adore this barrio for its boutique art galleries, dinky cafés and laid-back bars. According to data from The World Bank, property prices here are exceedingly affordable, averaging just $91 (£71) per square foot.

This fabulous three-bedroom, four-bathroom Colonial casa offers a colorful oasis in the heart of the neighborhood. With generous accommodation and ample outside space, it will set you back considerably more than the average home price, coming in at $849,000 (£659k).

The three-story property has no shortage of selling points, including the calming columned inner courtyard filled with tropical plants – a feature that's common in the historic houses of the area – a to-die-for roof terrace, rustic living/dining room with a wood-burning fireplace and a gourmet kitchen.

If that wasn't enough, there's also a spectacular artist's studio, which is graced with 20-foot-high ceilings and an enormous skylight, along with a covered entertainment area that contains a wet bar. Tempted to relocate? The property is currently on the market with Real Estate Oaxaca.

Many New Yorkers complain about the gentrification of Manhattan and parts of Brooklyn but fortunately the same can't be said for Astoria in the north of Queens. Enticed by a vibrant multicultural community and the area's characterful stores, bars and restaurants, young creatives are flocking to this bustling neighborhood where property prices average $868 (£674) per square foot according to Redfin.

This sensational penthouse in Shore Towers, a luxury development on the Queens waterfront, is listed for $1.5 million (£1.2m) with VORO, and works out at $869 (£675) per square foot, around the average for the neighborhood. With spectacular views and luxurious accommodation, you certainly get plenty of bang for your buck.

As well as offering a super-generous wraparound terrace with breathtaking views of the Manhattan skyline, the statement property features two large bedrooms and two full bathrooms.

The best feature of the condo though, apart from that incredible terrace, has got to be the open-concept living space with its sloping glass roof and contemporary fireplace. The space is fitted with sliding doors so it can be closed off from the kitchen area with ease.

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South London's Peckham has overtaken Dalston in the north of the city as the hipster locale of choice. The gritty multicultural neighborhood is now a magnet for everyone from art students to clued-up young professionals who can't get enough of its ultra-cool pop-up stores, restaurants, bars and nightclubs. If you're looking to relocate to this bustling hot spot, you can expect to pay an average of $550 (£427) per square foot for a home here.

Listed with The Modern House, this stylish four-bedroom Victorian townhouse is priced above the average for the area but costs a fraction of what you'd pay for a property of this caliber in central London. With its traditional brick facade and leafy residential location, we're completely charmed by this residence.

The current owners have meticulously restored the interiors, which offer an array of fine period features, from ceiling covings to shuttered windows, paired with striking mid-century modern décor. The kitchen is fashionably minimal, while the bedrooms are bold and contemporary, with a nod to the home's Victorian roots.

In addition to the home's generous accommodation, which spans two reception rooms, a kitchen, dining room, four bedrooms and two bathrooms, the house has an alluring 80-foot-long walled garden, planted with fig and eucalyptus tree and mature shrubs.

Historic Filipinotown – or HiFi as it's affectionately nicknamed – was originally known as Little Manila and has long attracted immigrants from the Philippines who have made the area what it is today. The neighborhood abounds with vibrant street art, gourmet food trucks and ethnic eateries, plus plenty of cute cocktail bars, while house prices here average at $662 (£514) per square foot according to Redfin.

Located in the heart of the neighborhood, this multi-unit duplex property features an impressive 12 bedrooms and eight bathrooms in total. Offering its new owner a stylish home plus a further three apartments to sell on or rent out, it's priced at an affordable $379 (£294) per square foot, well below the average for the area.

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The turnkey property has been extensively restored in recent years, with new windows, wood flooring and several state-of-the-art kitchens installed. New copper plumbing and the latest electrical heaters have also been added to the property, so new owners needn't worry about maintenance.

Listed with Matthews Real Estate Investment Services, the sprawling property would make for an extremely shrewd buy-to-let investment, especially considering Historic Filipinotown's up-and-coming profile which is likely to attract new residents from far and wide. 

Offering something of an underground vibe, Shimokitazawa aka Shimokita in west Tokyo is famed for its edgy thrift stores, uber-cool restaurants, grungy bars and lively club scene. However, this sought-after neighborhood comes at a cost with average house prices here amounting to a hefty $1,111 (£863) per square foot.

This cutting-edge five-bedroom home is a stone's throw away from the vintage clothing stores and bustling nightlife that Shimokitazawa is known for. Completed last year, the designer property is on the market with Japan Property Central for $5.3 million (£4.1m), which works out at $1,281 (£995) per square foot.

As futuristic as they come, the angular home has floor-to-ceiling windows throughout, walls of built-in storage to maximize the available space and an airy open-plan living area. Wooden flooring and bespoke cabinetry add warm accents to the stark gray color scheme.

Other highlights of the dramatic minimalist property include its atmospheric state-of-the-art lighting system, underfloor heating and a bathroom kitted out with a capacious tub, not to mention the spacious roof terrace made for entertaining, a rarity in this part of Tokyo. It doesn't get much cooler than this!

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