Hong Kong is home to the world’s most expensive luxury real estate market, with top-end properties in the Chinese city fetching on average of US$11,800 per sqm, research found.
According to real estate services provider Savills’ World Cities Review, values in the formerly British territory have soared 113.3 percent in the last seven years, despite a stalling in the second half of last year.
The report found that prices across several major Asian cities has sky rocketed in recent years on the back of a buying spree by the world’s mega-rich, causing premium property prices to outstrip mainstream real estate markets.
“Billionaire activity has been concentrated on high-end urban centres rather than leisure properties in the surrounding countryside or regional sunbelts,” commented Yolande Barnes, head of world research at Savills. “This reflects a global preference for urban locations as these billionaires need to be located in cities where they can do business.”
Savills’ rankings were dominated by newer, Asian property markets, with London and Paris being the only two European cities to feature in the countdown. No cities from the Middle East made it into the countdown.