HK in a league of its own with average price of US$6.9m for flats

Business | 12 Apr 2019 1:16 pm

Hong Kong has retained its mantle as the most expensive housing market on Earth, boasting the highest average house price at US$1.2 million, as well as the highest average prime property price at US$6.9 million, Bloomberg reports.

That is according to CBRE Group Inc’s Global Living report, which canvassed 35 cities from Barcelona to Birmingham.

A few metropolises have taken a tumble -- the report last year found that some of the best-performing cities were New York, Los Angeles, Toronto, Vancouver, Sydney and Melbourne.

With home-price growth in those markets now slowing, they have been pushed down the list, making room for European cities where growth is still robust. Asia’s showing remains strong.

After Hong Kong comes Singapore and then Shanghai. Vancouver and Shenzhen -- one of the bigger cities in China’s Greater Bay Area -- round out the top five for highest average property price.

While in Hong Kong, 17,790 private housing projects were completed last year, that is not sufficient given the pressure on demand in relation to the size of the city (current population 7.4 million) and its limited suitable land for residential use, CBRE said.

The other most-expensive markets for prime homes are Shanghai and Moscow, at US$2.4 million; Beijing at US$2.2 million; Shenzhen at US$2 million; and London at US$1.8 million.

For cheaper luxury digs, try Dublin, where the average price comes in at US$384,050 or Ho Chi Minh, at US$403,270.

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