Hong Kong maintains position as world’s highest value residential location
CBRE has released its Global Living Report, a guide which explores 31 of the world’s most popular residential locations. The report highlights how Hong Kong continues to hold its position as the world’s most expensive residential location with an average sales price of USD 1,416 per sq. ft.
Following Hong Kong are London and New York with an average property price of USD 1,025 per sq. ft. and USD 842 per sq. ft., respectively. From across the region, Singapore and Tokyo made the top ten list of highest value locations in fifth and sixth place with USD 810 and USD 697, respectively.
CBRE says that while Hong Kong has cemented its place as the world’s most expensive location they have witnessed the majority of cities across the region with a strong bounce-back in the residential sector following the global financial crisis. “In Asia Pacific, residential property markets are becoming more integrated due to globalisation and migration—people are now sharing culture and ways of living with new audiences.”