After releasing its recent global billionaire property index, real estate services provider Savills said that multi-million pound houses, listed for sale in the top 10 most expensive cities worldwide have climbed 10 percent in value, while prices of ordinary homes in the same cities rose by six percent.
These top 10 “world-class” cities include Hong Kong, Moscow, London, New York, Mumbai, Singapore, Paris, Sydney, Shanghai and Tokyo.
“We recently identified 10 world class cities whose real estate markets have more in common with each other than the mainstream markets of the countries in which they operate and they are all attracting billionaires’ dollars,” said Yolande Barnes, Director of Residential Research at Savills.
Hong Kong is by far the most expensive city for the financial elite, with an average of £6,700 psf, followed by Tokyo at £5,190 psf. Hong Kong’s prices are twice what a billionaire would pay in London and tenfold the average prices in Sydney.
Houses in Hong Kong are at the extreme end of the price range, as they are both the most expensive and the smallest, with an average size of 5,000 sq ft. Sydney’s homes are the most economical for billionaires, being the largest at an average of 20,000 sq ft. Tokyo is behind at 16,000 sq ft.
Meanwhile, Singapore, Mumbai and Moscow are drawing more affluent investors, with the value of property in Singapore having risen 144 percent over the last six years.
London, New York and Paris, which are famous playgrounds of the rich and ultra rich, provide the best value for luxury properties.
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