Sat, Apr 13, 2019 - Page 10 News List

Hong Kong tops poll of most expensive housing market

PRIME PROPERTY:With an average house price of US$1.2 million, Hong Kong again topped CBRE’s poll, while New York, Los Angeles and Sydney were pushed down the list

Bloomberg

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.

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

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 Hong Kong saw 17,790 private housing projects completed last year, that is not sufficient given the pressure on demand in relation to the size of the territory 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 City, at US$403,270.

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