Billionaire-rich cities have sky-high luxury property prices? No coincidence, says Savills
With 79 billionaires calling it home, Hong Kong was named the city with the highest luxury residential real estate prices in the world, with Tokyo immediately bearing its rear.
The price of an ultra-prime home in the Chinese SAR stands at USD8,370 per square foot, marking a positive growth of 51 percent over a five-year period, according to a new report by Savills via Mansion Global.
The figure places Tokyo second in the world for top ultra-prime home values at USD6,350 per square foot, up 38 percent during that time.
London has more billionaires than Tokyo—55 to the Japanese capital’s 22—but ultra-prime home prices in the British metropolis have dropped a staggering 16 percent over the last five years to end at USD3,400 per square foot.
A notch below London is New York where ultra-prime units commonly fetch USD3,220 per square foot or a rise of 15 percent in pricing over the same period. The city is home to 85 billionaires, the most among markets tracked by Savills.
“It is no coincidence that many of the cities with the largest number of billionaires are also among the most expensive cities in the world for ultra-prime residential property,” Sophie Chick, head of Savills World Research, was quoted as saying by Global.
Shenzhen and Beijing, however, have shown some of the fastest growth rates in ultra-luxury housing prices. The Greater Bay Area behemoth showed prices gaining 103 percent over the period to stand at USD2,010 per square foot, while the latter made a leap of 98 percent to stand at USD1,780 per square foot.
Sri Lanka’s real estate industry welcomes Rajapaksa family’s return to power
The return to power in Sri Lanka of the Rajapaksa family has stirred visceral emotions: both positive and negative
This Hong Kong practice is elevating design standards in China
Steered by the experienced Ronald Liang, LWK + Partners continues to be one of Asia’s most compelling design firms
6 best places to eat, drink, shop, and live in Hanoi
Hanoi’s expatriate hub has a winning blend of new residential options and great lifestyle amenities
Malacca will be home to a cashless blockchain city
Malaysian and Chinese developers plan to build a cashless tourist town that runs on blockchain technology
Data centres prove to be a profitable investment in developing countries
Developing countries are now taking data sovereignty into their own hands
BuildHer Collective co-founder shares how their company empowers women
An Australian-based firm founded by women to support women BuildHers and renovators
Asia’s unsustainable capitals prompt governments to consider relocation
The current situation in urban cities are forcing governments to consider moving out of town
Thailand revives old law to monitor expats’ whereabouts
The recently revived TM30 immigration may have ruffled some expat's feathers, but many still prefer to stay in the coop