These are the most expensive cities in Asia for residential property

11 markets where you can expect to spend a lot for homes, according to Julius Baer

Flats above a basketball court in Hong Kong. WJRVisuals/Shutterstock

Hong Kong once again is the most expensive city in which one can purchase a high-end residential property in Asia, according to the annual Wealth Report released last week by Julius Baer.

High-end home prices in the city, last year’s chart-topper, stand at USD54,307 per square metre, a growth of 5.26 percent over the past year.

“Strict capital controls and changes in tax rules have not deterred Chinese capital inflows. This, coupled with limited supply of luxury properties, led prices to rise,” Julius Baer wrote in the report.

However, the recent prime rate hike by major lenders should lead mortgage rates to rise, which would affect property market sentiment, it added. “The extent of the negative impact on home-buying sentiment would depend on the magnitude of future rate hikes.”

The cost of homes in Hong Kong puts it well above the second-most expensive city on the list, Tokyo, where prices have dropped 1.18 percent over the year to USD40,878 per square metre.

Singapore is third most expensive city in Asia for buying homes, fetching USD26,528 per square metre or an increase of 6.88 percent from 2017.

Shanghai ranks fourth costliest, having grown its home prices by a speedy 19.03 percent over the past year to USD25,442 per square metre.

The cost of a home in Taipei has reached USD22,817 per square metre or an annual rise of 5.24 percent, making it fifth priciest city in Asia.

Seoul, Mumbai, Bangkok, Jakarta, Manila, and Kuala Lumpur round out the top 11 in that order.