Categorized | Residential

Billionaires Impacting Residential Real Estate Values in Major Cities

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The world’s top ten cities have experienced significant increases in value over the past six months, largely due to the increasing interest and investments of the super rich. Many billionaires across the globe have targeted prime residential real estate within these ten important cities, thus driving prices up at a significant rate.

The most popular city, according to the most recent reports, is Hong Kong. Hong Kong has had an increase of ten percent in the past six months, and nearly a one hundred percent increase since 2005. The popularity increase as seen in Hong Kong indicates the importance of the city with respect to volume of business transactions taking place among the super rich. Billionaires often look to purchase residencies in the cities where they most commonly do business.

Tokyo came in at a distant second, though it, too, saw a significant increase in values of homes in its residential real estate market. Paris and London were the third and fourth most popular respectively.

The size, and overall cost of homes within each city varies for every billionaire. Because residential properties in Hong Kong are generally the most expensive to build per square foot, homes in the city are often small, even for the super rich. The most expensive homes can be found in Tokyo. With average cost per square foot, and the average size of each billionaire’s home, the world’s wealthiest spend nearly one hundred million dollars on average to buy their home. The biggest homes among billionaires can be found in Sydney, Australia, where residential property prices are still comparatively low.

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About Josh Johnson

Josh is the main writer for the Residential category. He also helps out on other categories when needed, mainly the International section.

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