Categorized | Featured, International

Hong Kong Holds the Title for Most Expensive Home Prices

Hong Kong Holds the Title for Most Expensive Home Prices
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While the luxury housing market in many countries continues to see improving numbers, there is no place more expensive for the super wealthy than Hong Kong. Hong Kong currently has the most expensive average home prices for billionaires.

With costs as high as ten thousand dollars per square foot, many of the homes owned by billionaires in Hong Kong are smaller than billionaire-owned homes in other major cities. The cost per square foot for a luxury home in Hong Kong is more than double the costs of similar properties in Paris and London.

However, Hong Kong continues to be a very popular housing market for the super wealthy, as they look to take advantage of the global commodities boom. Luxury housing markets around the world are, in general, seeing improving numbers as the wealthiest individuals around the world look to secure save havens amidst great international economic distress.

High prices in Hong Kong, and other major Asian cities are a direct reflection of the state of the continent’s overall economy. In fact, the number of millionaires in Asia is expected to double in the next few years. As such, the luxury housing market in the region will continue to command high prices, as the demand for luxury homes increases.

The luxury residential real estate market with the second most expensive homes per square foot is Tokyo. The Japanese city features homes that cost roughly eight thousand dollars per square foot. Shanghai has also seen exponential growth in the prices of its luxury housing market.

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About Nancy Raven

Nancy is the main writer for the International section of the website. Sometimes she also helps Drew out on the Finance/Mortgage section as well.

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