Hong Kong Tops Global Cities List as Most Valuable Residential Location in 2015
2015-10-26The Global Living Report provides a snapshot of 31 global cities, showcasing the differing influences in each city and providing a comparative study of house prices, rental growth and living costs, among other factors. Below are the cities across the Asia Pacific region:
Bangkok - The colorful city of Bangkok is very affordable in terms of costs of living and currently has a very low unemployment rate of 1.1%. The luxury market is performing well, with a 30% increase in prices for off-plan condominiums. Prices for older developments are stable as the majority of Thai buyers prefer new stock to existing building projects.
Beijing - Second only to Shanghai as China's most populated city with 22 million residents, the population of Beijing is expected to increase by 16% in the next decade. A series of stimuli from the government to boost the residential market have had the desired effect, with sales volumes increasing by 25% over the quarter.
Hong Kong - This vertical city has the highest average property price across the sample, at $792,480 ($1,416 per sq. ft.). Despite the introduction of a special Stamp Duty and tightening of mortgage lending policies, prices have continued to increase, rising 13.5% in 2014 and 7.2% in the first five months of this year.
Mumbai - India's largest city, Mumbai is home to 12,544,000 people, yet this still accounts for just 1% of India's population. These days, the general Indian economy is robust; it is the world's third-largest economy and experienced 7.3% GDP growth over the last year with a further 7.5% growth expected over the coming year. Although the rental market is strong, rents fell slightly (by 1.8% last year) and now stand at $1,496 per month in key locations of Mumbai, this compares with a national average of $1,306 per month.
Shanghai - Home to 24.3 million people (and due to increase by 13.3% over the next decade) Shanghai is one of the largest cities in the world. Government interventions following the booming market in 2013 led to a slowdown in house price growth. In March 2015, the People's Bank of China lowered the minimum down payment for first-time buyers and upgraders, stimulating demand and causing a pick-up in sales values.
Singapore - A strong economy and the attractiveness of Singapore as a place to live has created a strong housing market, which until last year was increasing by an average of 8% per year over the past decade. Government interventions have affected current prices and Singapore is now expected to have a lower growth market than before. Prices remain high, with average property prices at $889,200--the top end of the CBRE sample.
Sydney - The concentration of banks in Sydney has led to the city becoming recognized as one of Asia Pacific's leading financial hubs. High demand and long-term undersupply have driven up housing prices however this undersupply is now being addressed, with 39,114 home approvals in 2013-14. Average house prices in Sydney increased by 12.9% last year and are 38% higher than the national average.
Tokyo - Tokyo is home to the largest metropolitan economy in the world and its urban area had a total GDP of $1.9 trillion in 2012. The housing market was affected by the global financial crisis but rebounded in 2010. Under half of Tokyo's population is owner-occupiers and whilst average prices are $412,466, the relatively modest size of the properties translates to a fairly high $697 per sq. ft.
Source :http://www.worldpropertyjournal.com/real-estate-news/hong-kong/most-expensive-cities-of-the-world-2015-most-expensive-real-estate-market-in-the-world-cbre-hong-kong-property-prices-london-property-prices-new-york-real-estate-prices-9450.php
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