Hong Kong ranks highest for 'billionaire' properties
March 21, 2013 -- Updated 0730 GMT (1530
HKT)
Hong Kong tops Savills index of
the world's most expensive luxury real estate.
Japan's
highest mountain Mount Fuji rises up behind the skyscrapers dotting the skyline
of the Shinjuku area of Tokyo, where ultra luxury property sells an average of
£5,000 ($7,550) per square foot.
Japan's
highest mountain Mount Fuji rises up behind the skyscrapers dotting the skyline
of the Shinjuku area of Tokyo, where ultra luxury property sells an average of
£5,000 ($7,550) per square foot.
Ultra
luxury property averages £3,500 per square foot ($5,900) in London, but a
property in Kensington Palace Gardens sold for record $12,850 per square foot.
Ultra
luxury property averages £3,500 per square foot ($5,900) in London, but a
property in Kensington Palace Gardens sold for record $12,850 per square foot.
Paris
luxury homes averaged £2,900 ($4,384) per square feet.
High-end
luxury property in Moscow averages £2,800 per square feet ($4,233).
One World
Trade Center, or the Freedom Tower, dominates the Lower Manhattan skyline as the
new tallest building in New York City, where high-end property averages £2,700
($4,083) per square feet.
Shanghai
top-end property averages £1,400 per square foot ($2,117).
A view of
the Merlion and the central business district skyline in Singapore, where luxury
property goes for £1,200 per square foot ($1,814).
A man
feeds pigeons outside the Taj Mahal Palace hotel in Mumbai, where luxury
residential real estate averages £640 per square foot ($968).
http://edition.cnn.com/2013/03/21/business/global-billionaire-property-rank/index.html?hpt=hp_bn1
Paris
luxury homes averaged £2,900 ($4,384) per square feet.
High-end
luxury property in Moscow averages £2,800 per square feet ($4,233).
One World
Trade Center, or the Freedom Tower, dominates the Lower Manhattan skyline as the
new tallest building in New York City, where high-end property averages £2,700
($4,083) per square feet.
Shanghai
top-end property averages £1,400 per square foot ($2,117).
A view of
the Merlion and the central business district skyline in Singapore, where luxury
property goes for £1,200 per square foot ($1,814).
A man
feeds pigeons outside the Taj Mahal Palace hotel in Mumbai, where luxury
residential real estate averages £640 per square foot ($968).
Sydney's
iconic harbor is attracting more billionaire bargain hunters, where top-end real
estate averages £580 per square foot ($877) according to Savills.
Sydney's
iconic harbor is attracting more billionaire bargain hunters, where top-end real
estate averages £580 per square foot ($877) according to Savills.
HIDE CAPTION
Top billionaire
property No. 1: Hong Kong
Top billionaire
property No. 2Tokyo
Top billionaire
property No. 3 London
Top billionaire
property No. 4 Paris
Top billionaire
property No. 5 Moscow
Top billionaire
property No. 6 New York
Top billionaire
property No. 7 Shanghai
Top billionaire
property No. 8 Singpore
Top billionaire
property No. 9 Mumbai
Top billionaire
property No. 10: Sydney
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STORY HIGHLIGHTS
- Savills: Real estate values worldwide have doubled in the past seven years
- Rise due to the emergence of new wealthy classes and rising commodity prices
- Most growth in ultra-luxury properties happening in Asia Pacific
- London is one of the few 'old world' real estate markets that is bucking this trend
"Ultra-prime" properties in Hong
Kong cost £7,200 per square foot ($10,880) on average, Savills said in its latest World Cities Review report, which compares property
prices for top luxury homes. Other Asia Pacific cities dominated the ranking,
with Tokyo, Shanghai, Singapore, Mumbai and Sydney all among the top 10 most
expensive cities to buy luxury property in 2012.
Real estate values worldwide
doubled in the last seven years, with large increases seen in China and Asia,
thanks to the emergence of new wealthy classes and rising commodity prices, the
report said. Singapore and Mumbai experienced the highest growth in property
prices since 2005, with a growth of 232% and 176%, respectively. Tokyo had the
slowest growth at 8%.
"The activity of billionaires in
international real estate markets reflects the creation of global wealth and the
economic success of particular regions and cities," the report said. "This means
that the cities in newly emerged economies have significantly outperformed those
in the 'old world' economies of the U.S., Japan, Australia and Europe."
China reins in property market
Retail rental space rising in
Hong Kong 
Russians make waves in UK real
estate 
The $640,000 parking space
New York stands out among world
cities as "particularly good value" for residential properties, "especially from
an income return point of view," according to the report. New York has dropped
to seventh on the list of most expensive residential real estate cities -- down
from fourth in 2005.
"Only London's ultra-prime market
stands out among the 'old world' cities as having shown significant growth since
2005, totaling 107%," the report said.
Real estate costs for businesses
are cheapest in Mumbai, with Sydney offering the best value for money. "We may
well see Sydney becoming an increasingly global city as it proves attractive to
new and expanding business on the Pacific Rim," the report said. But
restrictions on foreign buyers to purchase homes remain an obstacle, according
to Savills.
New tax measures to curb real
estate spending have caused slowdowns in markets from Asia to Europe. In 2012,
Singapore's growth slowed to 5%, Hong Kong's growth stalled in the second half
of the year, and London slowed noticeably in the second half, Savills noted.
Paris saw a drop in billionaire
property values, but remains the fourth most expensive city overall for top-end
homes, at an average price of £2,900 per square foot ($4,383).
The report also looked at
leisure resort areas -- like Cap Ferrat in France, Alibag in India and Phuket,
Thailand -- which lag in values compared to urban properties but have the most
potential for growth, according to Savills.
"Billionaire activity has been
concentrated on high-end urban centers rather than leisure properties in the
surrounding countryside or regional sunbelts," said Yolande Barnes, head of
world research at Savills. "This reflects a global preference for urban
locations as these billionaires need to be located in cities where they can do
business."
The highest price for an
individual property in the last seven years was recorded in London's Kensington
Palace Gardens, where a home sold for £8,500 ($12,850) per square foot in
2008.
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