With the significant increase in billionaires in the world over the past year due to the improving stock markets, Savills has come out with their annual World Cities Review report. The reports shows that the luxury markets in the major cities have improved much faster than the markets as a whole.
Asia has seen the biggest increase of luxury housing prices, led by Hong Kong at nearly $11,000 per square foot. With the average home being over 5.200 square feet, you are looking at the typical luxury home on Hong Kong priced at 57 million dollars.
That is a significant investment.
Here is the list of the;
Top 10 Most Expensive Luxury Cities In the World For 2013
City Price Per Square Foot AVG Price for 5,000 sf Home 1. Hong Kong $ 11,000 $55,000,000 2. Tokyo $ 7,600 $38,000,000 3. London $ 5,300 $26,500,000 4. Paris $ 4,400 $22,000,000 5. Moskow $ 4,350 $21,750,000 6. New York City $ 4,100 $20,500,000 7. Shanghai $ 2,125 $10,625,000 8. Singapore $ 1,820 $ 9,100,000 9. Mumbia $ 970 $ 4,850,000 10. Sydney $ 880 $ 4,400,000
Now remember this one fact looking at these numbers, this is average price for the luxury segment of the real estate market in the listed cities. The average price is much lower for all real estate. But for the upper echelon of the market place, the prices are pretty amazing.