Hong Kong .. most expensive housing market
While some cities are constrained by the inability to afford house prices and the large oversupply, others have managed to keep house prices growing significantly.
According to Forbes Middle East and as per the CBRE Global living 2019 report, Chinese cities occupied the world’s most expensive housing markets list with four markets out of the world’s 10 Most Expensive.
The list also included two cities from the United States of America, as well as one city from both Singapore, Canada, the United Kingdom, and England.
Here are the world’s 10 most expensive housing markets:
- Hong Kong
Hong Kong has become one of the best global business interfaces due to its strong relationship with Europe and the USA, as well as its low taxes. As a result, Hong Kong has become the most expensive country in the world in terms of house prices, with an average home price of $1,235,000 and an average property price of $6,873,000.
2. Singapore
In 2017, house prices in Singapore saw a 1.1% raise and the government has tried to take some measures to calm the market and keep prices growing but under surveillance. House prices in Singapore are expected to continue raising, where the house price average reached $874,372 as a result of the rise in land prices.
3. Shanghai
Shanghai is the largest city in China, which has witnessed unprecedented growth in the house’s demand over the past ten years, leading to price growth of 12.7% until 2018. Property prices in Shanghai have soared as the house average price reached $872,555. The government has taken some measures in order to curb prices rising in the new housing market.
4. Vancouver
Over the past two years, Vancouver has witnessed an increase in the construction of residential units. In 2017 alone, about 22,000 housing units were built with an estimated 20% increase compared to the last ten years, due to the continuous increase in the demand.
Vancouver is known as one of the best cities to live and work making it one of the most expensive North American countries in terms of housing price, with an average home price of $815,322.
5. Shenzhen
Shenzhen is home to many major international companies as well as Chinese companies. For example, Huawei Technologies, Tencent Holdings, and other companies are located in the city. As a result, the city has one of the highest expected GDP growth rates for 2019 at over 8%, with an average property price of $680,283.
6. Los Angeles
Los Angeles is known as the city of tenants, as more than half of the city’s residents are households rented which made it ranks sixth in the world’s most expensive housing markets. In September 2018, the home price in Los Angeles reached $679,200.
7. New York
In 2017, construction in New York grew by 25%, marking a surge in construction in New York, as 50,000 new houses being built. The higher demand was offset by an increase in house prices, as the home price average reached $674,500.
8. London
London is also characterized by a large number of tenants, where 28% of the city’s population are households rented. It’s worth mentioning that London had seen a fall in house prices in 2009, but the past years have seen a strong recovery in the city’s housing market, where the house price average today is $647,000.
9. Beijing
Beijing is known as the political center of China, with a house price average of $629,276. The government has begun implementing a new plan aimed at re-developing unused downtown buildings to become a cost-effective option for those who cannot afford to buy a new property.
10. Paris
Paris is the main driver of business activity in France. The city has witnessed an increase in the number of demand for new properties after the decline in interest rates. Today, the price average for a house in the French capital is almost $625.299.
Paris house prices are expected to continue their upward trend. In terms of leading indicators, both prices, as well as the sales volume in Paris, continue to show healthy increases.
