Hong Kong
Hong Kong Holds Spot As World's Priciest Residential Property Market
Five of the top 10 most expensive places to buy a property are in Asia, according to CBRE’s latest Global Living Report 2020. Hong Kong remains the most expensive place to purchase a property, while other Asian cities on the top 10 list are Singapore (#3), Shanghai (#4), Shenzhen (#5) and Beijing (#6).
June 8, 2020
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In the sixth annual Global Living report, CBRE profiled the residential market performance of 39 global cities[1], along with insights into what makes living in these cities particularly desirable. Of the 39 cities analyzed, house prices in 31 cities continued to grow. However, the average growth rate was around half of that in 2018 and this lower growth in part reflects cooling measures introduced by some governments to improve affordability for local residents.
Global Living: Top 10 Highest Value Locations
| Top 10 highest value locations | Average property price ($USD) |
Average property price per sq. ft ($USD) |
|
| 1 | Hong Kong | $1,254,442 | 1,987 |
| 2 | Munich | $1,000,000 | 821 |
| 3 | Singapore | $915,601 | 1,214 |
| 4 | Shanghai | $905,834 | 713 |
| 5 | Shenzhen | $783,855 | 738 |
| 6 | Beijing City | $763,498 | 607 |
| 7 | Vancouver | $754,617 | N/A |
| 8 | Los Angeles | $717,583 | N/A |
| 9 | Paris | $650,555 | 1,048 |
| 10 | New York | $649,026 | N/A |
Source: CREIS (Shanghai, Shenzhen, Beijing), CBRE/Federal Statistical Office (Munich), URA Realis (Singapore), The Canadian Real Estate Association (Vancouver), ZHVI Summary by Metro (New York, Los Angeles), Notaires (Paris), and RVD Dep./CBRE (Hong Kong).
Despite a dip in Hong Kong’s GDP growth and a 3% fall in residential transactions in 2019, Hong Kong’s residential property prices increased by nearly 5%, bringing average property prices to USD$1,254m (USD$1,987 per sq. ft.).
Two German cities were included in the report for the first time this year, which has resulted in Singapore (USD$915,601 / USD$1,214 per sq. ft.) being replaced by Munich (USD$1m / USD$821 per sq. ft.) as the second most expensive market.
The top three most expensive cities in which to rent a property remained the same as last year: New York, Abu Dhabi and Hong Kong. Four major Middle Eastern cities with large homes rented out to high-earning expats, also feature in the highest monthly rent list.
Global Living: Top 10 cities with the highest monthly rent
| Top 10 highest monthly rent | Average monthly rent ($USD) |
|
| 1 | New York | $2,870 |
| 2 | Abu Dhabi | $2,838 |
| 3 | Hong Kong | $2,682 |
| 4 | Singapore | $2,604 |
| 5 | Los Angeles | $2,310 |
| 6 | Dublin | $2,260 |
| 7 | Jeddah | $2,212 |
| 8 | Dubai | $2,038 |
| 9 | London | $1,887 |
| 10 | Riyadh | $1,759 |
Global Living: Top 10 cities with the highest annual rental growth
| Top 10 highest annual rental growth | Year on year rental growth | |
| 1 | Lisbon | 16.00% |
| 2 | Cairo | 8.00% |
| 3 | Toronto | 7.00% |
| 4 | Istanbul | 6.70% |
| 5 | Bangalore | 6.50% |
| 6 | Vancouver | 6.10% |
| 7 | Montreal | 5.70% |
| 8 | Madrid | 4.64% |
| 9 | London | 4.07% |
| 10 | Dublin | 3.90% |
Apart from property prices, the Global Living Report also features a daily expense data analysis. For example, it costs an average of USD$4.63 for a cup of coffee in Hong Kong, making the city as #4 most expensive place to buy a cup of coffee among the 39 cities. This is only USD$0.35 cheaper than that in Dubai, which ranks #1. Separately, the average cost of a fitness membership stands at USD$74.46 in Hong Kong, which marks #6 on the list of ranking. Moreover, having a meal for two at a moderately priced restaurant could take averagely USD$51.33 in Hong Kong, while in the top ranked city of New York it could cost 75% more expensive.
Read the full report here: https://www.cbreresidential.com/uk/en-GB/content/global-living-report-2020-cbre
[1] Abu Dhabi, Bangalore, Bangkok, Barcelona, Beijing City, Berlin, Birmingham, Cairo, Casablanca, Chicago, Dubai, Dublin, Gurgaon, Hong Kong, Istanbul, Jeddah, Lisbon, London, Los Angeles, Madrid, Manama, Manchester, Melbourne, Miami, Milan, Montreal, Moscow, Mumbai, Munich, New York, Paris, Riyadh, Rome, Shanghai, Shenzhen, Singapore, Sydney, Toronto, Vancouver.
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CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2023 revenue). The company has more than 130,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at https://www.cbre.com.