In Hong Kong, $1.2 Million Will Only Buy You an Average House

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(April 12): Hong Kong has retained its mantle as the most expensive housing market on Earth, boasting the highest average house price at $1.2 million, as well as the highest average prime property price at $6.9 million.

That’s according to CBRE Group Inc.’s Global Living report, which canvassed 35 cities from Barcelona to Birmingham.

A few metropolises have taken a tumble -- the report last year found that some of the best-performing cities were New York, Los Angeles, Toronto, Vancouver, Sydney and Melbourne. With home-price growth in those markets now slowing, they’ve been pushed down the list, making room for European cities where growth is still robust.

Asia’s showing remains strong. After Hong Kong comes Singapore and then Shanghai. Vancouver and Shenzhen -- one of the bigger cities in China’s Greater Bay Area -- round out the top five for highest average property price.

While Hong Kong saw 17,790 private housing projects completed last year, that isn’t sufficient given the pressure on demand in relation to the size of the city (current population 7.4 million) and its limited suitable land for residential use, CBRE said. - Bloomberg