Hong Kong is the world’s most expensive city for luxury real estate, reports Forbes, at a price in the neighborhood of $11,000 per square foot.
Hong Kong, China, also sells more luxury properties than any city in the world, according to a report by Savills, a global real estate firm with a network of 500 offices worldwide.
Tokyo, London, Paris, and Moscow round out the top five, with New York City being the most expensive city in the USA for luxury property in sixth place at about $4,100 per square foot. NYC also is the only entry from the United States to place within the top 10. However, there are indicators that this could all change and that new locations could make this list in the near future.
Despite last year’s robust billionaire buying activity — or rather, because of it –Savills believes the world’s most expensive markets could experience a slowdown in sales this year, as ultra wealthy home buyers having “nearly fully invested in key cities.”