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HK housing most costly globally
By Alison Leung |
January 29, 2011, Saturday
|
Print Edition
Print Edition
HONG Kong housing is the most expensive in the world as negative real interest rates and ample liquidity boost demand while new supply remains tight, Savills Plc said in a research of four top cities.
Hong Kong is the most expensive center for every household type, including the global billionaire, property adviser Sav ills said in a new Global Cities survey released yesterday.
The city was 55 percent more expensive than London, with Moscow 7.4 percent higher than the British capital, but New York was 15 percent cheaper than London on current sterling values, it said.
The growth in the price of a CEO's home in Hong Kong had risen 148 percent in the past five years, compared with Moscow's 110 percent rise and London's gain of 47 percent while New York had fallen 7 percent, it added.
Luxury apartment rents in Hong Kong are increasing alongside an influx of expatriates, the adviser said.
Demand from wealthy Chinese mainlanders and low mortgage rates, since the city tracks United States monetary policy as the Hong Kong dollar is pegged to the US currency, helped lift demand and property prices in Hong Kong.
Hong Kong has imposed measures in the past year to rein in house prices.
Hong Kong is the most expensive center for every household type, including the global billionaire, property adviser Sav ills said in a new Global Cities survey released yesterday.
The city was 55 percent more expensive than London, with Moscow 7.4 percent higher than the British capital, but New York was 15 percent cheaper than London on current sterling values, it said.
The growth in the price of a CEO's home in Hong Kong had risen 148 percent in the past five years, compared with Moscow's 110 percent rise and London's gain of 47 percent while New York had fallen 7 percent, it added.
Luxury apartment rents in Hong Kong are increasing alongside an influx of expatriates, the adviser said.
Demand from wealthy Chinese mainlanders and low mortgage rates, since the city tracks United States monetary policy as the Hong Kong dollar is pegged to the US currency, helped lift demand and property prices in Hong Kong.
Hong Kong has imposed measures in the past year to rein in house prices.
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