As to the latest Global Living Report of CBRE, Hong Kong is synonymous with high property prices around US$1,416psf, following by London US$1,025psf and New York US$842psf. The report brings a snapshot of the property markets in 31 world’s major cities. The global crisis of 2007/8 affected us all and yet some markets have bounced back even stronger. As the world’s population expands and the overall international economy continues to recover, it will be interesting to see how things pan out, around our ever-changing globe.
Some findings on the Asia-Pacific markets:
Hong Kong property has the highest price at US$1,416psf. Although the government introduced a series of measures to cool the market, prices still increased by 13.5% in 2014, and by 7.2% in the first five months of this year.
The luxury market in Bangkok is performing particularly well with off-plan condominium prices up 30% over the year.
In Beijing, despite the ongoing house purchase restrictions, sales volumes have reportedly increased by 25.6% over the quarter.
The rental market in Mumbai is strong, but rents fell slightly and now stand at US$1,496 per month.
Housing market in Singapore was increasing by on average 8% per annum, at US$889,200 per unit.
Housing prices in Sydney increased by 12.9% and are 38% higher than the national average.
Japan real estate market was seriously affected by the global financial crisis, but the market begin to rebound with average prices at US$412,466 per unit.