Prime property prices of US$25,946 per square metre push Hong Kong above Zurich, Singapore and New York: Mapping the World’s Prices report
Hong Kong remains the world’s most expensive city to buy a home, despite a 20 per cent decline in prices over the past five years, according to the Deutsche Bank Research Institute’s Mapping the World’s Prices report.
Despite economic headwinds and high mortgage costs, the average price for a flat in the city centre stood at US$25,946 per square metre – keeping Hong Kong ahead of rivals like Zurich, Singapore and New York, according to the report released on Tuesday, which covered 69 cities globally.
The sky-high property prices also dragged down Hong Kong’s quality of life ranking to 48th globally, as residents struggled with affordability, the report said.
How Hong Kong's housing market became among the world’s most unaffordable
