The super prime real estate values in Savills' top ten world-class cities has increased by ten per cent during the first half of this year, the organisation has revealed. In its new global billionaire property index, the firm found that Hong Kong is the top performing destination in terms of price per square metre, with Tokyo coming in second.
However, when looking at five-year growth, it was Singapore that topped the list, having seen high-end real estate values here rocket by 144 per cent in this time, followed by Mumbai - with a 138 per cent jump - and Moscow, which posted a 110 per cent rise. The other cities described by Savills as world-class are Paris, London, New York, Sydney and Shanghai. Yolande Barnes, director of residential research at the company, explained that global billionaires can choose to make a home wherever they wish - although they often opt for the cities where they conduct business.
"This has the effect of funnelling global equity into the very best residential real estate - a rare commodity in any city," she stated. When Savills released its World Class Index last month, it noted that there was a "clear gap" appearing between the 'old' and 'new' world cities. At the time, the organisation highlighted Tokyo and Sydney as two of the 'old' metropolises that could benefit from Far East investment due to their favourable geographic location.
- Monday 26 September 2011