A recent report from CBRE, a real estate company, analysed property markets across 35 cities and revealed the following.
Asia dominated the majority of the list with the most expensive market. Hong Kong held onto its position as the most expensive city to buy a home for the 5th year in a row, following closely is Singapore 2nd and Shanghai 3rd.
The report revealed that the average price for a home in Hong Kong in 2019 is roughly $1.2 million. These prices have been reached due to high demand and short supply of houses.
Moving away from Asia, Vancouver ranked 4th with the average home costing $815,322. In Europe, London was named the most expensive city in Europe to buy a home with an average price of $646,973 in 2019.
Here are the 10 most expensive cities:
- Hong Kong
- Los Angeles
- New York
When analysing the rental market for the cities, the report revealed that New York has the highest average monthly cost of $2,844.
Adu Dhabi and Hong Kong followed closely with the average monthly rental cost set at $2,700.