Those looking to settle down in the vibrant, southeastern region of Hong Kong will need substantial savings behind them as the average price of a home in 2019 costs more than £916,000 ($1.2 million). Keeping the top spot on the annual Global Living report by CBRE for a fifth year in a row, it is believed high demand and short supply has pushed property prices to “unaffordable” levels. Singapore came in second, with the average price of a home in this island city-state setting buyers back £667,583 ($874,372). Third on the list was Shanghai, where a home will cost £666,195 ($872,555).

London was the most expensive place in Europe on the list, coming in at number eight for those looking to buy a property.

House hunters in the UK capital will need to set aside an average price of £493,769 ($646,973).

The only other European city to appear in the top 10 was Paris, which came in at number 10 with homes costing £476,465 ($624,299) on average.

The list from CBRE looked at data from 35 cities across the globe.

At the other end of the spectrum, Istanbul came in at number 35, with a home in the Turkish city costing a staggering amount less than the high hitters.

Buying a property in Istanbul will see buyers stumping up an average of £74,333 ($97,396).

Just above is Ho Chi Minh City in Vietnam, which will cost property seekers an average of £78,654 ($103,057).

Buying in Bangkok, Thailand, comes in next at £81,192 ($106,383).

For renters, New York was the most expensive with an average monthly rent of £2,170 ($2,844).

READ  TSB's boss had to go – it is still struggling with the basics | Nils Pratley

Abu Dhabi and Hong Kong were the next most expensive for renters, both with average monthly rental costs of more than £2,060 ($2,700).

Jennet Siebrits, head of residential research at CBRE UK, said: “In general, we are seeing house price growth slow across our cities as we move towards the end of a long property cycle.

“We expect increasing interest rates to be affecting cities in the US, and various cooling measures (to be) affecting the Asia Pacific region.”

WORLD’S MOST EXPENSIVE CITIES FOR BUYING A HOME

Hong Kong: $1,235,220
Singapore: $874,372
Shanghai, China: $872,555
Vancouver, Canada: $815,322
Shenzhen, China: $680,283
Los Angeles, United States: $679,200
New York, United States: $674,500
London, United Kingdom: $646,973
Beijing, China: $629,276
Paris, France: $625,299
Cape Town, South Africa: $577,660
Toronto, Canada: $575,557
Sydney, Australia: $537,891
Jeddah, Saudi Arabia: $447,749
Melbourne, Australia: $433,336
Dublin, Ireland: $427,350
Riyadh, Saudi Arabia: $415,767
Dubai, United Arab Emirates: $408,065
Abu Dhabi, United Arab Emirates: $404,926
Miami, United States: $333,600
Barcelona, Spain: $328,880
Rome, Italy: $282,442
Milan, Italy: $279,135
Madrid, Spain: $274,555
Moscow, Russia: $268,687
Montreal, Canada: $260,084
Birmingham, United Kingdom: $245,670
Manchester, United Kingdom: $229,445
Chicago, United States: $228,500
Johannesburg, South Africa: $218,443
Lisbon, Portugal: $207,834
Kuala Lumpur, Malaysia: $119,738
Bangkok, Thailand: $106,383
Ho Chi Minh City (Saigon), Vietnam: $103,057
Istanbul, Turkey: $97,396



READ SOURCE

WHAT YOUR THOUGHTS

Please enter your comment!
Please enter your name here