Knight Frank: Wealth Report 2019
Hong Kong, London and New York Are The Most In Demand Cities
London is the second highest priced global cities per square foot to buy residential property, according to Knight Frank, with average prime prices in 2018 standing at $3,022. Hong Kong remains the world’s most expensive residential property market, with average prices reaching US$4,251. The top price paid per square foot occurred in 2014, when a home on The Peak sold for $28,154 psf.
In recent years it has become clear that global property markets and heavily influenced by the meteoric increases in globalised wealth, which have spurred on demand in the marketplace. Whilst average prices dropped by 7% between 2015 and 2017 in London, it’s interesting to see and increase in interest in some luxury renovations and super-prime deals bucking the wider trend. A record sale of US$15,184 per square foot was achieved in 2017, 35% above the top price ever achieved in New York. The data mentioned and also charted below if from Knight Frank’s 2019 Wealth Report – which provides a global perspective on prime property and wealth. This annual publication includes performance data for 100 key luxury property markets globally.
The complete Knight Frank Wealth Report 2019 can be downloaded here: https://www.knightfrank.com/wealthreport/2019/download