Hong Kong real estate is more expensive housing in London at 55%, Moscow - on 7,4%

31.01.2011 19:47
Hong Kong is the most expensive place in the world to buy a home because of a shortage in the property market, Bloomberg reported citing the study Savills Plc.

Real estate in Hong Kong was 55% more expensive than in London. In this case, according to research brokerage company in which the basis of a cost of a London real estate, housing in Moscow on 7,4% more expensive than in London. In New York City to buy a property can be 15% cheaper than in London.

Related article: Named the best cities in America for investment in real estate

Growth in property prices in Hong Kong contributed to historically low interest rates, and insufficient amounts of new construction and the influx of Chinese buyers, the study said Savills. Since early 2009, according to Centaline Property Agency Ltd., Property prices in Hong Kong jumped by 55%.

The experts believe that prices will continue to grow over the next year - one and a half years.

In November last year, the Hong Kong government has strengthened measures to combat inflation by introducing additional fees and taxes. In the real estate sector is scheduled annual construction of 20 thousand homes, as well as raising the tax on real estate.

Indicator Hang Seng Property, in the calculation of which includes the seven largest Hong Kong property developers, has grown since 2009 by 76%, ended abruptly, so drop that lasted 4 years.

Savills study based on data using rough estimates of how many employees will be required to pay in order to move to each of the four cities. The index reflects the assessment value of the house for one CEO, two directors and four administrative employees. Their research Savills is based on counting the price per square foot of each type of private ownership of seven prospective buyers.

For example, an office worker, for example, real estate in Hong Kong will have to pay about 659 pounds ($ 1050) per foot. This is 76% more than similar accommodation in London.

Shares of Sun Hung Kai Properties Ltd., The world's largest development company in the value of assets and the owner of the two tallest skyscrapers in Hong Kong, rose last year by 31%. Paper Cheung Kong (Holdings) Ltd., Engaged in building housing a luxury, have increased in price by 45%.

Content tags: Overseas property
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