-
Hong Kong tops the world’s most expensive cities for owning homes in CBRE study of 35 urban centres
Hong Kong was the world’s most expensive urban centre to buy a home in, with the average residential property costing 40 per cent more than second-placed city Singapore, according to a survey of 35 cities around the world by real estate consultant CBRE. The average cost of owning a home rose 5.5 per cent last year to HK$9.4 million (US$1.2 million), which translates to US$2,091 per square foot for a typical abode measuring 574 square feet (53 square metres), CBRE said. The survey findings underscore the challenge for Hong Kong’s chief executive Carrie Lam Cheng Yuet-ngor, as affordable housing is a mainstay of ... (full story)