HK Again Has Most Expensive Homes In The World

Hong Kong has once again topped a ranking of the world’s most expensive cities to buy a home, while Shenzhen also made it into the top five for the first time.

Four of the five most expensive cities in the new ranking by property consultant CBRE are in Asia.

It says the average home in Hong Kong now costs more than HK$9.6 million, or around HK$16,000 per square foot – up 5.5 percent from last year.

In the list of 35 cities, Singapore came a distant second, with the average home in the Lion City going for about HK$6.8 million, or HK$8,300 per square foot.

Shanghai was ranked third, with prices surging 11 percent from last year, and Vancouver fourth.

Shenzhen's is the new number five, at HK$5.3 million for a typical home.

The property consultant said it's worth noting that the top three cities – Hong Kong, Singapore and Shanghai – all have implemented measures to curb price gains.

Beijing came in number nine, while Los Angeles, New York, London and Paris rounds out the top ten.