Citizens of China, Singapore and Russia are world leading property buyers

Citizens of China, Singapore and Russia are world leading property buyers

Global Development Insight (Q3 2013), a recent report by Kight Frank, says that citizens of China, followed by Singaporeans and Russians, are the most active buyers of luxury real estate all over the world, according to ee24.com.

Chinese wealthy people are most interested in buying luxury real estate in London, Hong Kong and NY. The average cost of such property is $2.8 million. Russians are more wasteful, they buy real estate valued on average at $3 million, in London, NY and Monaco.

And they will purchase even more: according to forecasts, the number of rich people in China will increase by 137% in the next 10 years, and there will be by 37% more wealthy families in Russia to 2016.

Besides listed nations, luxury housing is often bought by citizens of the United Kingdom, the United States, Hong Kong, Indonesia, UAE, Italy and India.