London showed the greatest price increase for premium real estate in Europe

London showed the greatest price increase for premium real estate in Europe

Cost of the premium real estate around the world has doubled in the last 8 years. Ultra-premium real estate increased in prices even more in China and Asia thanks to the activity of billionaires, according to a report of the company Savills.

In Europe, the greatest rise in prices for premium real estate has been recorded in London (107% since 2005). The property market in the UK capital became an exception among the cities of the Old World, where basically the growth rates were small compared to the mega-cities of developing countries.

For comparison, in Singapore and Mumbai luxury property prices rose by 232% and 176% respectively. In 2011, the record  transaction ($137,400 per square meter!) was registered in Hong Kong at Deep Water Bay for a house with the area of 810 m2.

Leaders in the value of billionaires’ real estate are the following cities: Hong Kong ($117,048 per square meter), Tokyo ($81,405), London ($56,787), Paris ($47,272), Moscow ($46,215), New York ($43,496), Shanghai ($22,050), Singapore ($19,483), Mumbai ($10,421), Sydney ($9,364).