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).