Hong Kong maintains its position as the world’s most expensive residential city, while Bangkok ranks at #33 out of 35 global cities surveyed.
In the fifth annual Global Living Report, CBRE profiles the property markets across 35 key global cities. The results highlight that investments in urban areas such as transport infrastructure, connectivity, retail, cultural centres and housing are key drivers of economic growth.
“In the fifth edition of the ‘Global Living’ report, we have expanded the number of cities we examine from 29 to 35. They include the most exciting cities in the world, from emerging technology-driven powerhouses like Shenzhen and Bangkok through more traditional capital cities such as Rome and Lisbon, to rapidly evolving modern urban centres like Dubai and Johannesburg,” according to Jennet Siebrits, Head of Residential Research at CBRE UK.
The top three most expensive places to buy a residential property are all in Asia. Hong Kong remains the city with the highest value residential real estate, with an average property costing 39.52 million baht (USD 1.235 million), Singapore in second place, averaging 27.97 million baht (USD 874,372), and Shanghai third at 27.92 million baht (USD 872,555).
Bangkok stands at #33 position with an average residential property price of 3.4 million baht (USD 106,383), followed by Ho Chi Min City at 3.29 million baht (USD 103,057) and Istanbul at the bottom with average prices of 3.11 million baht (USD 97,396) amongst the 35 surveyed world cities.
The biggest year-on-year growth was experienced in double-digits by Barcelona (16.9%), Dublin (11.6%), Shanghai (11.2%) and Madrid (10.2%). London remains one of the top ten performing global cities, with the average property price of 20.7 million baht (USD 646,973) although growth was down by 1.1%.
Photo by Alex Barlow / Flickr
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