Society

Hong Kong housing world's most expensive

(Agencies)
Updated: 2011-01-28 20:17

HONG KONG - Hong Kong Special Administrative Region(SAR) housing is the most expensive in the world as negative real interest rates and ample liquidity boost demand while new supply remains tight, said Savills Plc in a research of four top cities.

Related readings:  Mainland supports HK-Taiwan economic pact  Measures to tame property market  Realtors will get strict rules  China to launch pilot property tax reforms

Hong Kong is the most expensive center for every household type, including the global billionaire, property adviser Savills, said in a new Global Cities survey released on Friday.

The price in Hong Kong was 55 percent more expensive than London, with Moscow 7.4 percent higher than the British capital, but New York was 15 percent cheaper than London on current sterling values, it said.

The growth in the price of a CEO's home in Hong Kong had risen 148 percent in the past five years, compared with Moscow's 110 percent rise and London's gain of 47 percent while New York had fallen 7 percent, it added.

Luxury apartment rents in Hong Kong are increasing alongside an influx of expatriates, the adviser said.

The Hong Kong SAR government has imposed a slue of measures in the past year trying to rein in house prices, including raising stamp duty on short-term transactions and tightening mortgage restrictions.