A new report by Savills has highlighted ten global cities that are attracting real estate investment from some of the world's most wealthy people.
Hong Kong, Moscow, London, Paris, New York, Sydney, Mumbai, Shanghai, Singapore and Tokyo have made the list, with director of residential research Yolande Barnes explaining that the top-end of the property market in these locations will not follow the performance of domestic real estate sectors, but will instead be governed by the number of ultra-wealthy people they attract and the wider global economic climate.
"Billionaire buyers demand the best international standards of accommodation and are paying prices to match, creating a super class of global billionaire homes," she stated. Hong Kong is at the top of the table in terms of value, with properties commanding GBP 6,700 per sq ft in the city. Meanwhile, Singapore has seen the greatest price growth, recording rises of 144 per cent in the five years to the end of 2010.
Savills noted that London super prime properties are worth considerably less than their counterparts in Hong Kong, with values currently standing at GBP 3,070 per sq ft. This is despite the UK capital seeing residential real estate prices rises, with Knight Frank recently reporting that London dwellings jumped in value by 11.4 per cent in September, compared to the same month in 2010.