Hong kong home to most expensive residential property

Hong Kong is home to the most expensive residential property in the world, according to a new study by CBRE. The firm's research shows that the city remains the most expensive residential market in the world, with an average value of $1,416 per square foot.

London and New York are close behind with averages of $1,025 per sq. ft. and $842 per sq. ft. respectively.

Dr. Henry Chin, Head of Research at CBRE Asia Pacific, comments: "While Hong Kong has cemented its place as the world's most expensive location according to average price per sq. ft., we have seen the majority of cities across the region with a strong bounce-back in the residential sector following the global financial crisis. As the world's population expands and the overall international economy continues to grow, we believe both factors underpin the fundamental demand for our region's residential market."

World Property Journal