International
21:49 19 May 2020
Post by: WBJ

Hong Kong with most expensive flats, but Warsaw on pursuit

Hong Kong with most expensive flats, but Warsaw on pursuit
Source: Pixabay

Already another year, Asian cities have proved to be the most expensive in the world for apartment buyers. The first place belongs to Hong Kong, where you have to pay over $1.2 million for apartment of your own. The second place surprisingly went to German Munich. The flat costs $1 million there. The podium result achieved Singapore as well, with an amount of almost $916,000 for own accommodation. Generally, in the top ten most expensive cities you can find as many as five Asian metropolises - according to the CBRE report "Global Living 2020". Warsaw in this ranking is near the end, although apartment prices are rising faster than in the rest of the world. The average price of an apartment in our capital is currently around $170,000 (over PLN 645,000).

In the top ten cities with the most expensive apartments in addition to Hong Kong, Munich and Singapore, were also Shanghai, Shenzhen, Beijing, Vancouver, Los Angeles, Paris and New York. In total, as many as 39 cities were included in the entire report. The real estate prices increased in the past year almost everywhere, although on average it was an increase of almost half lower than in 2018. The reasons for the lower growth dynamics were different, related, for example, to the natural slowdown after a period of intense growth, or the introduction of administrative changes enabling an increase in the availability of housing for local buyers.

“The prices of flats in Warsaw in the past year have risen by a dizzying pace and in terms of the dynamics of price increases, we are certainly not inferior to other world capitals. However, the average cost of housing still puts us near the end. And this should not change in the near future. It is true that in the first three months of this year, offer prices of flats were still rising, but there was already less acceptance of buyers for such high amounts,” Agnieszka Mikulska, an expert in the housing department, CBRE, commented.

(WBJ)


warsaw
cbre
agnieszka mikulska
flat prices
hong kong
munich
singapore

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