{"id":24952,"date":"2021-04-17T11:38:29","date_gmt":"2021-04-17T04:38:29","guid":{"rendered":"https:\/\/shelter.vn\/?p=24952"},"modified":"2021-04-17T11:38:31","modified_gmt":"2021-04-17T04:38:31","slug":"hong-kong-remains-the-worlds-most-expensive-housing-market","status":"publish","type":"post","link":"https:\/\/shelter.vn\/en\/uncategorized\/hong-kong-remains-the-worlds-most-expensive-housing-market\/24952","title":{"rendered":"Hong Kong remains the world\u2019s most expensive housing market"},"content":{"rendered":"<div id=\"blk_01\" class=\"vx_block sv-article__body\">\n<div class=\"sv-article__intro\">Global real estate adviser, Savills, pointed out in its Prime Residential World Cities Index that Covid-19 and the subsequent lockdowns significantly disrupted global real estate markets. While the longer trends are still developing, the immediate impact of the pandemic on prime residential values in cities around the world has resulted in a fall of 0.5% for capital values.<\/div>\n<\/div>\n<div id=\"blk_02\" class=\"vx_block sv-article__body\">\n<div class=\"sv-article__body\">\n<p><strong>Sophie Chick, head of department, Savills World Research<\/strong>, said, \u201cGlobal uncertainty was already weight on prime residential markets in 2019, with modest falls of 0.3% recorded in the last six months to December 2019. Combined, the annual average price movement turned negative for the first time since 2009, down 0.8% for the year to June 2020.\u201d<\/p>\n<p>Just nine out of the 28 cities monitored saw positive prime capital value movements over the first six months of 2020. The markets which have held up best are generally characterised by strong domestic demand and limited supply. These factors are particularly prevalent in a number of European cities in the Savills index.<\/p>\n<p>In China, pent-up demand and credit easing from the Chinese central bank saw values rise in some Chinese cities, with Shenzhen, Hangzhou and Shanghai experiencing marginal prices rises during this period of 2.0%, 1.9% and 1.2%. Conversely, Beijing and Guangzhou saw minimal price falls of -0.2% and -0.7%.<\/p>\n<p>Mumbai saw the largest decline over the first half of 2020, down 5.8% Elsewhere in Asia Pacific, Sydney, Hong Kong and Bangkok also experienced falls as the impact of Covid-19 weighs on the market.<\/p>\n<p>Seoul and Moscow recorded the strongest price rises with an increase of 5.5%.\u00a0Seoul\u2019s market has been on an upward trend for the past few years and the prime residential market in Moscow is driven predominant by domestic demand. Covid-19 caused the price of oil and the value of the Russian ruble to fall sharply, driving capital into the property market.<\/p>\n<p><strong>Simon Smith, Senior Director, Research &amp; Consultancy, Savills Hong Kong<\/strong>\u00a0commented: \u201cLuxury sentiment has revived especially in the HK$50-HK$200 million segment where 5% discounts were sufficient to attract buyers but with the virus recurring and the political situation uncertain more luxury buyers may be inclined to look at overseas options for future investment.\u201d<\/p>\n<p>Elsewhere in Europe, the best performers were Berlin, Amsterdam and Paris with six month price growth of 3.1%, 3.0% and 1.2% respectively. These European capitals have seen high level of demand and a shortage of supply, driving price growth even during the pandemic and associated lockdowns.<\/p>\n<p>In the US, Los Angeles saw the largest price falls in the first six months of the year, down 4.70% The city has been badly impacted by the pandemic and unemployment rose to 20.6% in May, up from just 4.6% in February. New York has also been badly impacted, with the city also dealing with oversupply in the prime market and values had already been moving downward over the past few years as a result.<\/p>\n<p>Sophie Chick, concludes, \u201cLooking forward, although much depends on the economic situation, which is still materialising in a lot of cities, it\u2019s important to remember that this is not an financial crisis as it was in 2008 and we\u2019re not anticipating the falls in values that were seen during that period.<\/p>\n<p>\u201cWe expect some cities to outperform others. Over the second half of 2020, we\u2019re forecasting Amsterdam, Lisbon, Seoul and Moscow to see the strongest growth.<\/p>\n<p>\u201cAnd over the next five years, Lisbon and Amsterdam are expected to stay in the top performers list, joined by Berlin, Paris, Miami and San Francisco.\u201d<\/p>\n<table border=\"1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td valign=\"top\" width=\"16\"><strong>City<\/strong><\/td>\n<td valign=\"top\" width=\"16\"><strong>6 month change<\/strong><\/p>\n<p><strong>December 2019 \u2013 June 2020<\/strong><\/td>\n<td valign=\"top\" width=\"16\"><strong>1 year change<\/strong><\/p>\n<p><strong>June 2019 \u2013 June 2020<\/strong><\/td>\n<td valign=\"top\" width=\"16\"><strong>Prime capital value \u2013 $ per square foot (June 2020)<\/strong><\/td>\n<td valign=\"top\" width=\"16\"><strong>Prime capital value &#8211; \u20ac per square metre (June 2020)<\/strong><\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"16\">Seoul<\/td>\n<td valign=\"top\" width=\"16\">5.5%<\/td>\n<td valign=\"top\" width=\"16\">13.8%<\/td>\n<td valign=\"top\" width=\"16\">$1,540<\/td>\n<td valign=\"top\" width=\"16\">\u20ac14,700<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"16\">Moscow<\/td>\n<td valign=\"top\" width=\"16\">5.5%<\/td>\n<td valign=\"top\" width=\"16\">5.6%<\/td>\n<td valign=\"top\" width=\"16\">$1,250<\/td>\n<td valign=\"top\" width=\"16\">\u20ac11,900<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"16\">Berlin<\/td>\n<td valign=\"top\" width=\"16\">3.1%<\/td>\n<td valign=\"top\" width=\"16\">7.4%<\/td>\n<td valign=\"top\" width=\"16\">$1,030<\/td>\n<td valign=\"top\" width=\"16\">\u20ac9,870<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"16\">Amsterdam*<\/td>\n<td valign=\"top\" width=\"16\">3.0%<\/td>\n<td valign=\"top\" width=\"16\">&#8211;<\/td>\n<td valign=\"top\" width=\"16\">$970<\/td>\n<td valign=\"top\" width=\"16\">\u20ac9,230<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"16\">Tokyo<\/td>\n<td valign=\"top\" width=\"16\">2.1%<\/td>\n<td valign=\"top\" width=\"16\">3.1%<\/td>\n<td valign=\"top\" width=\"16\">$2,230<\/td>\n<td valign=\"top\" width=\"16\">\u20ac21,300<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"16\">Shenzhen<\/td>\n<td valign=\"top\" width=\"16\">2.0%<\/td>\n<td valign=\"top\" width=\"16\">2.0%<\/td>\n<td valign=\"top\" width=\"16\">$1,480<\/td>\n<td valign=\"top\" width=\"16\">\u20ac14,000<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"16\">Hangzhou<\/td>\n<td valign=\"top\" width=\"16\">1.9%<\/td>\n<td valign=\"top\" width=\"16\">4.6%<\/td>\n<td valign=\"top\" width=\"16\">$990<\/td>\n<td valign=\"top\" width=\"16\">\u20ac9,410<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"16\">Shanghai<\/td>\n<td valign=\"top\" width=\"16\">1.2%<\/td>\n<td valign=\"top\" width=\"16\">3.4%<\/td>\n<td valign=\"top\" width=\"16\">$1,750<\/td>\n<td valign=\"top\" width=\"16\">\u20ac16,800<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"16\">Paris<\/td>\n<td valign=\"top\" width=\"16\">1.2%<\/td>\n<td valign=\"top\" width=\"16\">3.6%<\/td>\n<td valign=\"top\" width=\"16\">$1,630<\/td>\n<td valign=\"top\" width=\"16\">\u20ac15,500<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"16\">Kuala Lumpur<\/td>\n<td valign=\"top\" width=\"16\">-0.1%<\/td>\n<td valign=\"top\" width=\"16\">-2.2%<\/td>\n<td valign=\"top\" width=\"16\">$270<\/td>\n<td valign=\"top\" width=\"16\">\u20ac2,550<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"16\">San Francisco<\/td>\n<td valign=\"top\" width=\"16\">-0.1%<\/td>\n<td valign=\"top\" width=\"16\">-0.3%<\/td>\n<td valign=\"top\" width=\"16\">$1,540<\/td>\n<td valign=\"top\" width=\"16\">\u20ac14,800<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"16\">Beijing<\/td>\n<td valign=\"top\" width=\"16\">-0.2%<\/td>\n<td valign=\"top\" width=\"16\">-2.1%<\/td>\n<td valign=\"top\" width=\"16\">$1,410<\/td>\n<td valign=\"top\" width=\"16\">\u20ac13,500<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"16\">Miami<\/td>\n<td valign=\"top\" width=\"16\">-0.3%<\/td>\n<td valign=\"top\" width=\"16\">-3.0%<\/td>\n<td valign=\"top\" width=\"16\">$960<\/td>\n<td valign=\"top\" width=\"16\">\u20ac9,150<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"16\">London<\/td>\n<td valign=\"top\" width=\"16\">-0.4%<\/td>\n<td valign=\"top\" width=\"16\">-0.8%<\/td>\n<td valign=\"top\" width=\"16\">$1,830<\/td>\n<td valign=\"top\" width=\"16\">\u20ac17,500<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"16\">Geneva<\/td>\n<td valign=\"top\" width=\"16\">-0.4%<\/td>\n<td valign=\"top\" width=\"16\">-3.5%<\/td>\n<td valign=\"top\" width=\"16\">$2,000<\/td>\n<td valign=\"top\" width=\"16\">\u20ac19,100<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"16\">Cape Town<\/td>\n<td valign=\"top\" width=\"16\">-0.70%<\/td>\n<td valign=\"top\" width=\"16\">-5.8%<\/td>\n<td valign=\"top\" width=\"16\">$260<\/td>\n<td valign=\"top\" width=\"16\">\u20ac2,450<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"16\">Guangzhou<\/td>\n<td valign=\"top\" width=\"16\">-0.70%<\/td>\n<td valign=\"top\" width=\"16\">-0.90%<\/td>\n<td valign=\"top\" width=\"16\">$1,150<\/td>\n<td valign=\"top\" width=\"16\">\u20ac10,900<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"16\">New York<\/td>\n<td valign=\"top\" width=\"16\">-1.0%<\/td>\n<td valign=\"top\" width=\"16\">-2.2%<\/td>\n<td valign=\"top\" width=\"16\">$2,490<\/td>\n<td valign=\"top\" width=\"16\">\u20ac23,800<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"16\">Barcelona<\/td>\n<td valign=\"top\" width=\"16\">-1.80%<\/td>\n<td valign=\"top\" width=\"16\">-1.80%<\/td>\n<td valign=\"top\" width=\"16\">$680<\/td>\n<td valign=\"top\" width=\"16\">\u20ac6,470<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"16\">Madrid<\/td>\n<td valign=\"top\" width=\"16\">-2.10%<\/td>\n<td valign=\"top\" width=\"16\">-1.7%<\/td>\n<td valign=\"top\" width=\"16\">$720<\/td>\n<td valign=\"top\" width=\"16\">\u20ac6,870<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"16\">Singapore<\/td>\n<td valign=\"top\" width=\"16\">-2.50%<\/td>\n<td valign=\"top\" width=\"16\">-1.3%<\/td>\n<td valign=\"top\" width=\"16\">$1,490<\/td>\n<td valign=\"top\" width=\"16\">\u20ac14,200<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"16\">Bangkok<\/td>\n<td valign=\"top\" width=\"16\">-2.70%<\/td>\n<td valign=\"top\" width=\"16\">-5.8%<\/td>\n<td valign=\"top\" width=\"16\">$840<\/td>\n<td valign=\"top\" width=\"16\">\u20ac7,980<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"16\">Dubai<\/td>\n<td valign=\"top\" width=\"16\">-3.0%<\/td>\n<td valign=\"top\" width=\"16\">-7.5%<\/td>\n<td valign=\"top\" width=\"16\">$560<\/td>\n<td valign=\"top\" width=\"16\">\u20ac5,350<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"16\">Hong Kong<\/td>\n<td valign=\"top\" width=\"16\">-4.20%<\/td>\n<td valign=\"top\" width=\"16\">-6.8%<\/td>\n<td valign=\"top\" width=\"16\">$4,440<\/td>\n<td valign=\"top\" width=\"16\">\u20ac42,400<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"16\">Lisbon*<\/td>\n<td valign=\"top\" width=\"16\">-4.30%<\/td>\n<td valign=\"top\" width=\"16\">&#8211;<\/td>\n<td valign=\"top\" width=\"16\">$880<\/td>\n<td valign=\"top\" width=\"16\">\u20ac8,440<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"16\">Sydney<\/td>\n<td valign=\"top\" width=\"16\">-4.50%<\/td>\n<td valign=\"top\" width=\"16\">-1.6%<\/td>\n<td valign=\"top\" width=\"16\">$1,590<\/td>\n<td valign=\"top\" width=\"16\">\u20ac15,200<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"16\">Los Angeles<\/td>\n<td valign=\"top\" width=\"16\">-4.70%<\/td>\n<td valign=\"top\" width=\"16\">-2.6%<\/td>\n<td valign=\"top\" width=\"16\">$1,410<\/td>\n<td valign=\"top\" width=\"16\">\u20ac13,400<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"16\">Mumbai<\/td>\n<td valign=\"top\" width=\"16\">-5.80%<\/td>\n<td valign=\"top\" width=\"16\">-13.7%<\/td>\n<td valign=\"top\" width=\"16\">$1,130<\/td>\n<td valign=\"top\" width=\"16\">\u20ac10,800<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><em>Source: Savills Research (*new addition to the index and therefore historical data not available).\u00a0<\/em><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Global real estate adviser, Savills, pointed out in its Prime Residential World Cities Index that Covid-19 and the subsequent lockdowns significantly disrupted global real estate markets. While the longer trends are still developing, the immediate impact of the pandemic on prime residential values in cities around the world has resulted in a fall of 0.5% [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-24952","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Hong Kong remains the world\u2019s most expensive housing market | Real estate for sale, for rent and services - Shelter Vietnam<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/shelter.vn\/en\/uncategorized\/hong-kong-remains-the-worlds-most-expensive-housing-market\/24952\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hong Kong remains the world\u2019s most expensive housing market | Real estate for sale, for rent and services - Shelter Vietnam\" \/>\n<meta property=\"og:description\" content=\"Global real estate adviser, Savills, pointed out in its Prime Residential World Cities Index that Covid-19 and the subsequent lockdowns significantly disrupted global real estate markets. 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