Hong Kong the world’s most densely populated region has now become most expensive to buy a home.
Published Thursday, real estate firm CBRE’s fifth annual Global Living report analysed property markets across 35 cities.
Asia has dominated the list of the world’s most expensive property markets. Hong Kong held its position as the most expensive city for the fifth consecutive year, while Singapore came in second and Shanghai was ranked third.
According to the report, the average price of a home in Hong Kong in 2019 is more than $1.2 million. High demand and short supply have driven property prices to unaffordable levels in recent years, with planning to build an$80 billion dollar worth artificial island to fix its crisis to help fix the crisis.
The other two cities in the race were, Shenzhen and Beijing among the ten costliest cities for home buyers, ranked in fifth and ninth place respectively.
London, named the eighth most expensive city for buying a home, in Europe’s priciest city, according to CBRE.
Where on the other hand world’s cheapest cities to buy homes were, Istanbul, Ho Chi Min City, and Bangkok.