Top 10 High-Value Cities around the Globe

HYPERLOCAL

If you’ve ever thought of moving to a different city, you know there are a variety of factors to consider, including rent, property values, work opportunities and overall quality of life. Cities around the globe are changing faster than ever, with growing populations, better access to technology and large-scale redevelopment.

CBRE has released the Global Living report, a detailed analysis of economic factors relating to major cities around the world.

“Globalization has meant our property markets are more integrated than ever before. Best practice in architecture, design and interiors is being shared around the world, and migration means people are sharing culture and ways of living with new audiences. But our major cities haven’t lost what makes them distinctive and special,” says Jennet Siebrits, CBRE’s head of residential research.

“We have criss-crossed the globe to bring you a snapshot of the property markets of the world’s premier cities,” she adds.

Here is a list of the top 10 highest value markets, ranked by average property prices.

Hong Kong Skyline

1. Hong Kong

Business meets expensive taste in this ocean port city, where already high property prices jumped by 13.5 percent last year.

London at night

2. London

One of the world’s principal financial and business centers, London is home to sky-high residential rental prices (£2,080 per month on average) and a rich, thriving arts and cultural scene.

shutterstock_272299538

3. New York City

Gentrification continues apace in the city that never sleeps, as more and more people flock to neighborhoods across Manhattan, Brooklyn and Queens. New York City rents are 25 percent cheaper than London, but still 42 percent higher than the U.S. national average.

shutterstock_136853459

4. Paris

With all of its ambiance, romance and aesthetic charm, Paris is also France’s financial center, with 19 percent of the country’s population living in the Île de France region, accounting for 30 percent of France’s wealth.

Singapore

5. Singapore

With a population expected to grow at 13.6 percent over the next decade—and an expatriate population topping 38 percent—the Lion City is a place to watch.

Tokyo

6. Tokyo

The largest city in Japan, Tokyo, with roughly 13.3 million people and an urban area GDP of over £1.2 trillion, is home to a majority of the nation’s renters.

Los Angeles

7. Los Angeles

Boasting the third largest metropolitan economy in the world, and a population of 17.7 million residents, Los Angeles is a draw to those excited by its industries and glitzy possibilities.

Milan

8. Milan

This global fashion capital is home to the Italian stock exchange—and 10 percent of Italy’s GDP. With property values 52 percent higher than the national average, Milan remains the place to be.

Rome

9. Rome

The Italian capital has struggled following the economic downturn, and property values have dropped. Still, like Milan, property values are high compared to the rest of Italy.

Edinburgh

10. Edinburgh

The luxury market in central Edinburgh has taken off, driven in large part by high-end new development. Last year, there were 66 house sales of over £1 million in Edinburgh, representing almost half of all Scottish properties in this price range.

MORE FROM HYPERLOCAL:

Sign up to receive our Weekly Newsletter