Knight Frank Luxury Estate Report: Paris is the Most Expensive Place to Invest, Followed by Hong Kong

Buyer’s problem is to compete for properties that are available in limited numbers, which means it is rapidly becoming a sellers market, multiple offers resulting in a sale rise. The waiting in selling makes it more competitive. The real estate market which is rapidly changing suggests strong population growth and serious housing problem issue. If the status continues after a number of years, there are more chances of making a solid profit. The global financial crisis results in the noticeable deterioration in home price. According to Knight Frank’s report, in spite of high price rises by twenty two percent, Paris proved to be a safer for investment option. Even though there is an increase in luxury home price in the capital; buyers are interested to compete for the few properties.

London-based property broker, Mark Harvey, in an interview said apartments and houses would cost more than $2.9 million in France. Hong Kong comes as next costly city with 15 percent rise, and Helsinki would be the third city with 12 percent rise which is followed by Shanghai and Beijing. The buyers from Russia, China and Brazil are more interested in investing in Paris as it is a always safer bet with high-performing, matured property business market.

According to the statements of analysts, Asian government’s action taken to curb the speculation of property on high price rice of luxury homes is working positively with the eleven percent comparatively against last year’s fifty five percent growth in Hong Kong, Singapore, Shanghai, and Beijing. London prices increased by 8.6 percent, is placed in sixth order with Singapore. Knight Frank spots Los Angele’s 2.2 percent decline and Moscow took the bottom spot, in comparing and contrasting the housing market’s performance.

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Via: Bloomberg

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