Specifically, data from Savills shows that Hong Kong is still the market with the most expensive housing prices in the world at about 50.700 USD/m2 (equivalent to about 1.2 billion VND).
Following Hong Kong is New York with a price of 27,182 USD/m2. New York housing prices fell 1.1% in the first half of 2019.
Several cities in the US have seen housing prices fall in the first 6 months of 2019 due to recent tax changes affecting demand and large inventories, for the cases of New York and Miami.
Meanwhile, Tokyo has risen to 3rd place. On average, each square meter of housing in Tokyo costs about 23,251 USD/m2,
The next positions belong to Geneva (4th); London (5th); Shanghai (6th); Sydney (7th); San Francisco (8th) and Paris (9th).
The cities in the group with the highest price increases are Berlin (4.2%), followed by Paris (3.9%), Beijing (2.9%), Kuala Lumpur (2.4%) and Bangkok (2.3%.
In Asia, such as Kuala Lumpur and Bangkok, with average high-end housing prices of $2,800/m2 and $9,500/m2 respectively, growth of nearly 2.5% in the first half of this year.
Meanwhile, after 5 years of strong increases, housing prices in Sydney and Cape Town have begun to decrease due to affordability along with other reasons cooling down the market.
"There are a number of reasons why the housing market in the world's leading cities is stagnating. Government policies, borrowing costs, increased supply and global economic instability all of these factors play a role in contributing," said Ms. Sophie Chick - Head of Global Research at Savills.
Although we do not expect the housing price index to fall significantly, the current growth rate will not change or there will be a small increase in value in the medium term, said Ms. Sophie Chick.
Predicting the high-end residential real estate market in cities around the world, Ms. Sophie Chick said: In the short term, we expect European cities to continue to record good price increases thanks to the benefits of Brexit and relatively lower housing prices compared to the global average.
In the long term, increasing the wealth of the economy in general will be the key to the growth of the high-end housing market in cities along with other factors such as political stability and favorable demographic structure".
