10 most expensive cities in the world to buy luxury properties

Knight Frank's 2017 Prime Global Citizen Index report lists the most expensive cities to buy luxury properties from 41 global cities. It also takes you through the rate of increase in prices in a 3-mo

Aug 06, 2017, 13:28 IST3 min

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Cape Town: The capital city of South Africa saw its luxury property prices growing at the rate of 9.2% in the year-ended June 2017 compared to the same period last year.

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Berlin: Luxury properties in Germany's capital, Berlin, saw its prices grow by 9.7% in June-end period. In the six months-December 2016 till June 2017-luxury property prices in Berlin grew at the rate of 7.3% compared to the same period last year.

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Madrid: Third largest city in the European Union (EU), Madrid saw its luxury property prices go up by 10.7% in the year-ended June 2017. The Knight Frank report noted: "Cities such as Madrid (10.7%), Berlin (9.7%), Paris (8.8%), and to a degree Dublin (3.8%) have seen a marked increase in their annual rate of growth compared with a year ago (figure 3). Whilst safe haven flows, Brexit and

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Sydney: One of the most populated cities of Australia, also infamous for one of the most expensive-Sydney-saw the rate of its property prices grow 11.5% in the 12-year period.

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Beijing: The capital city of China saw its luxury property prices growing at a rate of 15% in the June-end year. Beijing is known for its unique blend of modern and traditional architecture. However, the Knight Frank report said that it also recorded the largest drop &ndash down from 22.9% year-on-year in March to 15% annual growth this quarter.

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Shanghai: Another commercially important Chinese city-Shanghai-also found a place on the report. The cost of luxury properties in Shanghai grew 19.7% in the year-ended June 2017. However, the rate of price rise has fallen in comparison to the last quarter, the report said.

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Seoul: The capital city of South Korea and home to tech giant Samsung-Seoul-is third on the list with luxury prices growing at a rate of 19.9% in the June-end year.

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Toronto, the heart of Canada, is at number two on the list with the rate of luxury properties growing at 20.7% from the previous year.

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The numero uno on the list of most expensive cities to buy luxury properties is Guangzhou. This Southern China city saw the price of its luxury properties grow at the rate of 35.6%. However, despite luxury property prices growing the most amongst the documented cities, there has, in fact, been a decline in annual growth compared to the rate seen in the last quarter.

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