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Super-rich fuel property boom in ten global cities

Wednesday, 21 September 2011 12:00 AM

The wealth of new global billionaires is creating a new global super class for property, according to new research from estate agent Savills.

Property values in its 10-city global billionaire index rose 10 per cent in the first six months of 2011 – compared to 6 per cent for ordinary property in the same cities.

Over the five years to the end of 2011, super-prime property values rose 65 per cent with Singapore (144 per cent), Mumbai (138 per cent) and Moscow (110 per cent) leading the way.

In value terms, Hong Kong is in a league of its own with property for the super-rich costing £6,700 per square foot, more than twice as much as London’s £3,090.

Tokyo is second in terms of cost per square foot and size, making it the most expensive of any of the ten cities for the ultimate home, at £83 million.

Yolande Barnes, director of residential research at Savills, said: “Global billionaires can make any country their home, and often have several different residences across the globe. Most will seek a base where they are doing business. This has the effect of funnelling global equity into the very best residential real estate – a rare commodity in any city.”

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