Surprise surprise, the top three cities to see the biggest spikes in prices in luxury markets last year, are all in China. China has been quickly seeing growth in the luxury market.
The Wealth Report, which is an annual publication by the Knight Frank real estate firm, just released a report that said Shanghai experienced the biggest annual price increase for prime residential real estate.
So how much of a jump are we talking? Shanghai prices for prime properties soared 27.4% last year. It is one of the most expensive cities in the world.
After Shanghai, Beijing saw the biggest increase at 26.8% which was then followed by Guangzhou, which saw a 26.6% increase.
The top five on the firm’s list also included Seoul, South Korea, and Auckland, New Zealand. Both saw prices rise about 16% in 2016.
While China has many expensive cities, the most expensive luxury real estate market is still Monaco. The Knight Frank firm measured how much luxury real estate $1 million buys around the world. In Monaco you get about 182 square feet of prime space.