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A new survey has listed Hong Kong as the most expensive city in the world to open and run an office.
The annual World Cities Review compiled by property experts Savills looks at 10 global cities in various locales and this year, spurred on by a booming property market in China, Hong Kong has proved itself to be more expensive than the likes of New York, London or Paris.
Yolande Barnes, author of the World Cities Review, said, “New York stands out among world cities as looking particularly good value, especially from an income return point of view. As residential prices have seen much lower growth than other world cities, New York has fallen in rank from one of the most expensive to a distinctly cheap 'old world' urban centre.
“On the face of it, New York looks a good investment for those seeking good medium-term capital growth prospects and healthy returns.”
Simon Fenn, Managing Director of Savills NSW said, “Sydney has shown strong growth in total costs since 2008, backed by a strong demand, in turn buoyed by a strong local economy and advantageous regional positioning, as well as the safety, stability and transparency of an established market. Interest rates, which are currently at their lowest in 60 years, are also proving to be an attractive incentive for international businesses.“
