The Asian property market has come up in a big way especially within the luxury real estate segment. The following post takes a quick look at the top luxury real estate destinations within the Asian property market.
If you are looking towards investing in the luxury real estate of Asia, the region’s property market will offer you a lot of options. According to Knight Frank’s Prime Global Cities Index, the Asian property market has some of the most expensive cities where you can buy luxury real estate. Within the entire Asian region, property prices are soaring high along with excellent returns. And most importantly, the luxury real estate segment has been witnessing a huge demand. Listed below are some of the top Asian cities for luxury real estate.
Hong Kong is one of the most booming economies in Asia. In the recent times it has emerged as one of the leading locations for luxury real estate not only within Asia but also across the globe. With a booming economy and a constant rise in the property prices, this island has been fast transformed into a hub of wealthy real estate activities. By the end of 2012 and going forward, Hong Kong witnessed a sudden jump in its property prices. This trend continues to grow and currently, the prices of the properties in Hong Kong stand at $20,000 per square meter.
Considered as one of the most revered tourist destinations, Singapore’s property market has been creating ripples within the Asian property market for quite some time. With an average price of $ 17000 per square meter, Singapore is definitely one of the best places to invest in luxury real estate. However, the region is also known for its high rate of taxes within the property circle. This is applicable on incomes that are applicable on rental generation, where a flat rate of 10% is levied upon all real estate assets.
Japan’s capital boasts of a primarily pro-landlord environment and today the city has become one of the most sought-after destinations in the world as far as luxury real property is concerned. According to real estate laws, landlords in the region are allowed to demand up to three months’ of deposit from the renter and they also have the power to negotiate on the amount of rent that is best suited to them. Furthermore, the income tax rental is also comparatively low in Tokyo where property holders who are non-resident are taxed at only 10%. Keeping in mind the current growth rate of the property market, Tokyo can definitely be widely considered to be one of the leading luxury real estate destinations.
The city of Shanghai experienced a considerable growth in its housing markets since 2012. With property prices growing up to more than 10%, the property market of the region went on to become a favourite real estate destination especially for investments. The cost of a residential property in Shanghai is already 45 times more than the average annual income of an average resident of the city.
Such major concerns led to the government’s announcement that certain cooling measures are to be implemented. These include stricter enforcement of nearly 20% capital gains.
Mumbai, the financial capital of India is at the very centre of the economic growth as projected by India, even during times of global economic crisis. Henceforth, Mumbai has not only been able to sustain but also encourage the overall luxury real estate. Such as move has led to several real estate investors moving to the city and even foreign luxury property seekers eyeing the markets; with an average property price of $12,913 per square meter, Mumbai is one of the hottest destinations for luxury real estate within the Asian property market.
Having said this, all that is left to be said is that, if you are looking to invest within the Asian property markets, then you know which markets to target.
Author Bio: Sampurna Majumder is a professional writer and a passionate blogger. Currently she is writing content for several websites that cover latest trends related to the global real estate. The above post compiles a list of the top luxury real estate destinations within the Asian property market