It's a chain reaction. In Hong Kong, a gentleman from mainland China has paid a world record breaking price for a duplex flat of HKD439 million (GBP34.2 million). Estate agents are delighted, but Hong Kong residents blame incoming billionaires for inflating property prices beyond their reach.
A skewed solution to Hong Kong's home ownership problem is found in London. British developers are offering London projects to Hong Kong buyers before marketing them in Britain, even though there is a housing shortage in the British capital.
London property prices have partly recovered from their 2008 lows, but the weakness of Sterling makes them cheap by international standards, so Hong Kong and Singapore investors are keen to buy.
But what about Londoners struggling to find a home of their own? The last time developers put Londoners last in the queue, earlier this decade, they bought as far afield as Normandy. Eurostar passenger numbers are likely to rise shortly.
(All The World's a Home : Global Property News)
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