Hong Kong's rising luxury flat prices make it third priciest city in the world
Only Monaco and London luxury flats more expensive, but city's prices could moderate as stamp duty deters some mainland buyers
Hong Kong has jumped two places to become the third most expensive city in the world for luxury apartments after a sharp rise in prices this year.
The latest survey by Global Property Guide, a US online property research website, put the average price of luxury apartments in Hong Kong at US$1,893 (HK$14,674) per square foot in November.
The world's top-priced city was Monaco, where the average price of a luxury apartment was US$4,864 per sq ft, followed by London at US$2,396 per sq ft.
In January, Hong Kong was ranked the fifth most expensive city for luxury flats, at an average price of US$1,373 per sq ft.
The rise in the rankings follows a 10.4 per cent average jump in luxury residential prices in Hong Kong from the fourth quarter last year to the third quarter this year, according to the Rating and Valuation Department.
The outlook for the sector for the remainder of the year has been clouded by the introduction last month of a 14 per cent stamp duty for non-resident and corporate buyers and the extension of a special duty on quick resales.