Global billionaires are footloose individuals who can, and do, make any country their home. A property in one or more of our class of world cities is an essential part of their lifestyle. It provides access to their global business interests, allows enjoyment of a wide range of retail and cultural attractions, and is often seen as a mark of status and success.

New billionaires continue to be created in emerging markets and this generates increasing competition for the very best properties. As a consequence, the value of billionaire property across our class of
10 cities continues to outperform that of the SEU, with growth of 2.4% in the first half of 2012.

Record residential transactions regularly make the news headlines around the world. Billionaires pay money for real estate in world-class markets quite independently from the national residential markets in which they sit. The record prices found in these world-class markets instantly reveal which cities are the hottest for global billionaire capital.

A property transacted in 2008 in London’s Kensington Palace Gardens tops the list at £8,500psft, followed by a Hong Kong transaction in Deep Water Bay Road, Southside at £8,400psft, which was sold in 2011. Both are highly exclusive, well-established residential streets, with extremely limited supply. New York’s 15 Central Park West and Tokyo’s Roppongi Hills follow, at £8,300psft and £5,100psft respectively. Both are high profile, new-build schemes targeted specifically at the super-rich.

Seven out of 10 of these record transactions were completed within the past two years. The fact that they have been achieved during a turbulent time for the global residential market illustrates the autonomy with which the billionaire market operates, fuelling the very top of the market.

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Taken from
Insights: World Cities Review Autumn 2012