The figures made Hong Kong the most expensive luxury property market in Asia last year, among 20 cities mentioned in The Wealth Report 2025, released earlier this month by data researcher Knight Frank.

In Hong Kong, $1 million fetched just 23 square meters of typical luxury housing in 2014, underscoring persistently high prices.

Globally, Hong Kong trailed only Monaco, where $1 million bought 19 square meters last year.

Singapore came third in costliness at 32 square meters. A decade ago, the same budget yielded 41 square meters, indicating a price jump of 22%.

Mumbai emerged as the least expensive market on the list, offering 99 square meters for $1 million. The Indian financial hub’s buying power has held steady over the past decade, making it a standout bargain in the luxury segment.

London’s property appeal appears to have waned. Last year, $1 million bought 34 square meters, compared 23 square meters in 2014, suggesting a softening market.

Dubai, however, offers the greatest profit potential. A $1 million budget secured 78 square meters last year, down from 188 square meters a decade ago. This implies a 59% rise in luxury accommodation prices.

Knight Frank also listed Dubai – the most populous city of the United Arab Emirates – as the best market in the world for five-year growth potential in luxury property.

It was followed by Palm Beach, Manila, Miami and Aspen.