London and Paris are still the highest value residential locations in Europe, according to CBRE's Global Living: A City by City Review 2016.
The UK capital's average apartment prices (psf) stand at $734.18, with values in Paris reaching $541.51. The two cities stand at fourth and fifth places respectively in the global ranking, which sees Asia come out on top.
Hong Kong is still the most expensive residential location in the world, with average apartment prices at $1.501.88, while Singapore ranks second, asking on average $919.82 psf. New York is rated third at $907.50.
Global Living: A City by City Review, 2016, provides a snapshot on 35 global cities, showcasing the different influences in each city, whilst providing a comparative study of house prices, rental growth and living costs amongst other factors.
'Our analysis of some of the world’s key cities has highlighted some surprising performances,' noted Jennet Siebrits, head of residential research at CBRE. 'Istanbul and Vancouver have had the highest house price growth at 25% and 22% respectively, whilst newcomer Bangalore has made it in to the top three for rental growth. Singapore, a city that actually suffered house price decline last year, is now the second most expensive city in which to buy a property. House prices here are averaging $919.82 per sq ft. Meanwhile in our highest value city, Hong Kong, average house prices are currently at $1,501.88.'
Siebrits added: 'Wider economic growth continues to be reflected in local property markets and is a useful tool for identifying potential investment zones. Istanbul experienced the highest annual house growth, whilst also having one of the best value average property prices at $127.85 per sq ft. With increasing confidence in its property market as an investment haven, Istanbul is continuing to show signs of embryonic growth and huge potential.'
In the UK, annual price growth to the end of May 2016 in London reached 13.6%, up from 8.7% growth one year ago, suggesting that demand for the British capital remains strong.
Frankfurt was the only other European city to make the top 10, with the German city coming in eighth as it recorded prices of $401.00 psf.
