Hong Kong remains the world’s most expensive residential address, according to research by CBRE.

In the advisory firm’s second annual Global Living report, CBRE compared the property markets of 35 global cities.

Hong Kong apartment prices average $1,501 (€1,336) per sq ft, CBRE said.

Jennet Siebrits, head of residential research at CBRE, said global forces were “constantly at work, changing our cities and shaping our lives”.

“The homes we live in, invest in, purchase and rent, and the motivations for doing so, are being manipulated and modified by these global changes and influences,” she said.

Singapore, second on the list, averaged $919 per sq ft.

CBRE said the nearly 40% difference between the two cities could be accounted for by Hong Kong’s smaller size of units, in a market that continues to be underpinned by a severely constrained supply backdrop.

London remains one of the best performing global cities, with apartment prices averaging $734 per sq ft. 

Annual price growth in the UK capital to the end of May 2016 reached 13.6%, up from 8.7% growth one year ago.

Istanbul and Vancouver had the highest house price growth, at 25% and 22%, respectively.