Hong Kong remains the most expensive city in the world to buy a home, even after a significant fall in prices over recent years, according to a new report.

Data from Deutsche Bank’s latest Mapping the World’s Prices 2025 study shows that the cost of an apartment in Hong Kong city centre now stands at US$25,946 per square metre. Prices have dropped by around 20% since 2020, but Hong Kong still ranks ahead of other major cities.

Zurich and Singapore follow closely, with average prices of $23,938 and $22,955 per square metre respectively. The report also points out that these cities tend to face challenges around quality of life, partly due to high housing costs. Hong Kong ranks 48th globally on that measure.

While Hong Kong leads on purchase prices, New York has the highest rental costs. A typical three-bedroom apartment in New York now averages $8,388 per month. Hong Kong ranks seventh for rental prices, with average monthly costs at $4,807, according to the South China Morning Post. Other cities ranking higher on rental costs include Singapore, Boston, London, San Francisco and Zurich.

Earlier this year, The Wealth Report 2025 by property consultancy Knight Frank also listed Hong Kong among the top cities for high-value property transactions. The report recorded 166 sales of homes priced at $10 million or more last year.

Hong Kong continues to attract wealthy buyers, supported by its established financial sector, limited supply of high-end homes, and strong international demand. According to the report, a $1 million budget would buy just 22 square metres of prime residential space in Hong Kong. In Singapore, the same amount would buy 32 square metres.