Hong Kong (CNN) – According to a report compiled by Savills, a global real estate consultant, Hong Kong has the world's most expensive luxury property market.

Of the 10 “world class” cities profiled—Hong Kong, London, Moscow, Mumbai, New York, Paris, Singapore, Shanghai, Sydney and Tokyo—the average £6,700 ($10,316) per square foot price of Hong Kong luxury homes was the highest in the world. Behind Hong Kong was Tokyo’s £5,190 ($7,991) price per square foot. Paris, with luxury flats averaging £3,270 ($5,035) per square foot, came in third.

The report noted that Hong Kong’s luxury homes were twice as expensive as London’s per square foot, and more than 10 times more expensive than Sydney’s.
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