Chinese Luxury Prices Spike Highest

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    The three cities that saw the biggest spikes in luxury real estate prices last year were all located in China, says the Wealth Report, an annual publication by the Knight Frank real estate firm. Shanghai experienced the biggest annual price increase for prime residential real estate as prices jumped 27.4 per cent in 2016. Beijing saw the second-biggest increase, with price growth of 26.8 per cent, followed by Guangzhou, which experienced a 26.6 per cent gain. However, prices in the Chinese city remain half of what they are in Shanghai. Seoul, South Korea; and Auckland, New Zealand; rounded out the top five with prices rising roughly 16 per cent. Last year’s top-ranked city for price growth, Vancouver, BC, fell to seventh place. Monaco is still the most expensive luxury real estate market in the world with $1 million buying just 182 square feet of prime space.