When you want to buy luxury goods in Asia, better not do it in Shanghai. China´s second largest city has become the most expensive, writes WSJ wealth editor Wei Gu in the Wall Street Journal, based on the the 2015 Lifestyle Index by Swiss private bank Julius Baer.
Costs of residential properties, measured by sale prices of residential property with around 4,000 square feet in a prime location, shot up 15% in Shanghai in 2015, while costs of wedding banquets at top hotels rose 6% from the same time last year in local currency terms.
In the survey of 11 Asian cities, Shanghai was the most expensive market for goods like jewelry, luxury cars and fine wine. It is the second most expensive city when it comes to services costs such as a business class flight to New York, a wedding banquet at a top hotel, and golf club membership…
Hong Kong, which ranked second on the index, has seen home prices rise 17% in 2015, and wedding banquet prices are up by 5%. Flights originating from Hong Kong to New York and London have also become more expensive.
But a slump in tourism has taken a toll: Hotel suite prices fell by 5%, though at a price of $798 per night for a hotel suite, it is still four times as much as the price in Kuala Lumpur and three times as much as the cost for Seoul.
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