The value of so-called ultra prime homes throughout Asia has soared over the past five years as the continent mints ever more billionaires.
The changes are felt especially in Mumbai and Singapore, where prices have more than doubled.
Ultra prime homes are defined as having a value of more than $15.7 million. In Mumbai, the values have increased 138% and in Singapore, they have risen 144%, according to estate agent Savills.
During the same time, the value of ultra-prime homes in London and New York has risen just 40 percent, the Financial Times reported.
“Many more of the world’s billionaires are being created in China, rather than in New York or London, and it is shifting the buying patterns,” said Yolande Barnes, director of residential research at Savills.
The stability of London, New York and Paris is still attracting investment, the newspaper said, being driven by overseas investors.
The value of ultra-prime homes overall has increased by 65% over the past five years, the newspaper said.