Hong Kong has overtaken New York and Paris to become the fourth most-expensive city for buying a 120 square metre (1,291 square foot) apartment in the city centre, according to the latest global research.

Although overall property prices dropped 23 per cent between March and September last year, the research by the Global Property Guide shows Hong Kong climbed two notches in the global ranking from No6.

The guide tracked price trends in 89 leading cities around the world last year and found Monaco to be the most expensive, with an average price of US$45,713 per square metre for a 120 sqmetre apartment.

South China Morning Post