The costs associated with purchasing, owning and selling a property as a non-resident can increase the price significantly.

In this context, Hong Kong is the most expensive of all the global cities in our index. Here, an overseas buyer can expect to pay an additional 33.3% of the purchase price – most of which is stamp duty for overseas buyers.

Second, third and fourth spots are taken by Singapore, Tokyo and Sydney. Berlin completes the top five and is actually the third most expensive city for a buyer as the agency fees are paid for by the buyer. Conversely, the exit is easier as there are no costs to sell.

At the other end of the table, the cheapest option is Moscow. With no stamp duty, the main costs come when it’s time to sell, with the 3.5% agency fee paid by the seller.

US cities typically have lower buying costs, but higher selling costs – as a result of high agency fees – and owning costs.

Buyers in Paris face a more evenly weighted split of taxes. Purchase and selling costs are 7% and almost 5% respectively, with owning taxes over five years of 4.2%.

Although buying costs are close to 10% of the purchase price, low owning (0.7%) and selling costs (2.3%) make London’s total costs in line with many other global cities.

_{Read the articles within Savills Prime Index: World Cities below.}