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In One Chart: Boosted by a $270M sale, this city bumps London from the top of the luxury list

London, with its posh Belgravia, Chelsea and South Kensington neighborhoods, has dominated the list of luxury markets for years, but there’s a new king in the gilded world of high-end real estate.

According to Christie’s rankings, the U.K.’s capital city in 2016 ceded the top spot in terms of price per square foot and average sales price to Hong Kong.

Property-tax hikes and uncertainty over Brexit hindered London demand, though the drop in the pound sparked interest from U.S. dollar-denominated buyers to keep the city firmly in second place, as you can see by this chart posted on the Visual Capitalist blog:

Hong Kong saw four residential sales top a mind-bending $100 million, including a single house that went for $270 million.

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