Home prices in the 10 most expensive markets worldwide have climbed an average of 10 percent in the past six months. Hong Kong ranks as the most expensive market, with luxury real estate costing an average of $10,360 per square foot as compared to $4,768 per square foot in London.  The markets, which include New York City, Moscow, Paris, Tokyo and others have seen steady growth due to a global commodities boom. The ultra-affluent from around the world will continue to seek real estate in major cities, driven by the need for a safe-haven amongst global political turmoil.

These expensive markets are collectively experiencing higher growth than the mainstream markets in their home countries. Sydney, Australia has seen the largest jump in luxury home prices, with a 40 percent leap in the first half of 2011. Sydney previously had the lowest value among global luxury markets.

The market for luxury leisure and second home properties has not experienced as much of a growth in recent months. These markets have still seen a 33 percent boost in vacation home sales in the past six months. Leisure homes, often located in rural areas are more susceptible to downturns in local economies making them one of the first assets to be liquefied in hard times.

Asian markets are projected to continually grow, based on the increasing number of million and billionaires in countries like India, South Korea, Thailand and Malaysia.

Blog via Bloomburg Businessweek Photo via EVES