Chinese are now the world’s most influential buyers of new-build luxury property, spending an average of more than $2.8 million per purchase in competitive markets including Hong Kong, New York, and London, according to a new report.

Growing wealth creation around the world has helped expand demand for luxury residential property in key locations, with rich Chinese leading the way, according the Global Development Insight, a survey published by Knight Frank, a global real estate consultancy. The quarterly report, which includes data for the year up to the end of July, found that Chinese are the top purchasers of new-build residential property in cities including Sydney and Hong Kong, and are active buyers in Kuala Lumpur and Bangkok. They are also showing growing interest in top Western markets.

Chinese buyers’ growing interest in foreign luxury property is fueled partly by a strong yuan and a slowing domestic economy. Many wealthy Chinese nationals are also buying homes abroad because of domestic limits on home purchases and migration. This year, outbound property investment by wealthy individuals is expected to grow by 30 percent, according to estimates by real-estate consultancy Jones Lang LaSalle. The most popular destinations, according to the firm, are the United States, Canada, Australia, and the UK. Outbound property investment deals in 2013 reached $2.7 billion as of September, compared with $1.6 billion during the same period last year, according to Dealogic, a data tracker.

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