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According to Savills, a global real estate firm, global billionaire activity in world real estate markets has been so intense over the last seven years that it has led to a doubling of property values in this sector, the largest rise being in Asia and China. The trend easily noticed is the rise in popularity of emerging markets. Another observation is that Zurich, the world’s most expensive city to live in, doesn’t feature on this list. We present a countdown of the top 10 most expensive cities for luxury real estate in the world.
10. Sydney, Australia – Australia’s most populous city, Sydney ranks 10th owing to its average price per square foot which is $880. The average property size in this city is 19,400 sq. ft.
9. Mumbai, India – India’s buzzing city Mumbai saw a 176% surge in prices since 2005 with the average price per square foot now being $970 and the average property size being 6,800 sq. ft.
8. Singapore, Singapore – Owing to a 232% since 2005, the average price per square foot in Singapore is now approximately $1,820. The island city-state boasts of average property size of12,300 sq. ft.
7. Shanghai, China – China’s most populous city makes it to the 7th spot on the list with an average price per square foot of about $2,125 and an average property size of 5,400 sq. ft.
6. New York City, USA – The Big Apple despite seeing a 47% hike in sale prices as compared to 2005, saw a decline in its popularity. The city’s average price per square foot is now about $4,100 and the average property size, 6,500 sq. ft. Though in 2010, NYC was rated as the world’s most expensive city to visit.
5. Moscow, Russia – Russia’s capital city enjoys an average price of $4,250 per square foot and an average property size of 4,600 sq. ft.
4. Paris, France – Paris is witnessing curbing of high-end activity due to lofty taxes. The city commands an average price of about $4,400 per square foot and an average property size of 10,800 sq. ft.
3. London, UK – UK’s capital city has witnessed a107% in its ultra-prime market since 2005 and a terraced house recently traded for close to $120 million there. The average price per square foot here is about $5,300 and average property size is 7,900 sq. ft.
2. Tokyo, Japan – Japan’s capital Tokyo, has the second most expensive real estate market in the world with an average price per square foot of about $7,600 and average property size of 16,000 sq. ft. To put it simply, an opulent mansion-sized home in Tokyo would be valued at $121.6 million. This is a huge jump for the city as in 2007 it was out from the list of the world’s 10 most expensive cities.
1. Hong Kong, China – This Chinese island territory claimed the spot of the world’s most expensive luxury real estate market and not surprisingly so, as it was declared so in 2011 as well. The average price per square foot is about $11,000 with an average property size of 5,200 sq. ft. The record for the city’s most expensive deal is held by a house on Deep Water Bay Road that fetched about $13,000 per square foot at the time of sale in 2011. Research has also shown that Hong Kong is also the world’s most expensive shopping destination.
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