Seven Property Wonders of the World: The Most Expensive Cities in the World
August 28, 2018
A tour of the seven most costly cities in the world for residential real estate.
Some places have it all: the best views, a superb dining scene, beautiful parks and a rich cultural heritage. But all this comes at a price as a recent article published in Britain’s The Telegraph revealed, detailing the most expensive cities in the world – globally based on how many prime square metres one million US dollars will buy. We look at the top seven of these ‘wonders of the world’ to see what exactly makes them so desirable.
Don’t let Monaco’s diminutive size fool you, in the tiny Mediterranean Principality property prices are sky high, making it the most expensive city in the world to buy property. Living up to its glamorous image, Monaco real estate costs a cool $1 million for 15 square metres. But in many cases, you can expect an exclusive lifestyle for your money. The most expensive luxury apartment for sale in Monaco (and the world) is reportedly the Tour Odeon’s penthouse, valued at around USD$400 million.
2. Hong Kong
Hong Kong’s property comes in second place with 20.6 square metres yours for $1 million. The former British colony attracts international investors from Asia and beyond who appreciate the city’s diverse selection of property. Even with cooling measures in place, which mean local buyers must pay a 15% stamp duty to buy a second flat and foreign buyers must pay 30%, the property bubble doesn’t look like it will burst any time soon.
London is the second most expensive European city after Monaco with $1m only worth 25.2 square metres. Despite Brexit, the UK capital is still attracting UHNWI from all over the world – there are currently 62 billionaires living in the city, according to the Wealth-X Billionaire Census. The most expensive neighbourhoods in London include Knightsbridge, Mayfair, Belgravia, Kensington and Chelsea.
Boasting a concentration of wealthy residents, many born overseas, the prices in Singapore are correspondingly high with $1m only netting you around 32 square metres. Like real estate in Monaco, Singapore’s property market and prime waterfront location comes with benefits. The city-state has similarly good tax benefits and an excellent harbour setting.
The pure air and appealing business opportunities of Geneva draw property buyers and investors to the peaceful lakeside city. Over 140 multinationals and 36 international organisations have already established themselves in Geneva, which has a 40% foreign population. With its close proximity to France and picturesque Alpine location, Geneva is perfect for business and leisure and it’s not surprising that, on average, $1 million will buy you just under 35 square metres.
6. New York
The Big Apple will take a sizeable bite out of your savings. One average, $1 million will buy you 40.2 square metres. Although it’s not the capital of the USA, New York’s size, population and reputation mean it is placed as one of the most important global cities, with property prices to match.
One of the most genetically-blessed cities in the world, with its breath-taking harbour, beach culture and laid-back lifestyle, it’s no surprise that property prices in Sydney have exploded in the last decade or so. Today, if you are looking to buy a property in Australia’s largest city, you’ll have to budget $1 million for just over 41 square metres. Not that the price tag is deterring would-be residents and investors. The Sydney property market is booming as more and more people look to make the move down under.