10 Most Expensive Cities to Buy a Home
Where you choose to live can make a significant difference to the price you pay for a property. This is often due to the demand for properties in an area and the amenities, schools, work opportunities and leisure activities available. Other factors that can influence the price of homes are transportation links, environmental problems in an area, future development plans, and crime rates. Properties in cities are often more expensive per square meter than those in rural areas. However, there are some cities that are more expensive to live in than others. There are different ways of calculating how expensive a place is to live. While some people calculate this using a ratio of earnings compared to property price, this list is based on the price of property per square meter. Here are the top 10 most expensive places to buy a home in the world.
The average price per square meter of property in Monaco is a whopping $60,114. This makes it significantly more expensive than anywhere in the world and the best place to search for a property that offers true luxury. Many of the richest people in the world have properties in Monaco, either as their primary residence or a second home.
2. London, United Kingdom
As the capital city of England, London is an extremely desirable place to live. It is home to many of the major UK tourist attractions and the headquarters of many major companies are based in this city. These are just two of the factors that attract people to the city and drive up the prices. The price per square meter for property in London is approximately $34,531. Bizarrely, even though demand for properties in London is so high, there is a large number of houses and apartments that are empty for most of the year. This is because the rich and famous like to have a base in the capital but do not use it as their full time residence.
3. Hong Kong, Hong Kong Island
The low supply and high demand, the tax friendly economy, land development and mainland developers are all factors that contribute to the high cost of property in Hong Kong. Prices for property in Hong Kong Island currently cost an estimated $25,551. An apartment of 120 square meters would rent for over $7,000 per month.
4. New York City, United States
The cost of buying property in New York means that owning their own place is something that many people living in the city can only dream about. New York is a city with a great vibe, excellent shopping areas, high rates of employment and plenty of activities for leisure time. These elements combined make it a desirable place to live. As the demand is high, properties are at a premium. This has driven prices for New York property to a high of $17, 191 per square meter. Just like London, many properties are empty for large portions of the year as rich people want to have a base in the city but prefer to live full-time elsewhere.
5. Tokyo, Japan
You can expect to pay around $16,322 per square meter if you want to buy a property in Japan’s capital city. One of the simplest explanations for the high cost of living in Tokyo is simply that they have limited land and the city is highly populated. However, there are many other factors that come into play. There is a certain ‘snob’ element of wanting to live in the capital over other areas of the country. Some reports suggest that cartels, corruption and collusion have also played a part in the soaring property market in Tokyo.
6. Moscow, Russia
Inflation in Russia has significantly impacted on house prices and saw them rise significantly although they are now on the decline. This does not mean that this has become an affordable place to live as it is still ranked in sixth position on the world’s most expensive places to live. The price per square meter for property in Moscow is around $16,021. After Moscow, St. Petersburg is the most expensive city to live in Russia.
7. Mumbai, India
While the overall real estate market in India is slowing down, this is not the case in Mumbai where property prices are soaring. One of the reasons for the property prices is the geography. It is surrounded by water on three sides. Not only does this make it appealing to prospective residents, it also means that opportunities for development are limited putting properties in high demand. In this city, you can expect to pay $15,525 per square meter for a property. Alternatively, you can rent a 120 square meter apartment for around $2,275.
8. Geneva, Switzerland
Swiss Nationals want to live in Geneva for the work opportunities, the cosmopolitan atmosphere, and the quality of living. People looking for second home are also attracted to this city. However, buying a property in Geneva comes at a cost. If you are looking for a property in Geneva you will pay $15,495 per square meter.
9. Vienna, Austria
In the last six years, property prices have risen in Vienna by around 39%. Similarly, the cost of renting properties has also risen by approximately 21%. There are not enough properties available to meet demand and this is the predominant cause of such high price rises in the city. Property in Vienna now costs $14,952 per square meter on average.
10. Paris, France
Paris is the most expensive place to live in France and is the tenth most expensive place to live in the world. Inflation in the property market is continuing in Paris with prices rising by 4.4% in just one year. A square meter of property in Paris is valued at $14,100. The central neighborhoods in the city are the most expensive places to buy a home while it is possible to purchase properties for less in the suburbs of the city.