Published : 20 April 2015
If you’re thinking that real estate prices in your city are high, think again! Certain parts of the world have long been known for the very high residential property prices. These places are heaven for the owners but the story is completely different for the potential buyers.
Wondering about the cities that have the highest real estate prices in the world? Here’s our top seven countdown.
Known as a luxurious and high-end European resort, Monaco is also one of the world’s places that feature the highest property prices.
Monaco has been associated to elite and sophistication for many years. Its splendid location has also had an impact on the property prices. The average price of luxury real estate in Monaco is 53,226 US dollars per square metre (more than 69,300 Australian dollars).
The tax-free policies in Monaco are another great feature driving a big number of foreign real estate investors. British buyers are particularly drawn to the beauty, peacefulness and economic stability that Monaco has to offer.
Another European city is represented in the most expensive real estate places chart. Many factors determine why the French capital features such pricey houses. The average price in Paris is 18,066 dollars per square metre.
The demand for apartments in Paris has grown significantly, a major factor that has contributed to the record costs. The property laws are rather lenient, which is why the city appeals to so many individuals.
Australia’s Sydney is another place that is known for relatively costly property. Luxury properties there will definitely cost more than one million US dollars.
The average cost per square metre is 8,774 US dollars, 2014 statistics show. The trend is starting to get reversed and the prices have gone down over the past year. Yet, Sydney still ranks as one of the most expensive cities for property buyers in the world.
Sydney is well-known internationally for some of the exquisite luxury property options. A beautiful and exciting metropolitan area with numerous business opportunities, Sydney is attracting buyers from both Australia and many other parts of the world.
New York is one of the world’s most expensive cities to live in and it also has incredibly expensive properties in comparison to other parts of the US.
The average price per square metre is 13,428 US dollars. The financial crisis did hit New York hard and it affected the housing market, as well. Still, the spectacular metropolitan area attracts many potential buyers. The number of available properties is limited, which is why New York houses and apartments maintain a relatively high price.
The average property prices in Tokyo are similar to those in New York. A square metre of residential property in Japan’s capital costs 13,855 US dollars.
The favourable real estate environment has turned Tokyo into a prime property destination. The rental income tax is low, which makes many buy residential property and start a rental business in the city.
Russia’s capital also ranks among the most expensive cities to live in. Understandably, the price of property there is very high – 13,910 US dollars per square metre. Russia was also hit heavily by the financial crisis, which affected the real estate sector to some degree. Before the crisis, however, prices in the city were incredibly high.
In the period from 2000 to 2007, the real estate prices in Russia went up by more than 360 per cent. Regardless of the recent decrease, Moscow is still an international leader.
Finland is one of the few countries on our list that experienced a significant increase in real estate prices over the past few years.
The average price per square metre of residential property is 8,350 dollars. Helsinki, however, is known for relatively unfavourable real estate taxes that may affect the decisions of potential investors.