The luxury real estate market has seen a continuous and quite spectacular growth over the last years. Apparently the rich and powerful have significantly increased activity in this sector, leading to a notable increase in luxe property values. Experts even say that plush residences now sale for double their past (2005) prices. So here is what the current situation looks like, in the form of a top ten: the world’s most expensive cities for luxury real estate.
10. Sydney, Australia
The average size of a fine property in this magnificent city is 19,400 square feet. Knowing that the average price for one square foot is $880, the math is quite simple (if you have a calculator at hand): luxury homes in Sydney sell for an average price of $17,072,000. Keep in mind that this is only the beginning of our list, which means that much more prohibitive prices are yet to come!
9. Mumbai, India
Since 2005, prices in Mumbai have grown a lot – by 176%. Currently, the average price per sq. ft. is $970, with the average property offering 6,800 sq. ft. of living spaces.
8. Singapore, Singapore
This stunning city has seen a dazzling 232% growth in real estate prices since 2005. This translates to a current average price per sq. ft. of $1,820! The average luxury home size is 12,300 sq. ft.
7. Shanghai, China
China is one of the markets where billionaire activity has increased the most during the last few years. Right now Shanghai offers luxury properties of 5,400 sq. ft. (the average number) at about $2,125 per sq. ft. (the average price, again).
6. New York City, USA
Number 6 on the list is New York City, USA. It’s no surprise that the Big Apple is once again part of the top ten most expensive cities to live in. However, it is quite interesting to learn that unlike many other cities in the world, NYC has seen a decline in luxury real estate sales. Today the activity on the market is lower by 47%. Only three years ago, this was the world’s most expensive city to buy a home in, and now its average price per sq. ft. is $4,100. The average home here offers 6,500 sq. ft. of space.
5. Moscow, Russia
The Russian capital offers stunning luxury residences with an average space of 4,600 square feet. If the weather doesn’t scare you away, then you should be ready to pay an average price of $4,250 per sq. ft. for a home.
4. Paris, France
High taxes in the country are discouraging wealthy people from purchasing high-end homes in the fabled capital of fashion. However, this sector still does well, and the average price per sq. ft. for a plush residence here is $4,400. The thing is the average size for luxe properties in Paris is 10,800 sq. ft., which means a lot of money for one home!
3. London, UK
Things have been good in this sector for London. Since 2005, prices for luxury homes have soared by 107%. Today the average price for a home is $5,300 per sq. ft. The average size for a fine residence is 7,900 sq. ft.
2. Tokyo, Japan
Tokyo is world famous for its extortionately expensive properties. For several years in a row it topped the list of most expensive cities in the world, and now it proudly occupies second place, with an average price per sq. ft. of $7,600. Normal homes are rather small here, but when it comes to luxury real estate, things are a little different: the average size of a high-end home is 16,000 sq. ft.
1. Hong Kong, China
Yes, China has two cities on the list. Thanks to its spectacular economic growth, the huge city offers plush properties at an average price of $11,000 per square foot. The average size for a luxe home in this vibrant capital city is 5,200 sq. ft., which means that if you plan to buy a home here you need to be ready to shell out approximately $57.2 million!
