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Tuesday, April 21, 2009 

Most expensive cities to buy a home

After the lists featuring the 20 richest clubs in the world and more recent the 10 most expensive cars, now it's time for another financial discipline: The most expensive places to buy a home. Since a long time that I’m trying to post here an article about the most expensive places in the world to buy a house, but as you know, this deserves a thorough investigation. Buying a home these days requires stress and research for a lot of us. Most times the family budget and the price of the house weigh more than its location, but believe or not, for many people money is not a problem and stress doesn't appear in the dictionary. The history, weather, lifestyle and the famous people living in the surrounding area, are the key factors to evaluate a particular place. I have to be honest, but I'm not quite sure if the average prices per square meter of these cities are still the same as when I did my research due to the recent downward in the economy, because some of them have been hit by the economic changes. Anyway, I believe most of them are very similar or even more expensive these days. Here are the top 5 most expensive cities to buy a home.

With average prices of $47,650 per square meter, Monte Carlo is currently the most expensive place to buy a home. Situated in the heart of the Principality of Monaco, Monte Carlo is often described as "The Jewel in the Crown of the French Riviera", the Côte d'Azur. It's famous for it casinos, the deluxe palace hotels, superb gourmet dining, tax-friendly business environment and year-round world-class events. The climate here is perfect, with mild winters and warm summers. This mythical place is rich in history, and offers many museums, some of the best hotels and restaurants in the world, and events such as The Grand Prix, the Monte Carlo Rally and international tennis matches. As brilliant a history as it has had, Monte Carlo hardly lives in the glow of its past. Houses are expensive and the life style too. If you are an eccentric person and have lot of money to spend, then this is the perfect place to live. The average price per square meter in Monte Carlo rounds the $47,650.

With average prices of $20,900 per square meter, Moscow ranks second on my list. The city is situated in the center of the European part of Russia on both banks of the Moskva River in its middle reaches. It is the largest city and transportation hub as well as the political, economic, cultural and scientific center of Russia. Moscow's position has been strengthened over the recent times due to the appreciation of the rouble against the US dollar. Moscow is recognized as the heart of Russia. You will probably not believe, but a cup of coffee in a Moscow is priced at 10.40 dollars including the service. The average price per square meter in Moscow rounds the $20,900.

It's hard for us to think about it, but London ranks just the third place on my list but only a fraction behind Moscow with $20,315 per square meter. The City of London is one of the world’s leading international finance centres, everything connects here. The capital of England, London is vibrant, cosmopolitan, chaotic, diverse, exciting, entertaining, simulating, rewarding and full of surprises. In other words, a typical big city. It’s nice to visit but nicer to leave. The average price per square meter in London rounds the $20,315.

With average prices of $18,100 per square meter, Tokyo ranks the fourth place on my list. The city has many centres for shopping, eating and simply wandering around. The capital of Japan is dotted with museums focused on every possible interest from pens to clocks to traditional wares and modern arts. It's not hard to find plenty of green parks, restaurants and shopping areas. The average price per square meter in London rounds the $18,100.

Ranked as the 5th most expensive city in the world, Hong Kong real estate costs $16,010 per square meter.

Although the traditionally expensive cities of Western Europe and Asia still feature in the top 20, cities in Eastern Europe, Brazil and India are creeping up the list. Within the United States, New York remains the most expensive city with Los Angeles at twenty-seven and Chicago at thirty-five. All of these data has been collected by myself and based on the average price of a 100 square meter apartment within the city centre. I'm not a professional in the real estate market; therefore these data should not be used as a market indicator. The post has been created just with the purpose to disclose the exuberant price per square meter in certain cities around the world.

Thanks for your visit and remember that your comment is always helpful for me.


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so beautiful city

So, I have not to complain myself about the prices in Trieste wher, for an apartment in front of the sea is just 6.000€ per square meter:-)

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About Me

  • I'm a 47 year old Independent Trader using proprietary technical analysis with more than 20 years experience of investing in the US stock markets. I started this blog in 2006 simply as a way to share my thoughts about capital, risk management, and trading. My blog contains only my personal opinion and is provided for informational purposes only.

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