The Most Expensive Housing Markets in the World

 

Monaco

According to Knight Frank and Citi Private Bank’s latest wealth report, Monaco has the most expensive residential real estate in the world. Even though Monaco’s housing market declined by 10 percent from the previous year, the average house price was still a staggering $58,300 per square meter.

Cap Ferrat

Second on the list is Cap Ferrat in Southern France. Known as one of the crown jewels of the French Riviera, house prices average $51,800 per square meter. Filled with mostly Belle Epoque, Art Deco and Renaissance inspired villas, Cap Ferrat is just a few miles from Nice and Monaco.

London

London features as the third most expensive housing market with house prices averaging $48,900 per square meter. London’s not only one of the most important financial districts in the world, it’s also considered a pleasant place to live and a relatively safe place to park large amounts of money. The housing market has seen steady growth since the Lehman collapse in 2009. Year-by-year, the London housing market has seen an increase of 12.1 percent and 43 percent since March 2009.

Hong Kong

Knight Frank and Citi Private Bank’s report lists Honk Kong in fourth place, with with an average price of $47,500 per square meter. House prices in Hong Kong have increased by 94 percent over the last five years. As long as interest rates don’t increase, they should continue rising due to high demand and limited supply. Hong Kong apartments, with an average price of $28,300 per square meter, are listed in tenth place.

Courchevel 1850

The fifth most expensive housing market in the world is Courchevel 1850. Situated in the heart of the French Alps, Courcheval 1850 properties average $44,000 per square meter. Courchevel is a ski resort known for its ultra-luxurious properties. Consisting of four satellite villages, Courchevel 1850 is the winter playground for the rich and famous.

Switzerland

The Swiss residential property market is booming due to low interest rates and an influx of wealthy migrants. Sixth, seventh and ninth place on Knight Frank and Citi Private Bank’s list are all located in Switzerland. Listed in sixth place is St Moritz with an average price of $42,600 per square meter. Listed seventh is Gstaad with an average house price of $39,900 per square meter. St Moritz and Gstaad appeal to the same type of buyer looking for a home in a cosmopolitan resort town. Geneva is ninth on the list with an average house price of $31,900 per square meter. Geneva is a global city that attracts both wealthy foreigners and multinational corporations.

Real Estate

Photo Credits: http://www.flickr.com/photos/10164913@N02/1030792744/

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Peter Wendt is a writer from Austin, Texas. He enjoys luxurious living, and recommends one of these downtown apartments in Austin TX if you are looking for a high-end place in the area.

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