London, New York and Moscow are now the world’s most expensive cities for residential apartment buyers, according a survey by the Global Property Guide (http://www.globalpropertyguide.com/), an international property research firm.
Residential apartments in Prime Central London are among the priciest in the world, at US$21,800 to US$36,200 (£10,960 – £18,214 or €16,305 – €27,095) per square metre (sq. m.). Prime Central London includes Belgravia, Chelsea, Mayfair, Notting Hill, Knightsbridge, Regent’s Park, South Kensington, St. John’s Wood, and St. James.
Prices in other luxurious areas in London such as Wimbledon, Hampstead, Richmond, and Wandsworth range from US$14,142 to US$19,361 (£8,675 – £9,719 or €10,560 – €14,458) per sq. m., also among the highest in the world.
New York comes in second place with property prices in Upper Manhattan ranging between US$13,270 and US$22,923 per sq. m. Apartment prices in Lower Manhattan are around US$12,510 – US$20,456 per sq. m
Moscow comes in third place with central Moscow apartment prices ranging from US$10,764 to US$20,506 per sq. m
Other cities in Europe that are among the top ten most expensive cities for apartment buyers are Paris, Barcelona, and Geneva. Condominium prices in Paris are around US$12,930 to US$18,070 per sq. m.
In Spain, prices of flats in Barcelona are between US$9,160 and US$9,870 per sq. m. Prices of apartments in Madrid are lower than Barcelona, at US$6,535 – US$ 8,000 per sq. m
In Switzerland, prices of flats in Geneva are around US$6,870 – US$10,400 per sq. m. Prices in Geneva are higher compared to Zurich, US$5,900 – US$9,830 per sq. m
Of the three German cities included in the study, Munich is the most expensive with prices of flats at US$3,485 – US$3,700 per sq. m.; followed by Frankfurt at US$2,360 – US$3,300 per sq. m. Property prices in Berlin are still relatively subdued at US$1,840 – US$2,600 per sq. m.
Residential apartments in Istanbul, Turkey are among the cheapest in Europe, at around US$1,850 to US$2,500 per sq. m.
Residential apartment prices in Hong Kong range from US$10,490 to 14,780 per sq. m., in Tokyo from US$7,600 to US$11,870 per sq. m., and in Singapore from US$11,500 to US$13,340 per sq. m.
Mumbai is a notable exception among the ten most expensive cities; it is located in a poor country, albeit rapidly growing. A mix of high population density, archaic land laws, rapid urbanization and strong economic growth contributes to the surprisingly expensive property prices in Mumbai.
Property prices in Mumbai are around US$8,600 to US$10,300 per sq. m. This is significantly higher than New Delhi (prices at US$1,970 – US$3,260 per sq. m.) or Bangalore. Despite equally rapid economic expansion, property prices in Bangalore are still among the cheapest in the world at US$950 – US$1,900 per sq. m..
Compared to Mumbai, Chinese cities are significantly cheaper. Prices of flats in Shanghai are around US$2,870 to US$3,540 per sq. m. while those in Beijing are priced at US$2,100 to US$2,330 per sq. m.
Properties in Australia are near the top of the scale, with apartment prices in Sydney at around US$6,290 to US$9,690 per sq. m. New Zealand is significantly cheaper than Australia, with apartment prices in Wellington at only US$4,360 – US$4,500 per sq. m.
Do you feel better for now knowing what an expensive city Sydney is!