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This article was written on 09 Jul 2014.

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Most expensive real estate markets

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Are you planning to invest in the best real estate in the world? Here is our recommendations…

In order to understand the trends on the global market, the investors should collect the information of the analytical centers, which regularly make the ratings of the most expensive real estate property in the world. The data often changes and the results can be different, but it helps to see a general picture of what is happening on real estate market and make the right decision.

int_0_127506The real estate companies assert that the most expensive real estate property is in Monaco now. If you spend a million dollars in Monaco you will be able to acquire the 160 square feet only, which is just a size of a bedroom. A million dollars for one bedroom is a strange deal, do you agree? What about sharing a bathroom and a kitchen with other poor millionaires in Monaco then? Though this is a joke, the fact is that being a millionaire you may be unable to afford a luxury apartment in Monaco.

Alongside with Monaco the list of the most expensive markets for residential real estate includes London, New York, Paris, Geneva, Hong Kong, Tokyo, Rome, Dubai, Moscow, Sidney and Shanghai. The cities change places of each other from time to time but, upon the whole, the same cities remain in the top.

London and New York are the most favorite cities of rich people. The study says that New York will replace London eventually. But these cities are always at the top.

Ostrov-YAva-2When the economic situation develops favorably in some country and business life becomes more intensive, new cities may approach the top. For instance, the prices on real estate also rise in such cities as Jakarta, the capital of Indonesia (reached almost 38%) and Auckland, New Zealand.

What affects the prices? The business hubs of the world are the most attractive investments. The price, as a rule, is based upon the following criteria: economic activity, political power and a quality of life.

The factors include historical aspect too. This contributes to constant demand at real estate market. When wealth is long-established, the position of the city becomes unassailable.

The cheapest real estate property in New York is 50 million dollars for a sky-rise condo, and this price is incredibly low and is determined by the fact that the space is raw there.

Luxury housing in Hong Kong is not less expensive. The size of a billionaire property is big so the price tags are huge. For instance, the average size of such apartments is 5200 square feet and the price of the apartment reaches 57 million dollars.

Virgina-Woolf-Fitzroy-Square-Londres_LRZIMA20120616_0025_4Wealthy investors who look for high returns prefer to buy apartments in London. 70% of newly built houses are bought by the foreigners. On the one hand, the city is globally recognized, but, on the other hand, it brings to social problems. Local citizens are not rich enough to buy the property in the native city.

The factors that affect the price of real estate property include location, timing, competition and conditions. As you understand location is one of the determining factors that make the property attractive. When the place is popular the competition is high accordingly. Conditions or appearance are also important in price formation.

The smallest £1million property of Great Britain that appeared on the market not long ago is a small one-bedroom apartment on Berkeley Street.

0075531-1But the most expensive property may not be geographically dependent. For example, a building on the island of Antillia, India, is £609 million. A place is a real paradise with floating gardens. There are also expensive houses in the most fashionable locations such as French Riviera (Villa Leapolda: £457 million) or Palm Beach (David Trump’s mansion: £913 million), in popular retreats for aristocrats such as Lake Como, the most beautiful lake in Europe, where many famous people bought the houses (Madonna, Matthew Bellamy, George Clooney and etc.)

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