Archive for the ‘10 Most Expensive Cities’ Category

10 Most Expensive Cities to Own a Home

September 29, 2009
Provided you have the spare cash-flow and fancy a spot of sea change, then you might like to invest into a second home somewhere more exciting and away from home. But with investment usually comes cost and lifestyle change and we wonder, if it is really worth it?

Only those who have taken the plunge know this with certainty, for all others you can dream on by looking at the world’s most expensive cities to own a home. Compiled by the guys from Global Property Guide.
1. Monte Carlo

Who would have guessed that Monte Carlo ranks as the most expensive city in the world for the second year running… yes, right we did. With average prices of $47,578 per sq.m. it is no wonder.

Long known as the playground for party-friendly billionaires, starlets and everything in between, Monte Carlo does offer something for everyone. Let’s see, there is the casino, the stunning scenery, the Formula 1 Grand Prix and plenty of sunshine all year round.

If that is not reason enough to buy a home there what else would be. And we did mention that just around the corner is Monaco with one of the best yacht harbours in the world.

2. Moscow

Seeing Moscow rank so high is actually a surprise for us. Especially since it outranked London, known to be expensive. Moscow clocked in with $20,853 per sq.m

3. London

As already mentioned, London is only a fraction behind Moscow with $20,756 per sq.m. But given the choice we would buy in London any day before going to Russia (no offense intended). It’s just that we love London’s vibrancy and what the city can offer residents. There is never a dull moment and besides the weather – here we go again – we really love London to bits. It’s the city that never sleeps for sure.

4. Tokyo     
 
 

Ranked as the 4th most expensive city in the world, Tokyo real estate costs $17,998 per sq.m. Now if you are the type who loves eternal supplies of sushi, sashimi and Kirin beer, then you should seriously consider moving to this city of glitz and neon advertisements.

Plus, you’ve got to love crowds too. And did we mentioned the Shinkansen?

5. Hong Kong

 

 

Victoria peak, harbour junks, quick access to mainland China and a sophisticated mix of ethnic races share Hong Kong, a former British colony as their home. We admit, this city kicks butt and offers a ton of exciting experiences to visitors from all around the world.

If you decide to fork out your hard earned money for your own home, then you can take advantage from hidden markets, nearby islands and lovely local beaches. If you are keen you can always visit Disney too. All of this would come at a price of $16,125 per sq.m.

6. New York

 
 

The Big Apple as New York is lovingly known is the only city in the US included in the list. Costs of $14,898 per sq.m. offer you a home in one of the most vibrant cities in the world. From Central Park to Manhattan’s skyscraper jungle you can find just about anything you want in this city.

Good food, great shopping outlets and not to forget plenty of water are all draw-cards for potential buyers.

7. Paris
 

 

The city of romance and love or so they say. Quite frankly we are not that keen about Paris. We think it is dirty and sometimes even rude. Whoever said it was a place to go for loving?

But jokes aside, it has its niceties. Take the Eiffel Tower for example, great views from the top. Or a boat trip on the river Seine should not be looked over for a weekend trip. Buying a home there though requires some decent funding with $12,122 per sq.m. not cheap but certainly more affordable than Monte Carlo.

8. Singapore

 
 
 

If you like clean and order, then Singapore is your city. With strict laws about littering and plenty of green in and around the city, this cosmopolite in Asia is a favourite for many. It will set you back some $9,701 per sq.m. but think how close you would be to the rest of Asia.

 
 
9. Rome
 
 

All roads lead to Rome, right? They certainly do. And if you find yourself lost on an European road trip in search of a new home, then Rome will set you back some $9,166 per sq.m.

But as a reward you might get to see the pope or visit the Spanish steps. One thing the Italians certainly know is how to live life and yes we forgot, how to cook. Living in a city like Rome will most certainly pile on the extra kilos.

10. Mumbai
 
 

India, or Mumbai clocks in in 10th position. Quite astounding when we think back how not to long ago we saw India as a 3rd world country.These guys have certainly busted their behinds in the race of world domination and consequently built and grown some impressive cities.

If you want to buy real estate in Mumbai, you are looking at around $9,163 per sq.m.

All of these data has been based on the average price of a 120 sq.m. apartment within the city centre and in good condition. In total, more than 110 cities around the world were surveyed for this purpose and data was collected during 2008.

Given the fact that it is in Russia, maybe all that new wealth Russian money did affect the market, skyrocketing property prices like crazy.