Location, location, location – this is the first and most important thing that matters when buying any kind of real estate.
The location of a property determines and affects its value more than other assets, and the cities are often considered the most valuable of them all.
Here are 10 of the most expensive real estate markets in the world that both new and seasoned investors should know.
You can expect to pay a whopping average price of $60,114 per square meter of real estate property in Monaco, making it more expensive than anywhere else in the world. it is also the perfect place where you can look for luxurious properties. Many of the world’s richest people have properties in Monaco that are either their second home or primary residence.
London, United Kingdom
London, England’s capital city, is one of the most desirable places to live. This serves as the home to most of the major tourist attractions in the UK and the headquarters of numerous major companies. These two factors continue to attract more people to London, resulting in higher property prices.
London properties have an average price of $34,531 per square meter. However, it is quite baffling that despite the high demand for London properties, many apartments and houses are often left empty. A good reason for this is because the famous and rich people own properties in the capital but don’t necessarily use them as their permanent homes.
Hong Kong, Hong Kong Island
Hong Kong’s high real estate prices are due to different factors such as the tax-friendly economy, high demand and low supply, mainland developers, and land development. The estimated cost of Hong Kong Island property is $25,551, and the rent for a 120-square meter apartment is more than $7,000 monthly.
New York City, US
New York City boasts a great vibe, high employment rates, excellent shopping spots, and lots of activities perfect for leisure time. All of these elements are some of the many reasons that make the city a desirable place to live in.
The high demand means that New York properties are at a premium, driving property prices to as much as $17,191 per square meter. Similar to London, though, most of the properties in New York remain empty for most of the year since rich owners prefer having a permanent residence somewhere else.
If you plan to buy a property in Tokyo, the capital of Japan, be ready to spend approximately $16,322 per square meter. One of the main reasons for the city’s high cost of living is its high population and limited available land. But there are still many other factors that affect the high prices, such as the snob element of most people wanting to live in the capital more than in other parts of the country.
These are only some of the most expensive real estate markets in the world whose high prices continue to attract luxury investors who want to enjoy more lucrative profits from their investments.
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