World's Most Expensive Real Estate
London-based global real estate firm Knight Frank has recently published the world's most expensive real estate markets in 2012 in its wealth report. Billionaires' playground, tiny tax haven Monaco stays on the top of the list. Mega city New York seems to be a relative bargain staying in eighth place. Canadian expensive real estate hot spots Toronto or Vancouver are not on the list.
The number of super rich people is on the rise and will increase at a higher pace in the next decade, the report states. For example, people worth $30 million or more increased by 5 percent in 2012. And this number will go up by 50 percent in the next decade.
2012 saw an increased demand from buyers in China and Russia as they tried to snap up the most expensive places across the globe. Dubai caught up its popularity with the Russians again in 2012. However, increased demand from countries in North Africa, and nations such as Iran, India, Pakistan help Dubai to drive up its prices in 2012.
Here is the top ten list:
City Property Price Per Square Foot - 2012 Q4
1. Monaco - $5,350-$5,920
2. Hong Kong - $4,570-$5,050
3. London - $3,890-$4,300
4. Geneva - $2,720-$3,010
5. Paris - $2,350-$2,600
6. Singapore - $2,340-$2,580
7. Moscow - $2,040-$2,260
8. New York - $2,030-$2,240
9. Sydney - $2,020-$2,230
10. Shanghai - $1,820-$2,020
Source: Knight Frank
Although Indonesia is not on the list, the two fastest growing places in real estate prices were Jakarta and Bali in Indonesia. Indonesia's high 6 percent GDP growth is creating a surge in real estate due to its increased middle class people. Frank Knight predicts that the number of people worth $30 million or more will double by 2022.
First published on June 3, 2013 on RealEstateExpedition.com