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World's most expensive real estate markets

Last updated on: March 20, 2013 07:56 IST

World's most expensive real estate markets

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Mumbai is the world's 16th most expensive city for residential space.

 

Owning a prime residential property in India's financial capital comes with a hefty price tag of around Rs 57,000 per sq ft, real estate consultancy Knight Frank said.

As per the Knight Frank's prime international residential index, the financial capital is also among the few global cities that saw realty prices going up in 2012.


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Image: A fishing boat passes the Taj Mahal hotel in Mumbai.
Photographs: Jayanta Shaw/Reuters.
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Monaco (Rank 1)
Rate: $5350-5920/sq ft

The search for safe haven investments has continued to propel prices higher in key global cities; some of the markets worst hit by the global financial crisis appear at long last to be recovering; and the impact of growing global wealth flows has kept governments busy in their attempts to limit price growth and deflate nascent real-estate bubbles before they explode, states Knight Frank.

Around a third of the locations in the Prime International Residential Index (PIRI) showed positive price growth during 2012, but about half reported negative growth.

(Price during the fourth quarter of 2012)

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Photographs: Courtesy, Monaco Torusim.
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Hong Kong (Rank 2)

Rate: $4570-5050/sq ft

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Image: Hong Kong.
Photographs: Courtesy, Hong Kong Tourism.
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London (Rank 3)

Rate: 3890-4300/sq ft

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Photographs: Courtesy, visitlondon.com.
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Geneva (Rank 4)

Rate: 2720-3010/sq ft

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Image: Geneva.
Photographs: Courtesy, Geneve Tourisme.
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Paris (Rank 5)

Rate: 2350-2600/sq ft

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Photographs: Reuters.
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Singapore (Rank 6)

Rate: 2340-2580/sq ft 

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Image: Singapore.
Photographs: Courtesy, Singapore Tourism.
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Moscow (Rank 7)

Rate: 2040-2260/sq ft

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Image: Moscow.
Photographs: Aleks G/Wikimedia Commons.
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New York (Rank 8)

Rate: 2030-2240/sq ft

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Image: Empire State Building is seen during Earth Hour in New York City.
Photographs: Eric Thayer/Reuters.
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Sydney (Rank 9)

Rate: 2020-2230/sq ft 

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Image: Sydney.
Photographs: Reuters.
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Shanghai (Rank 10)

Rate: 1820-2020/sq ft 

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Photographs: Reuters.
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Beijing (Rank 11)

Rate: 1530-1700/sq ft

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Image: Apartments are seen from a street in Beijing.
Photographs: Kim Kyung-Hoon/Reuters.
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Rome (Rank 12)

Rate: 1470-1550/sq ft 

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Photographs: Reuters.
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Miami (Rank 13)

Rate: 1300-1440/sq ft

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Image: A new condominium building is shown under construction in the Brickell Avenue area in Miami, Florida.
Photographs: Joe Skipper/Reuters.
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Tokyo (Rank 14)

Rate: 1240-1370/sq ft

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Image: People clear snow off a road, next to a car stranded in the snow in Tokyo.
Photographs: Kim Kyung-hoon/Reuters.
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Los Angeles (Rank 15)

Rate: 1210-1340/sq ft 

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Photographs: Reuters.
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Mumbai (Rank 16)
Rate: 990-1100/sq ft

Knight Frank's report says Mumbai's real estate witnessed an average price increase of 0.5% in 2012.

Going ahead, the prices in Mumbai are going to shoot up by another 2 to 4% this year, and up to 10 per cent by 2014.

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Photographs: Reuters.
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Istanbul (Rank 17)

Rate: 880-980/sq ft

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Photographs: Reuters.
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Sao Paulo (Rank 18)

Rate: 660-730/sq ft

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Image: Sao Paulo.
Photographs: Reuters.
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Dubai (Rank 19)

Rate: 520-580/sq ft

Dubai stands out with strong growth of 20 per cent in the price of luxury villas during 2012. 

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Image: Dubai.
Photographs: Steve Crisp/Reuters.
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Cape Town (Rank 20)

Rate: 510-570/sq ft

 

 

 



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