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World's most expensive real estate markets

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

Image: A fishing boat passes the Taj Mahal hotel in Mumbai.
Photographs: Jayanta Shaw/Reuters.

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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World's most expensive real estate markets

Photographs: Courtesy, Monaco Torusim.

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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Image: Hong Kong.
Photographs: Courtesy, Hong Kong Tourism.

Hong Kong (Rank 2)

Rate: $4570-5050/sq ft

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Photographs: Courtesy, visitlondon.com.

London (Rank 3)

Rate: 3890-4300/sq ft

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Image: Geneva.
Photographs: Courtesy, Geneve Tourisme.

Geneva (Rank 4)

Rate: 2720-3010/sq ft

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Photographs: Reuters.

Paris (Rank 5)

Rate: 2350-2600/sq ft

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Image: Singapore.
Photographs: Courtesy, Singapore Tourism.

Singapore (Rank 6)

Rate: 2340-2580/sq ft

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Image: Moscow.
Photographs: Aleks G/Wikimedia Commons.

Moscow (Rank 7)

Rate: 2040-2260/sq ft

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

New York (Rank 8)

Rate: 2030-2240/sq ft

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Image: Sydney.
Photographs: Reuters.

Sydney (Rank 9)

Rate: 2020-2230/sq ft

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Photographs: Reuters.

Shanghai (Rank 10)

Rate: 1820-2020/sq ft

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Image: Apartments are seen from a street in Beijing.
Photographs: Kim Kyung-Hoon/Reuters.

Beijing (Rank 11)

Rate: 1530-1700/sq ft

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Photographs: Reuters.

Rome (Rank 12)

Rate: 1470-1550/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.

Miami (Rank 13)

Rate: 1300-1440/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.

Tokyo (Rank 14)

Rate: 1240-1370/sq ft

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Photographs: Reuters.

Los Angeles (Rank 15)

Rate: 1210-1340/sq ft

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Photographs: Reuters.

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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