List of Top 10 Most Costly Cities To Own Residential Properties
1. Monte Carlo, Monaco - This small city of the rich has made it to the top of the list for the second consecutive year. Millionaires with homes and property in Monte Carlo get to enjoy the shimmering Côte d'Azur's beaches and glamorous nightlife, but only at a heavy cost. The average price of real estate in this housing market is $4,420 per square foot. The main reason for this is the shortage of space in this beachside town and the status of Monte Carlo being a tax haven.
2. Moscow, Russia - Up one spot from the number three spot last year, this jump was propelled by strong economic growth, partly a result of recent high oil prices, and a rise in residential real estate prices in the first three quarters of the year. The average cost of homes and property in Moscow is $1,937 per square foot.
3. London, United Kingdom - It is ranked third in the list of most expensive cities to own a home. Average real estate prices in the capital city of the United Kingdom are an average of $1,928 per square foot.
4. Tokyo, Japan - The surging growth in Asian markets propelled Tokyo to the number four spot in the list of most costly cities to own property. Prices of residential homes in Tokyo were as high as $1,672.10 per square foot, up from $1,103 per square foot, in last year's survey.
5. Hong Kong - Hong Kong swapped places with Tokyo for the fifth spot in the list of top five most expensive cities to own a home. Prices of property in Hong Kong stand at an average of $1,498 per square foot up from $1,373 per square foot in last year's property prices survey.
6. New York, USA - New York was a surprise as it fell four places from No. 2 to No. 6 this year. The average price of property per square foot in New York was $1,384.1. The reason for the fall in real estate prices in New York may be ascribed to the the hesitancy of people to spend during the global slowdown.
7. Paris, France - This survey ranks Paris seventh in the List of World's Most Costliest Places to own Residential Property. The City of the Eiffel Tower saw the price of residential properties hover at U.S $1,126.20 per square foot.
8. Singapore - This business city in Asia, with head offices of many multinational companies is also quite costly to live in. Prices of residential homes have soared to an average cost of $901.20 U.S. per square foot.
9. Rome, Italy - This European city is in 9th place in the 'List of most expensive cities to own a home. The rate of floor space for a residential property stands at an average of U.S $851.50 per square foot.
10. Mumbai, India - Mumbai rounds off the list of Top 10 priciest citites to own residential properties. The falling stock market, threats of recession and terrorist attacks just did not seem to dampen the spirit of Mumbai's real estate dealers. The prices of residential homes in the financial capital of India were a strong average of US $851 per square foot in 2008.
The fear of further recession, pullback in spending, together with historically high property values, is expected to result in further correction of property prices around the world.
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1. Monte Carlo, Monaco - This small city of the rich has made it to the top of the list for the second consecutive year. Millionaires with homes and property in Monte Carlo get to enjoy the shimmering Côte d'Azur's beaches and glamorous nightlife, but only at a heavy cost. The average price of real estate in this housing market is $4,420 per square foot. The main reason for this is the shortage of space in this beachside town and the status of Monte Carlo being a tax haven.
2. Moscow, Russia - Up one spot from the number three spot last year, this jump was propelled by strong economic growth, partly a result of recent high oil prices, and a rise in residential real estate prices in the first three quarters of the year. The average cost of homes and property in Moscow is $1,937 per square foot.
3. London, United Kingdom - It is ranked third in the list of most expensive cities to own a home. Average real estate prices in the capital city of the United Kingdom are an average of $1,928 per square foot.
4. Tokyo, Japan - The surging growth in Asian markets propelled Tokyo to the number four spot in the list of most costly cities to own property. Prices of residential homes in Tokyo were as high as $1,672.10 per square foot, up from $1,103 per square foot, in last year's survey.
5. Hong Kong - Hong Kong swapped places with Tokyo for the fifth spot in the list of top five most expensive cities to own a home. Prices of property in Hong Kong stand at an average of $1,498 per square foot up from $1,373 per square foot in last year's property prices survey.
6. New York, USA - New York was a surprise as it fell four places from No. 2 to No. 6 this year. The average price of property per square foot in New York was $1,384.1. The reason for the fall in real estate prices in New York may be ascribed to the the hesitancy of people to spend during the global slowdown.
7. Paris, France - This survey ranks Paris seventh in the List of World's Most Costliest Places to own Residential Property. The City of the Eiffel Tower saw the price of residential properties hover at U.S $1,126.20 per square foot.
8. Singapore - This business city in Asia, with head offices of many multinational companies is also quite costly to live in. Prices of residential homes have soared to an average cost of $901.20 U.S. per square foot.
9. Rome, Italy - This European city is in 9th place in the 'List of most expensive cities to own a home. The rate of floor space for a residential property stands at an average of U.S $851.50 per square foot.
10. Mumbai, India - Mumbai rounds off the list of Top 10 priciest citites to own residential properties. The falling stock market, threats of recession and terrorist attacks just did not seem to dampen the spirit of Mumbai's real estate dealers. The prices of residential homes in the financial capital of India were a strong average of US $851 per square foot in 2008.The fear of further recession, pullback in spending, together with historically high property values, is expected to result in further correction of property prices around the world.
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