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How do luxury real estate prices in compare with other global cities?
How does compare to other global hubs when it comes to luxury property prices, cost of renting and demand for property? Recent figures reveal all.
Renting with a $1,500 monthly budget
Figures from global rentals website show that comes out less expensive than New York, London, San Francisco and Zurich, and only slightly more expensive than Hong Kong, Geneva, and Boston.
New York (specifically Manhattan Island) and London are the usual suspects holding the top spots with 26m2 and 28m2, while San Francisco’s astronomical rent growth since Silicon Valley saw the world’s tech community flock there sees it third, with 29m2. It is level with Zurich, a hotspot for international banking and finance, while gets you a little more with 30m2 attainable.
At the other end of the table, $1,500 a month will get you penthouses in Seoul, Beijing, Berlin, Shanghai and Istanbul, one measuring 176 m2 in Turkey’s capital. But then again, there’s a reason the world’s fashion, culture and culinary elite don’t flock to those cities as they do to .
|Rank||City||Square meters with $1,500/month||Rent/m2||Rank||City||Square meters with $1,500/month||Rent/m2|
|1||Manhattan (NYC), US||26||$58.34||16||Vancouver, CA||57||$26.48|
|2||London, GB||28||$53.60||17||Amsterdam, NL||58||$25.94|
|3||San Francisco, US||29||$51.13||18||Copenhagen, DK||58||$26.05|
|4||Zurich, CH||29||$51.45||19||Toronto, CA||63||$23.96|
|5||, FR||30||$50.27||20||Barcelona, ES||71||$20.99|
|6||Hong Kong, HK||30||$50.27||21||Brussels, BE||78||$19.16|
|7||Geneva, CH||32||$47.36||22||Osaka, JP||83||$17.98|
|8||Boston, US||33||$44.99||23||Madrid, ES||88||$17.01|
|9||Stockholm, SE||39||$38.54||24||Vienna, AT||94||$15.99|
|10||Singapore, SG||42||$35.95||25||Frankfurt, DE||96||$15.59|
|11||Los Angeles, US||49||$30.46||26||Seoul, KR||129||$11.63|
|12||Washington D.C., US||50||$29.71||27||Beijing, CN||133||$11.30|
|13||Tokyo, JP||50||$30.03||28||Berlin, DE||139||$10.76|
|14||Sydney, AU||50||$30.05||29||Shanghai, CN||158||$9.47|
|15||Chicago, US||56||$26.91||30||Istanbul, TR||176||$8.50|
Demand for luxury property
It is that demand that makes places like New York, London and so pricey, and Sotheby’s international have reiterated ’ place in the top five most sought-after cities worldwide for luxury property with a recent study.
The international luxury estate agency placed 4th worldwide for those searching for prestige property, behind New York, London and Los Angeles. The study was based on the activity of three million users of their site, and Sothebys CEO Alexander Kraft said he was unsurprised at the findings.
“The City of Lights provides a stable market, properties that are time-tested and actually cheaper than other big cities, and a history and charm like no other,” he commented. “Buyers are back for good [after a difficult period for the market].”
Savills World Research the 3rd most attractive city worldwide based on its network, competitiveness and and performance. London was 1st, with New York a close 2nd.
Kathryn Brown, chief of operations at , explains ’ enduring allure: “Even at the height of a crisis, like the subprime mortgage debacle in 2008, the real estate market in simply doesn’t collapse. Conservative lending practices and high acquisition costs have deterred speculative practices, leaving real estate for buyers who are looking to enjoy it themselves while securing a safe long-term investment. Our market is fairly recession-proof because property in the historic center is extremely limited—and is and will always be a top destination.”
A rejuvenated market: in the top 10 most expensive cities worldwide
The return of the global elite to the ian luxury property market has seen upward price movements after years of stagnancy since 2012. Savills’ research also found that while ranks as a top destination for luxury buyers, it is only 8th for property prices across the globe.
Average prices for high-end property in are now at €11,930/m2, having grown 7% in 2017 so far and 4.3% in 2016, a bargain compared to Hong Kong, where high-end property fetches €40,000 per m2. Tokyo is second (though it was first 10 years ago) followed by London and New York.