For experts in the field, identifying the most expensive real estate properties is a mandatory practice to do at least twice a year. Regardless of the target segment, it is important to understand how much the cost of living has increased in a given area, and therefore also the local real estate. Today we have decided to analyse how, despite the pandemic situation, some places in the ranking have remained unchanged. Others, however, have been included surprisingly. But that is not all.
The reference segment is the luxury segment. Usually not considered as alien to market changes, after the dramatic situation with the Covid-19 , even investors in the luxury real estate sector have cushioned the blow. So, if you are ready, we can inaugurate today’s mini guide, with its ranking of cities with the most expensive real estate in the world.
Monaco, at the top of the ranking, seems not had effect by Covid-19. Both the economy and real estate have not changed much. From the end of 2019 until the beginning of 2020, rents in Monaco have been increased by 20 % .(regardless of the type of property) The Principality, therefore, is the most expensive place in the world, with an average rent (monthly) of 127 euros per square meter. Compared to the Big Apple, we are talking about a 60 % higher value.
I can spot Hong Kong by the second. Although house prices rose by 1% in the first few months of the year before Covid, the local media had still recorded losses in terms of volume. Hence the need to raise prices in the luxury segment as well, to stimulate a seemingly non-existent growth. How was it possible to save luxury real estate in Hong Kong? Thanks to national investments (both in terms of infrastructure but also in terms of resources allocated to various sectors) that have generated an increase in wealth and, consequently, a natural increase in the value of real estate.
At the third and last place of our ranking we identify the Big Apple.New York is one of the cities that undoubtedly stands out. The green areas present despite the high level of urbanization, the very high number of different ethnic groups and the numerous fashion streets are just some of the features that make New York unique.
The presence of the fashion streets, with the most luxurious shops, has allowed the real estate to raise the bar. So it has been possible to increase the prices of both the most standard properties, but also those belonging to the luxury segment.
The other cities in the ranking are Geneva and London (which drops to fifth place).
If you want to discover more, you just have to stay tuned on our portal !
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