Some of the World's Most Expensive Real Estate Markets

Some of the World's Most Expensive Real Estate Markets

Even though our economy is in bad shape and our commodity prices are increasing, the real estate in some of the world's most expensive neighborhoods sill require potential residents to pay significant premiums. A million in a half dollars would enable residents to acquire an extremely beautiful home in Cleveland or even Tampa, Florida. If you were trying to use that money to purchase real estate in Belgravia, which is located in London or on Fifth Avenue of Manhattan you would not be able to get anything remotely desirable.

According to the Knight Frank real estate group London charges its residents the highest prices in the world per square foot. In London they have an average price of about $6,191 per square foot, which means $1.5 million dollars would not nearly be enough to purchase a nice sized piece of real estate.

Even if these neighborhoods do not see a lot of growth in the next couple of years because of the economy they will stay relatively strong in the future. London has kept its spot among the world's most robust real estate markets. A large contribution to this ranking is because it is Europe's financial capital. The real estate at the top of the market in London still enjoys a significant amount of growth, which is verified by the fact that the strongest price category of the city has narrowed from 1 million Euros to 10 million.

Certain cities like London, Paris, and vacation areas such as Monaco have enjoyed sustained buoyancy within their real estate. The reason for this is that they are very appealing to millionaires that reside such places as Russia, China, India, the Gulf States, and other locations.

Among the most expensive luxury real estate markets in the world is London, which is at the top of the list. Individuals will have to pay $6,191 for every square foot of real estate that they want to purchase. London's annual price change is around 29 percent and for 1.5 million dollars individuals will only be able to purchase a small sized studio apartment.

The second location that contains the world's most expensive real estate is Monaco who charges a price of $5,888 per square foot. Monaco's annual price change is around 25 percent and for 1.5 million dollars individuals will be able to acquire a studio apartment. Individuals who purchase real estate here will be able to enjoy casinos and breathtaking views of the Mediterranean which has attracted a substantial amount of wealthy buyers. The main aspect of Monaco that attracts individuals to purchase real estate here is that residents do not have to pay income tax.

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