The World's Most Expensive Real Estate Markets
If you're looking to get a bargain while looking for a luxury apartment, don't head to the French Riviera.
According to a recent report by London-based real estate consultancy Knight Frank and researcher WealthInsight, Monaco is home to the most expensive real estate market per square foot in the world. With $1 million, you will only get 160 square feet of space in the tiny principality.
Several business hubs were home to the 10 most expensive markets for residential real estate, including London, which ranked third, and New York, which ranked sixth, USA Today reports.
The top 10 most expensive real estate markets, in order, are: Monaco, Hong Kong, London, Singapore, Geneva, New York, Sydney, Paris, Moscow, and Shanghai.
The report also found that Jakarta, Indonesia, recorded the largest rise in real estate prices, with a 38 percent increase between 2012 and 2013. Auckland, New Zealand, ranked second, and Bali, Indonesia, ranked third.
If you're looking for investors, try London. The report found that London is the "most attractive" city for the world's most wealthy, based on four criteria: economic activity, quality of life, knowledge/influence, and political power. New York ranks second, but is on track to displace London, according to the report.
WILL YAKOWICZ | Staff Writer | Reporter, Inc.com
Will Yakowicz is a staff writer for Inc. magazine. He has covered business, crime, and local politics for The Brooklyn Paper and was the editor of Park Slope Patch. He has also reported on the West Bank and Moscow for Tablet Magazine. He lives in Brooklyn, New York.