10 Most Expensive Cities to Buy Property

Everyone in the world lives with a dream of having a house with awesome interiors and elegant surrounding. But these awesome features come with an expensive price tag. The demand for luxury properties is continuously rising and as the result the prices of luxury properties also increasing. With the increase in the number of buyers, the real estate market seems healthy property investments, mostly in the luxury property sector. Scroll down to read more on 10 Most Expensive Cities to Buy Property.

Note: The following list is ranked according to how much square meter of luxury property can be purchased in $1 million.

10. Shanghai

ShanghaiImage credit: wikimedia

The most populated city, Shanghai is one of the most expensive destinations to buy property. In the last some years Shanghai has been one of the fastest developing cities in the world. Real estate is one of the three largest service industries in Shanghai. In Shanghai, the space of 46 square meters will cost you $1 million. Strict laws are followed by Shanghai government for property buying and selling.

9. Moscow

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Moscow is largest city in Russia and second most populous city in Europe. According to 2013 Forbes report, Moscow has the largest number of billionaire people in the world. In Moscow, 18 percent of extra VAT is added to buy property and 2 percent of broker’s fees on property sales of over $2 million. In Moscow the space of 43 square meters will cost you $1 million.

8. Paris

ParisImage credit: wikipedia

Paris, fashion capital is one of the world’s leading businesses and cultural centers. In Paris, the real estate market continues to increase because of healthy economy and low tax charges on rental income for foreigner. Now more and more people want to buy their own space in this luxurious city. The space of 42 square meters of luxury property will cost you $1 million. With easy and mild property laws, Paris becomes one of the most attractive cities to buy property.

7. Sydney

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Sydney is known for growing economy and premium properties. Some luxury properties in Sydney offer an outstanding view of Sydney boatyard and the ocean. There are very high rates of tax and strong tax system. If you want to buy a property in Sydney then 41 square meters space will cost you US $1 million.

6. New York

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New York is one of the largest metropolitan cities and the seventh most densely populated cities in the world. The luxurious lifestyle and breathtaking infrastructure attracts affluent to invest in property. It is very difficult to buy property in New York even for potential buyers due to complicated and high tax system. US $1 million buys 40 square meters of luxury property in New York.

5. Geneva

Most Expensive Cities to Buy Property - GenevaImage credit: wikimedia

Geneva is best known as the tourist place that attracts many people from all over the world. In 2009 the Geneva was ranked as the world’s ninth most important financial center and the fourth most expensive city in the world. The low interest rates boost the real estate market but have high taxes on rental incomes. US $1 million buys 34 square meters of luxury property in Geneva.

4. Singapore

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Singapore is one of the world’s leading commercial hubs and its economy majorly depends upon trading. Singapore is the 14th largest exporter and the 15th largest importer in the world. It is also known for high rates of taxes especially on rental incomes. US $1 million buys 32 square meters of luxury property in Singapore.

3. London

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London, the capital city of the United Kingdom has the largest growing economy in Europe and luxury properties. The low interest rates on property attract buyers to buy property. Due to the growing demand of luxury real estate makes London one of the most expensive places to buy property. US $1 million buys 25 square meters of luxury property in London.

2. Hong Kong

Hong KongImage credit: wikimedia

Hong Kong is one of the world’s leading international financial centers. With low tax rate and free trading, Hong Kong is one of the best cities to buy property. But it is also an expensive destination for real estate. USD 1 million can buy only 21 square meters of property in Hong Kong. Now Hong Kong is becoming a favorable place for business due to no tax on income and any other source coming from overseas.

1. Monaco

MonacoImage credit: wikimedia

Monaco is the second smallest country and the most densely populated country in the world. USD 1 million can buy only 15 square meters of space in Monaco. Monaco has the world’s most expensive real estate market since last five years. One of the best features in Monaco is income tax-free environment and it attracted many tax refugee residents who drove the majority of their income from outside Monaco.

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