Many Filipinos may be complaining about Manila’s skyrocketing property prices, but luxury condos in the Philippine capital, averaging $6,000 per square meter, are considered a bargain compared to some of the world’s most expensive cities.
Much has been said and written about how pricy properties are in London, Monaco, Hong Kong, and Moscow. But how expensive exactly are properties in these cities? Knight Frank’s The Wealth Report 2013 made the comparison easy for us to see.
1. Monaco
$57,600–63,700 per square meter
This principality in the Mediterranean is known for extravagance, Princess Grace, and über-expensive apartments. So pricy that $1 million here can only get you a paltry 16-square-meter of space in its prime areas.
2. Hong Kong
$49,200–54,400 per square meter
Asia’s foremost financial capital is really space challenged, and every square inch of land here is prime. In its high-end Deep Water Bay area, houses command per-square-meter prices of $49,200 to $54,400, so $1 million will get you 19 square meters, more or less.
3. London
$41,900–46,300 per square meter
Well-heeled foreign buyers have been snapping up prime properties in the UK capital, further pushing up its already unaffordable housing market. Houses in its posh Kensington District fetch $41,900 to $46,300 per square meter, and $1 million will get you a 23-square-meter apartment.
4. Geneva
$29,300–32,400 per square meter
The Peace Capital’s massive expat population is one reason for its expensive housing market. In fact, an apartment in its very prime districts will cost you $29,300 to $32,400 per square meter, and a million bucks will get you 32 square meters.
5. Paris
$25,300–28,000 per square meter
They say that if Paris were a country, its GDP will be larger than Turkey’s and Indonesia’s. Houses in this economic powerhouse, hence, command some of the highest per-square-meter price in Europe and $1 million here can get you 38 square meters.
6. Singapore
$25,200–27,800 per square meter
Similar to its rival Hong Kong, Singapore is tiny and in dire need of space. That’s why land is continuously being reclaimed from the sea. Apartments in its Downtown Core area command prices of between $25,200 and $27,800 per square meter; hence, your $1 million can get you a small, one-bedroom flat measuring a decent 38 square meters.
7. Moscow
$22,000–24,300 per square meter
Gone are the days when Moscow was a relic of Soviet somberness. Oil boom and construction frenzy in the 2000s led to massive urban revitalization, and its accompanying property boom. Luxury apartments here now command per-square-meter prices of between $22,000 and $24,300, while your $1 million can get you a modestly sized 43-square-meter apartment.
8. New York
$21,800–24,100 per square meter
Although the United States is a huge country that can build houses upon houses, its financial capital New York City has little inventory that many foreign buyers have been snapping up apartments left and right. A Park Avenue apartment, for example, may cost you $21,800 to $24,100 per square meter, and hence $1 million will get you 44 square meters.
9. Sydney
$21,700–24,000 per square meter
Perhaps it is Sydney’s high livability ranking that drives buyers to snap up properties here, perhaps it is the irresistible view of the city’s iconic Opera House. But it can’t be denied that properties here are so expensive (between $21,700 and $24,000 per square meter, in fact), so $1 million can get you a 44-square-meter apartment in its prime areas.
10. Shanghai
$19,600–21,700 per square meter
Debuting in the top 10 for the first time, super-prime areas in China’s financial capital now command some of the priciest real estate in Asia. They in fact can cost about $19,600 to $21,700 per square meter, and $1 million will get you 48 square meters.
Source: Knight Frank, The Wealth Report 2013
