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Top 10 Most Expensive Luxury Cities In the World For 2013

Top 10 Most Expensive Luxury Cities In the World For 2013

Top 10 Real Estate Market

With the significant increase in billionaires in the world over the past year due to the improving stock markets, Savills has come out with their annual World Cities Review report. The reports shows that the luxury markets in the major cities have improved much faster than the markets as a whole.

Asia has seen the biggest increase of luxury housing prices, led by Hong Kong at nearly $11,000 per square foot. With the average home being over 5.200 square feet, you are looking at the typical luxury home on Hong Kong priced at 57 million dollars.

That is a significant investment.

Here is the list of the;

Top 10 Most Expensive Luxury Cities In the World For 2013

City            Price Per Square Foot   AVG Price for 5,000 sf Home

1.  Hong Kong           $ 11,000                $55,000,000 
2.  Tokyo               $  7,600                $38,000,000 
3.  London              $  5,300                $26,500,000 
4.  Paris               $  4,400                $22,000,000 
5.  Moskow              $  4,350                $21,750,000 
6.  New York City       $  4,100                $20,500,000 
7.  Shanghai            $  2,125                $10,625,000 
8.  Singapore           $  1,820                $ 9,100,000 
9.  Mumbia              $    970                $ 4,850,000 
10. Sydney              $    880                $ 4,400,000

via Savills and Forbes

Now remember this one fact looking at these numbers, this is average price for the luxury segment of the real estate market in the listed cities. The average price is much lower for all real estate. But for the upper echelon of the market place, the prices are pretty amazing.

8 comments

  1. 55 million dollars for a 5,000 square foot home? That's amazing, I had no idea it was that expensive to live in Hong Kong.

  2. $11,000 per square foot?! Buyers relocating to our area (Charleston, SC) already think it’s a comparatively affordable place to live. These numbers put that affordability into an entirely different context!

  3. It's good to see that Sydney made it into the top ten. I wonder how long before other Australian capitals (e.g. Melbourne, Brisbane) follow Sydney's lead and crack the list?

  4. Wow ! So glad i'm in the rental side of things, that said rental prices for a three-bedroom have slipped from last year's average of $3,080 to $3,030 per month.

  5. That's totally disconnected from reality. Who can imagine to live in such an expansive house! Even if somebody could buy one… taxes would make him poor rapidly !

    Now we have to learn how to get rich enough to buy this :)

  6. I am surprised that Vancouver Canada is not on this list

  7. This is for residential real estate?! I know about NY, but Hong Kong? Wow.. I guess with over few billion people the demand is pretty great.

  8. Mumbai? That's pretty interesting. I'd expect Bangkok to be in the list somewhere. Bangkok property market is definitely getting more exclusive nowadays. Very interesting article indeed. Thanks for sharing it.

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