The prices of property can vary widely depending on where you are in the world. There are many factors that will determine how expensive a city is in terms of its housing, restaurants and transportation. First of all, expensive cities are generally very large and important in terms of the global economy. Because these cities usually have very large populations, there is a high demand for housing, but not enough housing to accommodate this demand. Needless to say, when there are too many people and not enough housing to go around, this will tend to drive housing prices up. Let’s take a look at the most expensive cities in the world in terms of real estate and property:
One of the most beautiful places in the world is also one of the most expensive places to live. People living in this jewel of Asia generally have very little disposable income. Even though the average person living in Singapore earns $2,570 each month, a small apartment that only has one bedroom will cost roughly the identical amount. However, the prices of apartments are not the only things that are ridiculously expensive in Singapore. In order to be able to afford even an average car in Singapore, you need to be fairly wealthy. For example, a Volkswagon Golf sells for a staggering $65,000.
2. Paris, France
Paris is one of the biggest tourist destinations in the world. The city is famous for its museums, architecture, food and some of the best shopping anywhere. Because this great city has so much going for it, there are many people who want to live and work here. Therefore, it should not be surprising to find out that an apartment in Paris close to the center of the city will set you back $13,180 per square meter. Apartments in Paris are easily some of the most expensive anywhere in the world.
3. Zurich, Switzerland
Zurich is the largest city in Switzerland and the heart of the Swiss economy. The city is known for its historical beauty and for being one of the more cosmopolitan cities in Europe. The city has a lot of things going for it. Unfortunately, affordability is not one of them. A person living in Zurich will be forced to pay a whopping $3,500 per month for an average apartment with three bedrooms. As if that was not bad enough, if you should happen to get sick, an average bottle of medicine goes for the average price of $19.
4. Sydney, Australia
The largest city in Australia, Sydney is truly one of the world’s greatest cities. From the perfect weather to an endless amount of activities, it has always been near the top of the most popular cities for tourists to visit. While it is fun to visit Sydney on vacation, living here can drain your bank account in a hurry. If you have any doubt about this, consider the fact that the average house in this city sells for around $600,000.
5. Tokyo, Japan
As mentioned earlier, population plays a major role in a city being expensive, especially when there is not enough housing to go around. Tokyo is one of the most densely populated cities in the world. If you want to live in the capitol of Japan and one of the financial centers of Asia, you better be prepared to pay a lot for very little. It will cost roughly $11,500 per square meter.
6. Geneva, Switzerland
Only Zurich has a larger population than Geneva in Switzerland. Geneva has one of the wealthiest populations of any city in the world. This is a good thing because this is the only way these people could afford to live in this city. Geneva residents have an average monthly income of $6,600. However, if you want to live in the downtown area, you will be paying $15,000 for each square meter of an apartment. For that crazy amount of money, you better have more than a view of the parking lot.
7. Caracas, Venezuelan
When people think of the parts of the world where the most expensive cities are located, they generally think of the United States, Europe and certain parts of Asia. People usually do not think of South America as having cities that are particularly expensive to live in. This is because of the bad economies and high poverty rates of many South American countries. However, Caracas is not your typical South American city. With the prices of homes and houses in Caracas, it is a wonder that people can afford to live here at all. While an average person living in the city only earns $620 each month, an apartment with only one bedroom has a monthly rent of $1,500.
8. Hong Kong, China
When it comes to densely populated cities, Hong Kong has no equal. This Asian financial center has always been an expensive place to live. However, since the British handed over power to the Chinese in 1997, the prices have exploded. With so many people packed into such an incredibly small area, it is not surprising that the average price for each square foot of Hong Kong real estate is $11,000. The shocking thing is that not only do these prices show no sign of going down in the near future, they don’t even show any signs of leveling off.
9. London, United Kingdom
The capitol of England is the home to some of the world’s most iconic landmarks and tourist attractions. Big Ben, St. Paul’s Cathedral, the British Museum and the Tower Bridge can all be found here. London has always had the reputation for being expensive. It turns out this reputation is richly deserved. The price of just about everything in London is considerably higher than in other cities. London real estate is no exception. $5,300 is what it will cost you for each square foot in a London apartment.