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Thursday, March 14, 2013

The World's 10 most expensive Real Estate Markets

worlds 10 most expensive real estate markets
Monaco. The world's most expensive real estate market!
We have real estate markets and then, we have expensive real estate markets. The real estate folks everywhere are always bench marking stuff. Let us explain. If a 3000 Sq ft home in your neighbourhood sells for a crore suddenly, you would be looking at a similar price for your home.

If you are not such a nice guy, you want more. Simply because it is possible! Since God stopped making land eons ago, you can probably get away with your price too, creating another seller like yourself, looking for a similar or better deal.

Do that routine a couple of thousand times and you have some serious prices emerging. Knight Frank powered a research that we just came across on CNBC. This is about the 10 most expensive real estate markets in the world. Now those are some serious benchmarks. We present the findings in a simple list for you, using a $ to Rs. conversion value of 54. (1 Dollar = 54 Indian Rupees) As the number of uber rich folks increases each year, more and more people can afford luxury properties at dizzying prices!

Here is that list:

#1 Monaco - Rs. 2.88 lacs to Rs. 3.19 lacs per Square Foot. Holy Cow!
$5,350 – $5,920 per sq. ft. ($57,600 – $63,700 per sq. m)
Average price change in 2012: +2.0% 

#2 Hong Kong - Rs. 2.46 lacs to Rs. 2.72 lacs per Square effing Foot! And growing at 8.7%
$4,570 – $5,050 per sq. ft. ($49,200 - $54,400 per sq. m)
Average price change in 2012: +8.7% 

#3 London - Rs. 2.10 lacs to Rs. 2.32 lacs per Square Foot. One fish n chips please. (Gulp!)
$3,890 – $4,300 per sq. ft. ($41,900 - $46,300 per sq. m)
Average price change in 2012: +8.7% 

#4 Geneva - Rs. 1.46 lacs to Rs. 1.62 lacs per Square Foot and thankfully not climbing higher.
$2,720 – $3,010 per sq. ft. ($29,300 - $32,400 per sq. m)
Average price change in 2012: -6.0% 

#5 Paris - Rs. 1.26 lacs to Rs. 1.40 lacs per Square Foot. Also, thankfully has not risen.
$2,350 – $2,600 per sq. ft. ($25,300 - $28,000 per sq. m)
Average price change in 2012: -4.0% 

#6 Singapore - Rs. 1.26 lacs to Rs. 1.39 lacs for every darn Square foot. Can we hear the Mumbai builders rejoicing? Heavens!
$2,340 – $2,580 per sq. ft. ($25,200 - $27,800 per sq. m)
Average price change in 2012: +0.6% 

#7 Moscow - Rs. 1.10 lacs to Rs. 1.22 lacs per Square Foot. Lets throw that party in Goa now! Psst, the Russians all live there right?
$2,040 – $2,260 per sq. ft. ($22,000-$24,300 per sq. m)
Average price change in 2012: -2.3% 

#8 New York - Rs. 1.09 lacs to Rs. 1.20 lacs per Square Foot. Umm, someone we know has a girlfriend living there.
$2,030 – 2,240 per sq. ft. ($21,800-24,100 per sq. m)
Average price change in 2012: -1.4% 

#9 Sydney - Rs. 1. 09 lacs to Rs. 1.20 lacs per Square Foot. Darn where is that move to Australia permanently email gone? *Searching Inbox and Spam folders frantically*
$2,020 – $2,230 per sq. ft. ($21,700 - $24,000 per sq. m)
Average price change in 2012: 0.0% 

#10 Shanghai - Rs. 0.98 lacs to Rs. 1.09 lacs per Square Foot. Homes at that rate in Shanghai now cost 45 times the average residents annual salary! And rising rapidly.
$1,820 – $2,020 per sq. ft. ($19,600 - $21,700 per sq. m)
Average price change in 2012: +10.8% 

You can watch the neat slideshow and read up some facts on CNBC

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1 comments:

  1. The most expensive real estate markets in the world ... Consequently, several areas in the top 10 were subject to new regulations in 2012. selling a mortgage

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