When it comes to real estate, one might think of the costliest cities in Europe or the Americas. One might think it would be Paris, London or New York. Well, if you are one of those people, then you are partially correct. New York is on that list, but for the rest of the cities. Think Asia, East Asia, to be precise. Don’t get me wrong, Paris and London are costly, but in comparison to these Asian cities, they don’t come even close. One must think twice before renting a place in these cities, let alone find a property for sale.
1st place: Hong Kong
With a square meter price of almost € 30,000, Hong Kong is undisputed in the ranking of the most expensive cities in the world. For a 100 m² apartment, interested parties have to put a total of 3 million on the table. 6,900 inhabitants cavort here on one square kilometer. For comparison: in Stuttgart, it’s not even half of it!
2nd place: Singapore
Difference between the first city in the list and the second is enormous – a whole € 12,000. This means that “only” € 18,000 per square meter of living space is incurred in Singapore. Its role as a financial center, tropical climate, and multicultural population make the city-state popular with people worldwide.
3rd place: Seoul
With Seoul in third place, three Asian cities are on the podium. In South Korea’s capital, around € 15,000 per square meter is still due. The 10 million city combines skyscrapers with Buddhist temples and street markets.
4th place: New York City
Even New York’s luxury district and tourist magnet Manhattan does not come close to the prices of major Asian cities. The difference between Seoul and New York is almost € 1,500 per square meter. For a 100 m² apartment in a prime location, a good 1.35 million Euros will still be due. For a metropolis that has now become a legend, it is a relatively low price.
5th place: Beijing
China’s capital hardly differs from New York in terms of price per square meter. A few hundred Euros lie between the two cities. With a population of over 21 million, prices are sure to continue to rise over the next few years. The city itself combines 3000 years of history with state-of-the-art architecture.
6th place: Taipei
In Taipei, prices per square meter have fallen below 13,000 Euros for the first time. Approximately 12,600 Euros per square meter. Taiwan’s capital is a modern metropolis crisscrossed by alleys from the Japanese colonial era, surrounded by countless shopping districts and today’s architecture.
7th place: Shanghai
Shanghai and Taipei are priced the same – the difference is only minimal. This means that in China’s largest city – with a population of 24.5 million – just under 1.26 million Euros are due for a 100 m² apartment. The waterfront promenade with buildings from the colonial era is in stark contrast to the ultra-modern skyline that lies on the other river bank.
Six of the seven most expensive cities in terms of real estate come from Asia. Reason being that all these cities are emerging economies. Only New York is the only non-Asian city to make it into the top 7. Geneva is the eighth-most expensive European city.
Real estate prices at such high levels show one thing above all: real estate is a safe investment – whether as a capital investment or for personal use. But if you want to invest in these cities, make sure you have an enormous bank account.