By Allie Early| MARCH 13, 2013
The demand is rising for luxury properties, which means growing price tags for hotspot locations both here and internationally. After all, there are only so many desirable locations in the universe. If you’re looking to drop some dough on your next biggest asset, read this important lineup of the most expensive luxury housing markets worldwide.
$1,820-$2,020 per sq. ft. – This number is up 10.8%, and the cost of a home in Shangai is upwards of 45 times the average citizen’s salary…ouch!
$2,020-$2,230 per sq. ft. – Sydney, Australia is known to have a resilient housing market, making the area attractive to many investors.
8. New York
$2,030-$2,240 per sq. ft. – Property investors view New York City as a safety pick, knowing a great apartment will keep its value in most circumstances.
$2,040-$2,260 per sq. ft. – Moscow is an attractive choice for many buyers because most natives prefer to live in the capital city. Look for properties in an area called the Golden Mile, known for high-end homes.
$2,340-$2,580 per sq. ft. – Singapore holds perhaps the worlds most dense concentration of millionaires and has little land left to develop, keeping property prices as high as ever.
$2,350-$2,600 per sq. ft. – While the Paris real estate market faced the euro zone crisis and a new wealth tax proposed by the government, the market still stands strong in the iconic city.
$2,720-$3,010 per sq. ft. – Prices in Switzerland are forecast to rise 27% between now and 2022. Geneva’s popular school systems, safe environment, ski resorts, and function as a financial center globally makes it an expensive pick.
$3,890-$4,300 per sq. ft. –With a price hike of 8.7% on average in 2012 and a continued rise in 2013, London homes are hailed as a purchase that will truly hold value.
2. Hong Kong
$4,570-$5,050 per sq. ft. – A strong demand for Hong Kong residences comes from local and international owners, and the area’s title as an international financial hotspot continues to drive its popularity.
$5,350-$5,920 per sq. ft. – Monaco takes the cake as a playground for the wealthy. Residents of Monaco pay no income or business tax, positioning the area as a favorite destination.
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Photos courtesy of Mariott