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When it comes to buying property there are only three things that matter; location, location, location. The position of a property determines its value more than any other asset, and the most valuable position of them all, is the city. Cities are the fastest growing areas in the world and as they grow, so does the price of its real estate, making them some of the most expensive places to buy property in the world. Here’s our lowdown of the top 10 and their average property prices*.
1. Hong Kong ($1,235,220)
Hong Kong has a booming economy, well-known for its skyscrapers and considered to be a perfect example of the modern city. A huge centre for culture and a fast adapting urban environment make Hong Kong one of the most expensive places to buy property.
2. Singapore ($874,372)
Singapore is a small city with a lot of global clout. This former swampland has been transformed beyond recognition since Singapore gained its independence in 1965. It is now considered one of the financial capitals of the world and is a pioneer in a number of fields, including the best urban systems for running a city.
3. Shanghai ($872,555)
Shanghai is the most populated city in the world with a population of over 26 million people. This city in Eastern China is the world’s busiest container port and one of the largest financial centre globally. Often described as the ‘showpiece’ of China’s booming economy, it’s natural that it’s also amongst the world’s most expensive cities.
4. Vancouver ($815,322)
Often named amongst the top cities for quality of life, it comes as little surprise that Vancouver features on the list of most expensive cities to buy property. The fact that this city is Canada’s most culturally diverse, cleanest and has some of the largest natural areas, are three reasons for its competitive real estate market.
5. Shenzen ($680,283)
One of the lesser-known names on the list, this city sits just above the famous, Hong Kong. Shenzen was one of the fastest growing cities for two decades during the 90's and 00's. It is well-known amongst its residents for its parks (it has over twenty), its festivals (over 170 each year) and its technology industry (which is one of the largest and fastest growing in the world).
6. Los Angeles ($679,220)
The home of Hollywood; Los Angeles has long had a global recognition as the stomping ground of celebrities and millionaires. This city is America’s second largest, and for obvious reasons: it has a desirable Mediterranean climate, great culture and food, and a reputation as the birthplace for the Californian Dream for fast wealth and fame.
7. New York ($674,500)
The Big Apple: New York City is one of the most recognisable cities in the world and has international acclaim for being a place where anyone can ‘make it’. This densely populated city on the east coast of the U.S is one of the most visited places globally, and is considered to be the founding place of America. It is also one of two cities with an Alpha++ status, which indicates its huge effect on the global economy.
8. London ($646,973)
London is the biggest city in Europe and has featured at the top of any ranking list of cities, at one point or another. It is a financial powerhouse, which makes it one of two cities in the world to be garnered with an Alpha++ status. Culturally diverse yet quintessentially British, very modern yet steeped in history – London is one of the biggest and best cities in the world, and also one of the most expensive.
9. Beijing ($629,276)
China’s Beijing is one of the world’s leading centres and is a pioneer in economy, education, culture and technology. It is one of the oldest cities in the world, having existed for over three thousand years and is considered globally as the epicentre of Chinese culture and heritage.
10. Paris ($624,299)
The city of love: Paris is recognised as being one of the most romantic cities in the world. Perhaps this comes down to the fluid language of its people, the picturesque atmosphere and architecture, or its rich culture and history. Regardless, Paris is one of the most visited cities in the world and also one of the most expensive.
There are a number of factors that determine the price of property in a city; the culture, the economy, the history and the architecture are amongst them. However, there is ultimately something about the cities in this list which elevate them even further. Perhaps it is the atmosphere, but something makes people want to live there and as long as that’s the case, they will continue to be amongst the most expensive places to live.
*(All prices as of April 2019, CBRE study)
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