The Top 10 Most Expensive Cities to Buy Property in the World (2026)
Prices in the world's most expensive cities rarely move for one simple reason, and it's the professionals who plan, finance and manage the buildings behind those prices who tend to feel it first. The position of a property determines its value more than any other asset, and the most valuable position of them all, is the city.
Two things stand out in the 2026 figures. The first is the spread: a million dollars buys 268 square feet in Hong Kong and 578 in Seoul — more than twice the space at the other end of the same top 10. The second is how much the list itself has changed. The 2019 version of this article ranked cities by average total price; this one ranks them by prime price per square foot, and on that measure four cities that appeared in 2019 — Vancouver, Shenzhen, Los Angeles and Beijing — don't appear at all. Tokyo, Geneva, Sydney and Seoul have taken their place.
1. Hong Kong ($3,730/sq ft) — $1m buys 268 sq ft
Hong Kong is well known for its skyscrapers and is often held up as the model of the modern city - a huge centre for culture and a fast-adapting urban environment. It is also the world's most expensive place to buy property by some distance, and the only city on this list above $3,000 per square foot. A million dollars buys 268 square feet, smaller than most London one-bedroom flats. Prices have also eased almost 8% over the past year (UBS, September 2025).
2. Tokyo ($2,680/sq ft, Savills) — $1m buys 373 sq ft
Tokyo is the world's most populous metropolitan area and Japan's political and economic heart, a city where ultra-modern skyscrapers sit alongside centuries-old temples and gardens. It is one of Asia's major financial centres and has climbed this list as prime prices there rose 5.7% over the past year (UBS, September 2025). Savills expects Tokyo to be one of the strongest prime performers again in 2026, with growth above 4%.
3. Geneva ($2,650/sq ft) — $1m buys 377 sq ft
Geneva is Switzerland's diplomatic capital in all but name, home to the European headquarters of the United Nations and a dense concentration of private banks and international organisations. Its lakeside setting, political stability and reputation as a haven for global wealth have long made it one of the world's most sought-after, and most expensive, places to buy.
4. New York ($2,610/sq ft) — $1m buys 383 sq ft
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 one of only two cities in the world with Alpha++ status, a classification that reflects its weight in the global economy. It is also home to our own New York office.
5. London ($2,030/sq ft) — $1m buys 493 sq ft
London is Western Europe's largest city and has featured at the top of any ranking list of cities, at one point or another. It is a financial powerhouse and the other of the world's two Alpha++ cities. 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, a market our salary guide and London real estate roles are built to help employers navigate. It is the second most expensive European city on this list, behind Geneva.
6. Shanghai ($2,000/sq ft) — $1m buys 500 sq ft
Shanghai is China's most populous city, home to more than 26 million people, and the world's busiest container port and one of the largest financial centres globally. Often described as the 'showpiece' of China's economy, it is now the only mainland Chinese city in the top 10 - both Beijing and Shenzhen appeared in the 2019 version of this article and neither appears on this measure today.
7. Paris ($1,980/sq ft) — $1m buys 505 sq ft
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. It also sits within $50 per square foot of both Shanghai and Sydney, a reminder that the middle of this list is tightly bunched, and small movements reorder it from year to year.
8. Sydney ($1,950/sq ft) — $1m buys 513 sq ft
Sydney is Australia's largest city and its cultural and financial capital, instantly recognisable for its harbour and its Opera House. It's also a magnet for professionals from across the Asia-Pacific region, a reputation its prime prices reflect.
9. Singapore ($1,860/sq ft) — $1m buys 538 sq ft
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 world's financial capitals and a pioneer in a number of fields, including some of the best urban systems for running a city. It is also one of the few markets on this list where Savills expects prices to keep climbing through 2026.
10. Seoul ($1,730/sq ft, Savills) — $1m buys 578 sq ft
Seoul is South Korea's capital and one of the world's great technology hubs, home to the headquarters of LG and Hyundai (Samsung Electronics' headquarters sits just south of the city, in Suwon). Its global cultural influence, from film to music, has only grown in recent years, and its prime property market has grown alongside it. Savills names it, alongside Tokyo, as one of the strongest prime performers forecast for 2026 — so the bottom of this list may not stay the bottom for long.
For employers, though, there's a more practical takeaway than culture, economy, history or architecture. High property costs push up the cost of relocating talent into cities like London, New York and Hong Kong, and standard relocation allowances often don't keep pace with the reality on the ground. In markets that are correcting, such as Hong Kong, where prices have eased almost 8% over the past year (UBS, September 2025), candidates tend to be more open to a move; in markets still climbing, like Singapore, where Savills forecasts prime prices up 2% to 3.9% in 2026, competition for the same pool of professionals only intensifies.
That means workforce planning increasingly has to be built city by city rather than applied as one global policy, which is exactly where Cobalt's planning, development and construction specialists come in: we help clients hire and structure offers for the markets they're actually operating in today, not the market these cities represented back in 2019.
Frequently asked questions
Which is the most expensive city in the world to buy property?
Hong Kong, at $3,730 per square foot around 40% above Tokyo in second place (Savills, February 2026).
Is London still one of the most expensive cities to buy property?
Yes. London ranks fifth globally at $2,030 per square foot, and is the second most expensive European city on this list behind Geneva.
Which prime property markets are forecast to grow fastest in 2026?
Savills names Seoul, Tokyo, Madrid, Lisbon and Cape Town as the five markets forecast to deliver prime capital value growth above 4% in 2026.
Which cities have dropped out of the top 10 since 2019 when we last published about this?
Vancouver, Shenzhen, Los Angeles and Beijing all appeared in the 2019 version of this article and none appear now. The measure has also changed see the methodology note below.
Cobalt specialises in recruiting for the professionals that plan, construct and manage buildings across the UK, Germany and the US. If these price shifts are changing how you plan to hire or relocate built environment talent, into these markets or your own, speak to Maria Sinclair, Managing Director, UK or Adam Mills, Managing Director, US
If you're building a hiring plan for one of these markets, ask us for the salary and relocation picture on the specific city before you set the budget. It's a fifteen-minute conversation, and it is usually the difference between an offer that lands and one that gets countered. You can also see our latest roles across these markets.
