Where you choose to live can make a significant difference to the price you pay for a property. This is often due to the demand for properties in an area and the amenities, schools, work opportunities and leisure activities available.
Other factors that can influence the price of homes are transportation links, environmental problems in an area, future development plans, and crime rates. Properties in cities are often more expensive per square meter than those in rural areas. There are different ways of calculating how expensive a place is to live , this list is based on the price of propriety of square meter.
The average price per square meter of property in Monaco is a whopping $60,114. This makes it significantly more expensive than anywhere in the world and the best place to search for a property that offers true luxury. Many of the richest people in the world have properties in Monaco.
02. London, United Kingdom
As the capital city of England, London is an extremely desirable place to live. It is home to many of the major UK tourist attractions and the headquarters of many major companies are based in this city. These are just two of the factors that attract people to the city and drive up the prices. The price per square meter for property in London is approximately $34,531.
03. Hong Kong, Hong Kong Island
The low supply and high demand, the tax friendly economy, land development and mainland developers are all factors that contribute to the high cost of property in Hong Kong. Prices for property in Hong Kong Island currently cost an estimated $25,551. An apartment of 120 square meters would rent for over $7,000 per month.
04. New York, United States
The cost of buying property in New York means that owning their own place is something that many people living in the city can only dream about. New York is a city with a great vibe, excellent shopping areas, high rates of employment and plenty of activities for leisure time. The demand is high, driving the prices around $17,191 per square meter.
05. Tokyo, Japan
You can expect to pay around $16,322 per square meter if you want to buy a property in Japan’s capital city. One of the simplest explanations for the high cost of living in Tokyo is simply that they have limited land and the city is highly populated. However, there are many other factors that come into play.
06. Moscow, Russia
Is ranked in sixth position on the world’s most expensive places to live. The price per square meter for property in Moscow is around $16,021. After Moscow, St. Petersburg is the most expensive city to live in Russia.
07. Mumbai, India
While the overall real estate market in India is slowing down, this is not the case in Mumbai where property prices are soaring. One of the reasons for the property prices is the geography. It is surrounded by water on three sides. Not only does this make it appealing to prospective residents, it also means that opportunities for development are limited putting properties in high demand. In this city, you can expect to pay $15,525 per square meter for a property. Alternatively, you can rent a 120 square meter apartment for around $2,275.
08. Geneva, Switzerland
Swiss Nationals want to live in Geneva for the work opportunities, the cosmopolitan atmosphere, and the quality of living. If you are looking for a property in Geneva you will pay $15,495 per square meter.
09. Vienna, Austria
In the last six years, property prices have risen in Vienna by around 39%. Similarly, the cost of renting properties has also risen by approximately 21%. There are not enough properties available to meet demand and this is the predominant cause of such high price rises in the city. Living there will cost you $14,952 per square meter.
10. Paris, France
Paris is the most expensive place to live in France and is the tenth most expensive place to live in the world. Inflation in the property market is continuing in Paris with prices rising by 4.4% in just one year. Living there will cost you $14,100 per square meter.
The population of Singapore is continuing to rise but developers are struggling to meet the increased demand for properties. This is significantly impacting on the price of properties that are available. The average price per square meter of property in Singapore is worth $13,748 while renting a 120-square meter apartment would set you back $3,498 a month
12. Tel Aviv, Israel
As a country that is experiencing ongoing political unrest, it may seem surprising that Tel Aviv is such a desirable place to live, yet this city saw property prices rise by 102% between 2006 and 2015. Two other factors that have impacted on property prices are the lack of investment options in Israel and the expansionary monetary policies of the central bank. Living there will cost you $12,742 per square meter and the rent of $5,000 a month for a 120 square meters apartment.