In Monaco, with luxury properties costing between US$57,600-63,700 per square metre during the fourth quarter of 2012, it is at least double of the other cities on the list except three.
Global consultancy firm Knight Frank has just released its new Wealth Report, listing the top 20 most expensive luxury real estate markets in the world. It once again shines the spotlight on how far property prices have fallen in the US, Spain and Portugal.
While the most expensive of luxury property can be found in the tiny tax haven of Monaco, Mumbai slides into the global ranking at number 16 as demand is rising fast, and the supply of luxury homes remains limited.
However, what?s surprising is that even though the US is still the number two realty powerhouse in the world, properties in Monaco, Hong Kong, London, Geneva, Paris, Singapore, and Moscow are more expensive than New York.
Knight Frank said the demand for luxury property was returning following the global financial crisis and a desire to invest in locations considered to be safe havens.
Source:KnightFrank
In Monaco, with luxury properties costing between US$57,600-63,700 per square metre during the fourth quarter of 2012, it is at least? double? of the other cities on the list except three.
While real estate prices in the tiny country are consistently high, Monaco saw a bump this year as buyers shied away from French hotspots in a reaction to President Hollande?s wealth tax proposals, the Knight Frank report said.
And Monaco, which does not charge a personal income tax, was particularly popular with Russian buyers over French markets.
?Monaco, land-constrained, has always been the home of the super rich,? said Liam Bailey, head of residential research at Knight Frank. ?All the Chinese money is going to Hong Kong. It?s still the financial capital of Asia. As for London, it?s the most attractive investment for all of Europe.?
Dubai too has recovered some of its popularity with Russians, but competition from buyers from North Africa, Pakistan, India and Iran has been an important factor in helping to drive prices higher this year, the report said.? Meanwhile, the Russians and Chinese are the main force behind this spurt in property investment.
?The real real estate story in 2012 was the rise of demand from China and Russia as they sought to buy over more than four to five properties in different key markets,? ?Nicholas Holt,? Director Research, Asia Pacific, Knight Frank told Firstpost.
Buyers from China and Hong Kong vied with Brazilians for second place as the largest foreign group looking to invest in the US after the Canadians.
Key Chinese cities such as Guangzhou and Shanghai have also seen a marked increase in property prices with Hong Kong real estate rising by 8.7 percent following an influx of wealth from mainland China.
Not on the list, but meriting a mention, is the luxury market in Indonesia, where luxury home prices rose faster than any other nation ? by more than 38 percent in the capital Jakarta, and 20 percent in the island paradise that is Bali.
Another interesting point was how the wealthy are? prepared to move their money out of cities that charged higher levies and had less transparency. A significant proportion ? including 61 percent in the Middle East ? were considering, even temporarily, changing their country of residence to avoid higher property fees, the Knight Frank survey found.
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