New York is the lone U.S. city to land in the top 10 most expensive residential real estate markets in the world, according to a new report from Knight Frank.
But with luxury homes in New York costing anywhere from $2,030 to $2,240 per square foot, it’s only about half as expensive as the most expensive housing market in the world: Monaco. There, luxury homes can cost $5,350 to $5,920 per square foot.
The following are the top 10 priciest housing markets in the world and the average cost per square foot in U.S. dollars, according to the report:
- Monaco: $5,350 to $5,920
- Hong Kong: $4,570 to $5,050
- London: $3,890 to $4,300
- Geneva: $2,720 to $3,010
- Paris: $2,350 to $2,600
- Singapore: $2,340 to $2,580
- Moscow: $2,040 to $2,260
- New York: $2,030 to $2,240
- Sydney: $2,020 to $2,230
- Shanghai: $1,820 to 2,020
Other U.S. cities rounding out the top 20 list were Miami at number 13 (priced between $1,300 to $1,440 per square foot) and Los Angeles at number 15 (priced between$1,210 to $1,340 per square foot).
Source: “Here Are the World’s Most Expensive Real Estate Markets,” The Business Insider (March 7, 2013)