Here Are The Priciest Real Estate Markets In The World

This month, consulting firm Webster Pacific partnered with New World Wealth, a market research firm that focuses on wealth data, to release the top property indexes of where the priciest real estate markets are in the U.S. and internationally.
The firms tracked a few key apartments in major cities in prime, upscale neighborhoods. Here are the “Top 10 US cities/towns ranked by the dollar rate per square meter,” collected in June 2018:

New York City : $34,000
Pebble Beach, Monterey: $21,000
Los Angeles: $14,000
San Francisco: $14,000
Miami: $14,000
Palm Beach: $12,000
The Hamptons: $11,000
Las Vegas: $10,000
Lake Tahoe: $10,000
Aspen: $910

Below are the “Top 20 worldwide residential markets ranked by the dollar rate per-square-meter,” collected in June 2018:

Monaco: $49,000
New York City: $34,000
London: $33,000
St Tropez: $32,000
St Jean Cap Ferrat: $31,000
Hong Kong: $28,000
Geneva: $26,000
Sydney: $25,000
Lake Como: $21,000
Porto Cervo: $21,000
Pebble Beach, Monterey: $21,000
Zurich: $20,000
Singapore: $19,000
Paris: $18,000
Nice: $18,000
Tokyo: $17,000
Melbourne: $16,000
Los Angeles: $14,000
San Francisco: $14,000
Miami: $14,000

To do this, the firms relied on four major sources of information.
The first of these, transactional indices, are compiled by banks and based on the total and average value of purchases that go through them.
The second, average sales price indices, are also normally compiled by major banks. However, “these indices can be distorted by big sales (i.e. the sale of a mansion) during a particular month or quarter,” according to the firms, hence the need for other metrics, including repeat sales indices (which are hard to track over short periods) and square meter price growth. 5 actions to generate more client referralsTom Ferry’s tips to “wow” your database and create raving fans — plus a top performing script READ MORE
This last metric was especially important. “By focusing on sales in certain apartment complexes one can get an idea on how square meter prices are changing,” the firms write. “This does not require a large sample. Normally for an area such as New York, tracking 3 to 4 prime apartment blocks can give one a very good indication of price movements. The only limitation of these indices is that they only work well on apartments as houses normally have gardens and additional land which is difficult to value on a square meter basis.”
Unsurprisingly, the top locations include some top of the most well-known record-breaking real estate markets, such as central London and Manhattan, New York City. The rankings also note that many of the world’s most expensive apartments are actually hotel residences, in the style of Eloise at the Plaza, which have risen in popularity in recent years.
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