Home › Investment Analysis › Most expensive cities in 2008

Most expensive cities in 2008

Global Property Guide

Last Updated: Jan 15, 2008

London, New York and Moscow are the world’s most expensive cities for residential apartment buyers.

Residential apartments or flats in Prime Central London are among the priciest in the world, at US$21,800 to US$36,200 (£10,960 - £18,214 or €16,305 - €27,095) per sq. m. Prime central London include Belgravia, Chelsea, Mayfair, Notting Hill, Knightsbridge, Regent's Park, South Kensington, St. John's Woods, and St. James.

Prices in other luxurious areas in London such as Wimbledon, Hampstead, Richmond, and Wandsworth range from US$14,142 to US$19,361 (£8,675 - £9,719 or €10,560 - €14,458) per sq. m., also among the highest in the world.

New York comes in second place with property prices in Upper Manhattan between US$13,270 and US$22,923. Apartment prices in Lower Manhattan are around US$12,510 – US$20,456.

Moscow comes in third place with apartment prices ranging from US$10,764 to US$20,506.

Other cities in Europe that are among the top ten most expensive cities for condominium buyers are Paris, Barcelona and Geneva. Condominium prices in Paris are around US$12,930 to US$18,070 per sq. m.

In Spain, prices of flats in Barcelona are between US$9,160 and US$9,870. Prices of apartments in Madrid are lower than Barcelona, at US$6,535 – US$ 8,000.

In Switzerland, prices of flats in Geneva are around US$6,870 - US$10,400 per sq. m. Prices in Geneva are higher compared to Zurich, US$5,900 – US$9,830.

Of the three German cities included in the study, Munich is the most expensive with prices of flats at US$3,485 – US$3,700 per sq. m.; followed by Frankfurt at US$2,360 – US$3,300 per sq. m. Property prices in Berlin are still relatively subdued at US$1,840 – US$2,600 per sq. m.

Residential apartments in Istanbul, Turkey are among the cheapest in Europe at around US$1,850 to US$2,500 per sq. m.

Expensive Asia-Pacific cities

Four cities in the top ten are in Asia, Hong Kong, Tokyo, Singapore and Mumbai.

Residential apartment prices in Hong Kong range from US$10,490 to 14,780 per sq. m., in Tokyo from US$7,600 to US$11,870 per sq. m. and in Singapore from US$11,500 to US$13,340 per sq. m.

Mumbai is a notable exception among the ten most expensive cities; it is located in a poor country, albeit rapidly growing. A mix of high population density, archaic land laws, rapid urbanization and strong economic growth contributes to the surprisingly expensive property prices in Mumbai.

Property prices in Mumbai are around US$8,600 to US$10,300 per sq. m. This is significantly higher compared to New Delhi (prices at US$1,970 – US$3,260 per sq. m.) or Bangalore. Despite equally rapid economic expansion, property prices in Bangalore are still among the cheapest in the world at US$950 – US$1,900 per sq. m..

Compared to Mumbai, Chinese cities are significantly cheaper. Prices of flats in Shanghai are around US$2,870 to US$3,540 per sq. m. while those in Beijing are priced at US$2,100 to US$2,330 per sq. m.

Properties in Australia are near the top with apartment prices in Sydney at around US$6,290 to US$9,690 per sq. m. New Zealand is significantly cheaper compared to Australia, with apartment prices in Wellington at only US$4,360 – US$4,500 per sq. m.

In South East Asia, the price of a 120 sq. m. condo in Jakarta is around US$1,073 per sq. m., cheaper compared to Kuala Lumpur (1,400 per sq. m.), Manila (US$1,969 per sq. m.) and Bangkok (US$2,819 per sq. m.).

Americas and the Caribbean

In Canada, properties in Toronto are relatively more expensive than to those in Montreal. Apartment prices in Toronto range from US$4,600 to US$6,400 per sq. m. while condos in Montreal are priced at around US$3,660 – US$5,200.

In Costa Rica, one of the most favored places of American second-home buyers and baby boomers, flats in San Jose are relatively cheap at US$1,250 – US$2,440 per sq. m. Properties along the Pacific coasts in the provinces of Puntarenas and Guanacaste are relatively more expensive at US$2,120 – US$2,890 per sq. m.

Property prices in the Caribbean are generally at par with Western Europe. Prices of flats in Turks and Caicos Islands are around US$5,670 - 8,230 per sq. m.; in Bahamas at US$3,860 to US$5,680 per sq. m., in Cayman Islands at US$3,660 – US$8,265 per sq. m. and in Trinidad and Tobago at US$3,140 – US$3,170 per sq. m.

Middle East and Africa are inexpensive

Properties in the Middle East are among the cheapest in the world (see article here). For instance, residential apartment prices in Egypt are around US$400 to US$900 in Maadi district of Cairo. Properties in Zamalek are a bit higher than Maadi but are still affordable at US$700 – US$1,400 per sq. m.

Residential flats measuring 120 sq. m. in Beirut, Lebanon and Amman, Jordan cost around US$1,250 per sq. m.

Properties in Tel Aviv and Dubai are among the most expensive in the Middle East. Apartment prices in Tel Aviv are around US$4,560 – US$5,220 per sq. m. while those in Dubai range from US$3,590 – US$4,130 per sq. m.

In South Africa, the price of a 120 sq. m. 2BR flat in Cape Town is around US$2,784 per sq. m., around twice the prices of similar sized properties in Johannesburg, US$1,376 per sq. m.

Renters

London, Moscow and New York are also the most expensive cities for renters. The monthly rent for a 120 sq. m. apartment in prime central London is around US$13,000. In other luxurious areas in London, the monthly rent is around US$7,900 for a similar sized unit.

The rent for 120 sq. m. flats in Moscow and New York are around US$8,000 per month.

Tokyo, Paris and Hong Kong are the next three most expensive cities for renters at around US$5300 – US$5,600 per month for a 120 sq. m. unit.

Other cities in the top ten are Sydney, Australia (US$4,145 per month for a 120 sq. m. unit), Geneva, Switzerland (US$3,600), St. Petersburg, Russia (US$3,400) and Mumbai, India (US$3,380).

Cairo, Egypt has one of the lowest rents at around US$455 per month for a 150 sq. m. unit apartment. Beirut, Lebanon and San Jose, Costa Rica also have cheap rents at around US$1,150 per month for similar sized units.

Your Comments

posted by Scandinavia | 2008-02-11

How can you name an article "Most expensive Cities in 2008" and exclude the Nordic Capitals that obviously all would make the top ten list. It is pointing in a very confusing direction...

posted by our Editor: Matthew Pollock | 2008-02-11

We do not agree that "obviously, they would all make the top 10 list" but it is true that the list could have been more clearly labelled, and will be next time

posted by Jacques De la Haye | 2008-01-18

Property development, Amsterdam

I am missing Zagreb in Croatia, 1.500 - 4.500 p.sq.m. (or even Dubrovnik 2.000 - 7.000) where prices are high and exxagerated.

posted by our Editor: Matthew Pollock | 2008-01-18

Well yes, I am sorry, but we have not listed every city in the article, as explained.

posted by Alessandro Galimberti | 2008-01-18

Sales Manager, Dublin

It's absolutely a false article!!!Where did u get this datas? From the squirrels? There's not even an Italian city like Milan or Rome!!!I can't believe that cities like El Cairo can be more expensive then Milan! I come from Milan! Do you know what's an not central 2 beds flat avarage rent in Milan??It's around 1000 euro!And in Venice or Rome is the same!A 1 room flat 25/30 square meters in Milan is around 150/170k. In Rome 220/240k. Please review better next time. This king of false article make this website less reliable. Cheers.Alex

posted by our Editor: Matthew Pollock | 2008-01-18

Sorry, the article was somewhat unclear.... the cities are not in order of expense. We put some expensive ones at the top, and then compared them to others... next time we will make it the '10 most expensive cities'. If you want an accurate listing by price, please go to: http://www.globalpropertyguide.com/most-expensive-cities Howeverm we have not yet reseached Milan.

posted by Oleksiy Barankevych | 2008-01-17

Editor, Ukraine

I'm suprised not to see Ukraine in the list. Prices for residential real estate in capital city of Kyiv average $1,200-1800. Or am I missing something?

posted by our Editor: Matthew Pollock | 2008-01-17

This is not a complete list of either a) the most expensive cities in the world or b) all cities that we cover. Please see http://www.globalpropertyguide.com/most-expensive-cities (alas, the sort mechanism doesn't work because of the currency conversion process, but we will work on it)

posted by Paul S. | 2008-01-17

Munick, Kiew, Munick, Kiew

It is false! In Kiev the prices not below, than in St.-Petersburg (Russia), also are close to the prices in Berlin (Germany). Thus Kiev has not got at all in the report.

posted by Oleksiy Barankevych | 2008-01-18

Ah, I see it now. With $4,152 per sq. meter Kyiv should be somewhere between Sydney and Hong Kong. Not bad. :)

posted by our Editor: Matthew Pollock | 2008-01-18

Yes, you are moving fast, you guys! Soon, like Londoners, you will not be able to afford to park your cars.

posted by Deny Lee | 2008-01-19

Not very comprehensive and accurate if Taipei isn't even on the list.

posted by our Editor: Matthew Pollock | 2008-01-19

Taipei will be there soon.

posted by Pauline Hayes | 2008-01-19

Oil Company Admin., Saudi Arabia

I was under the impression that Panama City apartments now sell for an average of $3,000 p.s.m. a huge discrepancy with your figure??

posted by our Editor: Matthew Pollock | 2008-01-19

Our figures are not for new apartments...

posted by Nishant | 2008-01-20

Student, Fort McMurray

Wheres Fort McMurray on this?? It has the most expensive housing market in Canada.. A 2 storey 1500 sq feet home goes for over $600,000.

posted by our Editor: Matthew Pollock | 2008-01-20

Wow.

posted by Yormy | 2008-01-20

insurance, Poland

what about other then Warsaw Polish cities, like Krakov or Wroclaw? Do You have more prices in other cities in Europe? Like Lion, Liverpool etc.?

posted by our Editor: Matthew Pollock | 2008-01-20

I'm afraid not. If you would like to commission us, we can do the research!

posted by dmitry | 2008-02-13

engineer, atlanta, georgia, usa

IMHOArticle gives a good idea about worldwide properties prices.Prices/rents about right (I judge by prices in Toronto, Moscow, Montreal).If somebody is unhappy you guys should make a subscriber section and provide subscribers with material based on monthly fee Then send all unsatisfied "clients" to paid section.

posted by Alexey | 2008-01-21

Analyst, Washington, DC

How about other cities in the US? How about Washington DC or San Francisco?

posted by our Editor: Matthew Pollock | 2008-01-21

Hmmm... indeed. How about many places. Er, your point is?

posted by Rodney | 2008-01-22

Banker, London

Great article. But I note it says: "London, Moscow and New York are also the most expensive cities for renters. The monthly rent for a 120 sq. m. apartment in prime central London is around US$13,000. In other luxurious areas in London , the monthly rent is around US$7,900 for a similar sized unit." I can tell you London is way more expensive than what you say. I live in about 100 sq m in Pimlico, in central London. It is just outside of the prime area. I recently looked to move, but realised all around me rents were the same as I was paying for a similar sized place - GBp385 per week, or about US$750, which is US$39,000 per year. I was in Chelsea last week and saw that most one-bedrooms were over GBP 400-450 per WEEK.

posted by our Editor: Matthew Pollock | 2008-01-22

What you are paying seems not inconsistent with our figures. You are renting 100 sq. m. right? And paying US$3,250 per month? That is (you say) a) smaller than the area we cite and b) lower than neighbouring apartments. Pimlico is other luxurious, not prime - so the difference between your rent and the US$7,900 we cite seems explainable by those two facts. Certainly, your rent is not much higher than the one we consider normal - but lower.

posted by Sergiy | 2008-01-23

Dubai

It's one awkward research.Kyiv, Ukraine, is not in the list with prices varying from $1'200 to $6'000 per sq.m. The average price now is around $2'000 per sq.m.

posted by our Editor: Matthew Pollock | 2008-01-23

Well, not all countries with prices in that range are in the list. Only a few illustrative countries,which as it happens, do not inclde Ukraine.

posted by Rodney | 2008-01-23

Banker, London

You are right. Sorry, silly me, I was thinking you were saying annual rents. I guess I just dont want to admit to myself how ridiculously expensive London is.

posted by Thomas | 2008-02-17

Brand Manager, British Columbia

What about Vancouver?? prices a way higher than Toronto or Montreal. Get real guys...

posted by patrick | 2008-02-17

ehm, sweden

I live in sweden, stockholm. Hum i know the swedish prices in östermalm in stockholm is about 55.000 sek and thats 7,482 US dollars that will make the top a bit changed. And i can say that oslo will join there to.

posted by Elmira | 2008-03-23

Translator, Kazakhstan

Just wanted to note that Kazakhstan is missing in both charts.

posted by Jhony Cage | 2008-02-22

Real Estate Developer, Almaty, Kazakhstan

Average residential real estate prices in Almaty, Kazakhstan are about 3,500 USD / sq. m.; Thus 120 sq.m. apartment in city center would cost around 7,000 - 10,000 USD / sq. m. Rents are also high, 4,000 - 5,000 USD / month.

posted by David Cummings | 2008-04-02

Investor, Buenos Aires

What happened not one South American city on your list. Why not?

posted by our Editor: Matthew Pollock | 2008-04-02

I hear you. Next time we plan to make this process more systematic, having learned from all the friendly criticism!

posted by Matthew | 2008-04-01

Internet user, Montreal

Interesting read, by the numbers above, my mom is charging me waaaay too much in rent.