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. However, there are some cities that are more expensive to live in than others. There are different ways of calculating how expensive a place is to live. While some people calculate this using a ratio of earnings compared to property price, this list is based on the price of property per square meter. Here are the top 10 most expensive places to buy a home in the world.
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. Bizarrely, even though demand for properties in London is so high, there is a large number of houses and apartments that are empty for most of the year. This is because the rich and famous like to have a base in the capital but do not use it as their full time residence.
3. Hong Kong, Hong Kong Island
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. These elements combined make it a desirable place to live. As the demand is high, properties are at a premium. This has driven prices for New York property to a high of $17, 191 per square meter. Just like London, many properties are empty for large portions of the year as rich people want to have a base in the city but prefer to live full-time elsewhere.
5. Tokyo, Japan
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. A square meter of property in Paris is valued at $14,100. The central neighborhoods in the city are the most expensive places to buy a home while it is possible to purchase properties for less in the suburbs of the city.