It is an understandable fact that prices in real estate markets across the globe seem to be endlessly climbing as land becomes more and more scarce, and property developers have to adjust accordingly. Owning one’s dream home has been the goal of many an individual across the ages, yet it seems as if that dream is becoming increasingly unattainable as times goes on.
In some corners of the world, however, that dream can appear to be even more beyond reach than seemingly possible, bringing to mind a wish to construct actual castles in the sky. This is somewhat understandable when the real estate markets in question are highly desired and/or subject to other relevant factors such as a close proximity to another equally or more desirable place.
Global real estate firm Knight Frank conducted research into this very topic and produced a report that detailed how much land in the world’s cities cost in the final quarter of 2012. Here is a quick rundown of the report’s ‘winners’.
1) Monaco
Currently the world’s most expensive locale, Monaco is harsh on prospective property buyers – US$1 million will buy you 18 sqm of real estate, which is the equivalent of a room the size of a single-car garage.
2) Hong Kong
Boasting a deep natural harbour and a vast skyline, this special administrative region of China is one of the world’s most densely populated areas – a fact that helps drive its property prices sky-high.
3) London
The capital of England and the United Kingdom is still seen by many as a key property market, largely due to its multitude of positive qualities that mark a truly great city.
4) Geneva
Switzerland’s second most populous city is widely known for being the birthplace of the Geneva Conventions, which are treaties establishing the standards of international law regarding the humanitarian treatment of war, but its high quality of life is the primary reason behind its popularity among expatriates.
5) Paris
With its rich history, wealth of culture, sumptuous cuisine and environmental friendliness, it is no wonder that France’s capital city is a leading tourist destination and an ideal place to live in.
6) Singapore
Land in this Southeast Asian island city-state is incredibly costly due to its obvious scarcity and the fact that the country is highly popular, being a leading financial centre and home to one of the world’s five busiest ports.
7) Moscow
Aside from being the most populous city in Europe, Russia’s capital city is the northernmost megacity on the planet and, according to Forbes 2011, home to the largest number of the world’s billionaires.
8) New York
New York City – identified as such to differentiate it from New York State – has the honour of being the United States’ most populated city and is very popular as a destination of choice on an international level.
9) Sydney
Australia’s most populous city ranks high on the lists of tourists and retirees alike, largely thanks to its wealth of natural beauty in the form of its hinterlands and famous beaches.
10) Shanghai
Considered one of the shining symbols of China’s rapid economic growth, Shanghai is, population-wise, the largest city in China and the largest city proper in the world, drawing locals and foreigners alike to it with its strong business focus and renowned historical landmarks.
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