World's Most Expensive Cities (Slideshow)
By Christine Gaylican | November 14, 2011 1:06 PM EST
Crisis or no crisis, some cities in Europe and the Asia-Pacific are still thriving based on their staggering residential prices.
In recent study made by Global Property Guide (globalpropertyguide.com), the world's most expensive cities are still in Europe in spite the debt debacle and austerity measures imposed by the governments.
However, residents with considerable wealth could not be stopped if they want to spend on a piece of real estate for leisure or as a business investment. This mind-set pushed prices in key cities in Europe and the Asia-Pacific, according to the research made by Global Property Guide.
Monaco for decades had been the playground of the rich and powerful. Despite the financial crisis raging in Europe, five European countries were ranked as among the most expensive cities by the Global Property Guide Research. Aside from UK's London, the eclectic Paris of France has been ranked 4th; Russia's Moscow is 6th; and Switzerland's Geneva is on the 10th, according to the Global Property Guide list.
Planning of acquiring a piece of property in Monaco and an address at its prestigious Avenue Princesse Grace would now cost US$53,226 every 120 square meter. Rent price for a similar sized property is at US$9,212.
Monaco maintained its title as the world's most expensive luxury residential market for the fourth straight year because of demand from wealthy buyers taking advantage of tax privileges.
Monaco's Avenue Princesse Grace might have been the most expensive street in the world, but prices for prime property there have fallen from a staggeringly high $120,000 per sq/m a year ago.
London was the second most expensive city at US$20,505 a square metre, while rents stood at US$8,830. According to the Wealth Report, owning a residential property at the Kensington Palace Gardens is still prestigious to keep as address.
Four Asian countries made it to the list of Global Property Guide's most expensive cities: Hong Kong, Singapore, Tokyo, Japan, and India's Mumbai.
Hong Kong's return under the rule of mainland China did not affect the island's expensive residential property rates. Hong Kong has been ranked third with property prices placed at $19,323 and rentals at $6,235.
India's city of Mumbai took the 9th spot as it defined itself with the upscale market having the 27-storey palatial home complex of Mukesh Ambani at the Altamount Road, Mumbai. (contact the reporter and editor at c.jared@IBTimes.com.au)
View the full list at globalpropertyguide.com
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