10 most expensive real estate cities & 18 most unaffordable cities in the World. Where is Vancouver stands in the chart?
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10 most expensive real estate cities & 18 most unaffordable cities in the World. Where is Vancouver stands in the chart?
First: Monte Carlo, Monaco (4420 U.S. dollars per square foot).
Monte Carlo residents can enjoy the blue coast, sandy beaches, enchanting nightlife, as well as the benefits of tax havens, but they also have to pay the price. This resort ranks first on the world's most expensive real estate market list for two consecutive years with an average price of up to 4420 U.S. dollars per square foot.
Second: Moscow (1937 U.S. dollars per square foot).
Thanks to the strong economic growth (and to some extent due to the recent high oil prices), and driven by rising housing prices in the first three quarters, Moscow jumped to the top three.
Third: London (1928 U.S. dollars per square foot).
As one of the world's financial centers, London house prices are certainly high, reaching 1928 U.S. dollars per square foot.
Fourth: New York (1384.1 U.S. dollars per square foot).
New York housing prices dropped from last year's second place to sixth place, and this is somewhat unexpected. The average New York housing price is 1384.1 U.S. dollars per square foot.
Fifth: Hong Kong (1373 U.S. dollars per square foot).
Naturally, the shopping paradise housing prices are high. Due to land scarcity and the big resident population, Hong Kong's house has always been in short supply.
Sixth: Paris, France (1126.20 U.S. dollars per square foot).
Paris, fashion capital, and housing prices are as expensive as luxuries.
Seventh: Tokyo (1103 U.S. dollars per square foot).
As the world's most crowded cities, Tokyo has a high house prices is not surprising.
Eighth: Singapore (901.20 U.S. dollars per square foot).
Ninth: Rome, Italy (851.50 U.S. dollars per square foot).
Tenth: Mumbai, India (851 U.S. dollars per square foot).
In Mumbai prime residential area the price is US$1,500 & more square foot. One apartment which was sold for US$2,800 per sf. In these prime area, the rental is around US$6,000 per month for a 2700 sf foot apartment. In middle class residential area the price would be US$500 per sf.
Severely Unaffordable Housing Markets Ranked by Severity of Housing Unaffordability:
Rank Nation Metropolitan Market Median Multiple
1 China Hong Kong 11.4
2 Australia Sydney, NSW 9.6
3 Canada Vancouver, BC 9.5
4 U.K. Bournemouth & Dorset 9.3
5 Australia Coff's Harbour, NSW 9.1
6 Australia Melbourne, VIC 9.0
7 U.S. Honolulu, HI 8.5
8 Australia Sunshine Coast, QLD 8.4
9 U.K. Warwichshire 8.1
10 U.K. London(Greater London Authority) 7.9
11 U.K. Plymouth & Devon 7.9
12 Australia Gold Coast, QLD-NSW 7.7
13 U.K. Swindon & Wiltshire 7.5
14 Australia Geelong, VIC 7.4
15 Australia Wollongong, NSW 7.2
15 U.S. San Francisco-Oakland, CA 7.2
15 U.S. Santa Cruz, CA 7.2
18 Australia Adelaide, SA 7.1
18 Canada Victoria, BC 7.1
18 U.K. London Exurbs (E & SE England) 7.1
Sales Volume between Jan 17th & Feb 5th, 2011 in Richmond & Vancouver Westside. Richmond had 100 sales, 42 sold over asking. Vancouver Westside had 79 sales, 34 sold over asking. If you wonder if there is more room for Vancouver housing price to move up, well, I believe as long as our Asian investment keeps coming in, I don't doubt the possibility at all. Even as unaffordable as Hong Kong, they had 50% increase in the past 2 years & anticipate higher this year. Therefore, don't understand estimate Vancouver's potential. Vancouver has been a popular city among the Mainland Chinese conversation.
