Monaco, Hong Kong most expensive cities to buy luxury residential properties
New York: Monaco, Hong Kong and five other cities have been found to be the most expensive cities in the world to buy luxury homes, leaving New York far behind.
According to a report by Knight Frank, a London property consultancy, said it is Monaco, Hong Kong, London, Geneva, Paris, Singapore, and Moscow, which are more expensive than New York, reports New York Daily News.
The most expensive homes in New York average between 2,030 dollars and 2,240 dollars per square foot. Monaco leads the way, with high-end residences ranging between 5,350 dollars and 5,920 dollars per square foot.
Liam Bailey, head of residential research at Knight Frank, said "land-constrained" Monaco has always been the home of the super rich. New York's relative affordability for the global elite is a cyclical thing, experts say.
High-end units in New York City, like those at One57 in midtown, are considered a bargain to the global one percent. Jonathan Miller, president of Miller Samuel, one of New York's top real estate research firms, said New York has never had the most expensive real estate in the world.
London has always been ahead of New York in terms of price, he said, adding that not being number one has its advantages - It makes them a good buy for the global investor.