The word 'real estate' in most people is associated with stability and guarantees in case of unforeseen circ*mstances.
During the crisis of the world economy, interest in investments in this area traditionally increases. Everyone chooses housing options and its geography based on their preferences and financial capabilities. However, there are cities in the world where the desired square meters are valued more than others, in some places significantly.
We offer you the TOP 10 countries with the most expensive real estate to buy:
Monaco, Monte Carlo
The Principality of Monaco is the undisputed leader in the global real estate market. The value of housing is due to the combination of a tiny area with a high population density. A large number of multimillionaires and titled persons live here. Buying a house or apartment is one of the ways to obtain a residence permit.
The price for 1 m2 in the city center is 102,700 US dollars. The price per 1 m2 outside the center is 71,900 US dollars. Renting an apartment (1 bedroom) per month in the center and outside - 6,500 and 5,500 USD.
Pros of buying property in Monaco:
- favorable climate and natural conditions;
- active construction market due to constant demand;
- almost all real estate belongs to the top categories;
- premium architecture and entertainment industry, elite lifestyle;
- resident individuals are exempt from most taxes;
- the highest standard of living and security;
- reliable banking system;
- guaranteed political stability.
Cons:
- "overcrowding" of the principality at the height of the tourist season;
- high prices, especially during exhibition, cultural and sporting events;
- the paperwork process in Monaco is characterized by excessive bureaucracy.
Hong Kong
Hong Kong is still the most developed part of China. It is a world trade and financial center, the largest transport hub in Asia. The area of urban development is limited, so the population density is very high. Most of the apartments are in modern residential complexes of small area. There are also shopping centers, cafes and gyms. Older real estate is large, but without consumer infrastructure. The demand for housing and its cost in the metropolis is constantly growing due to the influx of people from all over the world to settle within it.
The price for 1 m2 in the city center is 31,900 US dollars. The price per 1 m2 outside the center is 20,000 US dollars. Renting an apartment (1 bedroom) per month in the center and outside - 2,200 and 1,600 USD, respectively.
Pros of buying property in Hong Kong:
- low unemployment, the ability to quickly build a career;
- high salaries, good tax policy;
- conflict-free coexistence of representatives of different world cultures;
- very convenient urban transport system;
- developed trading network and entertainment industry;
- beautiful and accessible nature.
Cons:
- the high cost of living, including real estate;
- overcrowding of the metropolis;
- not everyone will like the climate of Hong Kong: high humidity in summer and discomfort in winter;
- very polluted.
South Korea, Seoul
South Korea is a country of high technology and superbly developed infrastructure. The stable growth of economic indicators and the constant influx of investments make the purchase of real estate in Seoul a profitable and promising investment. Modern apartments in high-rise buildings built according to the “smart home” scheme are the most in demand on the market. Their prices are constantly rising.
The price for 1 m2 when buying an apartment in the city center is 22,350 US dollars. The price per 1 m2 when buying an apartment outside the center is 10,900 US dollars. Renting an apartment (1 bedroom) per month in the center and outside - 800 and 550 US dollars, respectively.
Pros of buying property in Seoul:
- high level of life safety;
- excellent conditions for organizing and doing business;
- well organized public space;
- convenient for residents work in the service sector and transport;
- quality education, active social life of the population;
- emphasis on ecology, well-groomed condition of the city.
Cons:
- the difficulty of renting housing: high collateral value, depending on its size and quality;
- Seoul has high salaries, but it is one of the ten most expensive cities in the world;
- numerous electronic queues raise questions: for some products, registration for exams, the choice of lectures at the university, and so on;
- The South Korean climate cannot be called favorable: it is hot and humid in summer, cold in winter.
Singapore
Singapore can be compared to a closed club for smart and successful people. This is one of the best countries for doing business and investing. The economy is recognized as the most competitive in the world, political stability is guaranteed for many years to come. As a result, Singapore attracts many foreign companies, high-class and talented professionals. Given the modest territory of the country, the demand and high prices for real estate look absolutely logical.
The price for 1 m2 in the city center is 19,800 US dollars. The price per 1 m2 outside the center is 9,300 US dollars. Renting an apartment (1 bedroom) per month in the center and outside - 2,250 and 1,600 USD.
Pros of buying property in Singapore:
- low taxes for both individuals and corporate;
- the highest standard of living, Singapore is also called the "Asian Monaco";
- first place in the world in the development of transport infrastructure and technological readiness;
- quality education and training;
- thought out to the smallest detail the layout of the city, cleanliness and beautiful nature;
- high level of security, law-abiding population;
- advanced healthcare system;
- multinationality, welcoming attitude towards foreigners.
Cons:
- high cost of living;
- very expensive cars;
- due to legibility in migration policy, it is difficult to obtain a residence permit;
- there is no program for obtaining a residence permit through the purchase of real estate;
- strict rules of behavior in public places, high fines.
Switzerland, Zurich
The name 'Switzerland' is associated with reliability and precision. Considering this country as an ideal, many foreigners invest in buying houses or apartments. Given the strong position of the Swiss franc, such investments are profitable and promising. However, not every property in Switzerland may be available for purchase by foreign citizens. The most loyal policy of such sales is in Geneva, Zurich and in the resorts of Lake Geneva. The tax burden is humane relative to other European countries. But, between the cantons of Switzerland, the difference in taxes is quite significant. This should be taken into account when choosing the location of the object.
The price for 1 m2 in the city center is 17,000 US dollars. The price per 1 m2 outside the center is 10,200 US dollars. Renting an apartment (1 bedroom) per month in the center and outside - 2,000 and 1,500 USD.
Pros of buying property in Switzerland:
- the opportunity to participate in migration programs, obtaining a residence permit;
- reliable and perfect banking system;
- developed industry with an emphasis on high technology;
- some of the highest salaries in the world;
- high level of security, fundamental teaching at universities;
- well-developed infrastructure, comfortable public transport;
- magnificent nature, special attention to ecology, high-quality food;
- neutral status of the state.
Cons:
- high cost of living;
- very strict rules for renting housing;
- without EU citizenship, it is difficult for an applicant with average abilities to find a job;
- to obtain citizenship, you must legally reside in the country for at least 10 years;
- a strictly regulated way of life can cause discomfort for some people who have moved here.
Great Britain, London
After the UK left the European Union, the real estate market shows steady growth. A strong economy of the country with a developed industrial and financial sectors allows you to conduct a profitable business and build a successful professional career. Rich historical, cultural and sporting traditions attract thousands of craftsmen, providing an opportunity to satisfy their own ambitions. In addition, London is one of the three most visited cities in the world by tourists. A steady influx of expats from all over the world is fueling demand for property rentals and sales.
The price for 1 m2 when buying an apartment in the city center is 15,900 US dollars. The price per 1 m2 when buying an apartment outside the center is 8,100 US dollars. Renting an apartment (1 bedroom) per month in the center and outside - 2,200 and 1,600 USD, respectively.
Pros of buying property in London:
- fundamental and prestigious education;
- high standard of living and salaries;
- progressive taxation;
- many support programs for promising specialists;
- developed infrastructure, comfortable transport;
- beautiful architecture;
- quality medical care.
Cons:
- high cost of living;
- a large amount of investment to obtain official status;
- the cost of studying at universities for some specialties is very high;
- not all areas of London are safe to live in;
- some foreigners are not thrilled with British cuisine and the local weather.
Israel, Tel Aviv - Yafo
Israel is the most economically developed country in the Middle East. The country gives priority to the development of high technologies, a reliable banking system, and guaranteed social support for the population. The real estate market occupies a special position in Israel, the stability of the economy as a whole is associated with it. The state regulates not only taxation in the housing sector, but also pricing. The high cost of real estate, for example in Tel Aviv, contributes to the reconstruction of urban housing stock and infrastructure development. Investments in real estate in Israel are more reliable and profitable than in other industries. Currently, there is an increased influx of repatriates, in particular from Russia and Ukraine. This is the reason for the rise in prices for apartments, especially in the most demanded budget segment.
The price for 1 m2 in the city center is 15,600 US dollars. The price per 1 m2 outside the center is 10,600 US dollars. Renting an apartment (1 bedroom) per month in the center and outside - 1,800 and 1,400 USD.
Pros of buying property in Tel Aviv:
- real estate rights for foreigners are protected in the same way as for Israeli citizens;
- high standard of living and internal security;
- relatively easy to find a job;
- decent wages, including for unskilled labor;
- numerous government programs to support migrants;
- democratic life canons.
Cons:
- high probability of armed conflict with neighboring countries;
- Tel Aviv has a high cost of living;
- oriental driving style among local drivers;
- not all city streets are well cleaned, there are problems with the Internet;
- hot climate.
USA, New York
New York is called the capital of the world. This is the cradle of Western civilization, world trends are born here and dreams come true. A global center of business and financial activity, where millions of professionals from various fields strive to make a career. Most of the inhabitants of the planet associate America with this city, and this is the country No. 1 in terms of the number of migrants. As a result, New York is considered the most multicultural metropolis. Always in demand, real estate in the city began to actively sell and grow in price from the beginning of 2021 after the end of the lockdown. However, at present, due to the unfavorable economic situation in the United States, housing prices are gradually declining.
The price for 1 m2 in the city center is 15,400 US dollars. The price per 1 m2 outside the center is 9,200 US dollars. Renting an apartment (1 bedroom) per month in the center and outside - 3,900 and 2,300 USD, respectively.
Pros of buying property in New York:
- high wages for skilled workers;
- the opportunity to live in the most popular city not only in the United States, but throughout the world;
- modern infrastructure, comfortable public transport;
- a huge selection of entertainment, the possibility of leisure activities for every taste;
- high quality healthcare and education;
- relatively low crime rate;
- liberal attitude towards migrants.
Cons:
- owning real estate in the United States does not give you the right to obtain citizenship or a residence permit;
- not all areas of New York can be considered safe;
- overcrowding of the metropolis, constantly emerging queues and a high rhythm of life;
- the problem with the cleanliness of city streets.
France, Paris
In 2021, France became the most visited country in the world by tourists. It is the cultural, scientific, industrial and gastronomic center of Europe. The business districts of Paris are home to the headquarters of hundreds of the world's leading companies. The beauty of the architectural buildings of the city can be envied by any of the capitals. Most of the residential real estate in the capital of France is in demand; for several years in a row, prices for it have been gradually rising. Considering the number of “conquerors” of Paris from all over the world, an apartment can become a reliable means of making a profit. Renting is a popular and thriving business. Foreign citizens have no restrictions on the purchase of any type of real estate.
The price for 1 m2 when buying an apartment in the city center is 12,300 US dollars. The price per 1 m2 when buying an apartment outside the center is $9,200. Renting an apartment (1 bedroom) per month in the center and outside - 1,300 and 950 USD.
Pros of buying property in Paris:
- owning a house or an apartment paves the way for obtaining a residence permit, and then citizenship;
- high living standards;
- effective social support of the state;
- progressive education system;
- the largest transport hub in Europe;
- comfortable climate, variety of natural areas;
- eco-friendly and delicious food.
Cons:
- administrative red tape, any authority to resolve the issue requires a lot of information;
- high taxes, some very original, such as 'pool taxes';
- a small number of job vacancies for foreigners;
- high cost of living;
- criminal areas.
Cyprus, Limassol
Cyprus is a picturesque piece of land with a warm climate, washed by the waters of the Mediterranean Sea. The country, which occupies the southern part of the island, is a treasure trove of ancient cultural monuments and beautiful romantic beaches. The flow of tourists to the homeland of Aphrodite does not stop almost all year round. Since ancient times, wine has been poured and oil has been pressed here, the branches of the olive tree have been decorating the national flag. However, the big share of the island's economy is real estate, investments in this sector are the most massive and promising.
In the summer of 2022, the housing market in Cyprus is active. High-rise complexes and cottage townships are being built, the number of transactions exceeds last year's level twice, prices, especially for liquid apartments, show a steady growth. Limassol is the business center of the country, where the cost of square meters is the highest. At the moment, there is a popular request for new real estate in the price range of 300 thousand euros and above with the opportunity to apply for a permanent residence permit.
The price for 1 m2 when buying an apartment in the city center is 3,100 US dollars. The price per 1 m2 when buying an apartment outside the center is 2,000 US dollars. Renting an apartment (1 bedroom) per month in the center and outside - 1,000 and 800 USD.
Pros of buying property in Limassol:
- small taxes;
- ease of running your own business;
- friendly attitude of local residents to foreigners;
- low crime rate;
- more than forty beaches in Cyprus have received the "blue flag of the EU" for cleanliness and safety;
- high level of free school education;
- measured lifestyle;
- favorable climate and ecological conditions;
- developed road network;
- variety of marine entertainment, delicious food.
Cons:
- the unresolved conflict of 1974;
- due to the love of Cypriots for recreation, decisions on administrative issues may be delayed;
- on houses there are rarely signs with numbers and names of streets;
- some may feel a lack of cultural life;
- peculiar driving style of local drivers.
It is easy to see that cities with expensive real estate are located, as a rule, in “prosperous” states. Here, citizens, and those who want to become citizens, feel all the benefits, including the protection of themselves and their property. As a conclusion, the purchase of housing in such countries, in most cases, is a profitable and promising investment. In addition, owning real estate contributes to obtaining official status and improving the quality of life.
Interested in buying property in Cyprus? Welcome to the DOM website! Here you will find options for houses and apartments in Limassol, Paphos, Larnaca and Famagusta, as well as get the help of experienced professionals.
Read also:
- 10 Ways to Reduce Electricity Costs in Cyprus
- Two floors, a terrace and a gorgeous sea view: Cyprus new buildings with exclusive apartments
- Medical tourism in Cyprus
- Paphos or Limassol: pros and cons
- 10 reasons to move to Cyprus with children
- The story of Plus Properties in Cyprus
- Long term prospects for buying property in Larnaca
