Ranking of the Most Expensive Cities in the World for Property Purchases in July 2023
In July 2023, a ranking of cities around the world with the highest property prices in city centers was compiled based on data from the website numbeo. The results of this ranking are based on the average price per square meter of an apartment in the city center.
The most expensive cities in the world for purchasing property are places where housing prices reach incredible values. People dreaming of owning their own homes in these cities face enormous expenses and difficulties.
Hong Kong tops the ranking with a price of $29,930 per square meter. It is followed by Zurich ($24,370), Seoul ($21,400), Singapore ($19,930), and Geneva ($19,400). These cities are the most expensive places to buy property in the world.
The ranking also includes London ($17,540), Shanghai ($17,500), Shenzhen ($16,810), Beijing ($16,290), and Tel Aviv ($15,850), ranking 6th, 7th, 8th, 9th, and 10th respectively.
Table of the most expensive cities in the world for buying real estate in July 2023:
|Rank||City||Price per square meter, buying apartment in city center|
|1||Hong Kong, China||$29,930|
|3||Seoul, South Korea||$21,400|
|6||London, United Kingdom||$17,540|
|10||Tel Aviv-Yafo, Israel||$15,850|
|11||New York City, United States||$15,750|
|13||San Jose, California, USA||$14,720|
|17||Brooklyn, New York, USA||$13,140|
- Hong Kong (China) takes the first place in this rating, where the price per square meter of housing is 29,930 dollars. The main reason for high prices in Hong Kong is the limited land resources. A huge number of people live on this small island, and the demand for housing far exceeds its supply. As a result, property prices are rapidly rising.
- Zurich (Switzerland) ranks second, with a price of 24,370 dollars per square meter of housing. Switzerland is known for its stable economy and high standard of living. Due to this, the demand for real estate in Zurich remains high, which leads to price growth.
- Seoul (South Korea) takes the third place with a cost of 21,400 dollars per square meter. High property prices in Seoul are due to limited land and a high population in the city. In addition, Seoul is one of the economically developed cities in the world, which also affects price growth.
- Singapore (Singapore) ranks fourth in the rating with a price of 19,930 dollars per square meter of housing. Singapore is one of the most developed countries in the world with high incomes. This attracts many foreign investors who are willing to pay high amounts for property in this city.
- Geneva (Switzerland) ranks fifth with a cost of 19,400 dollars per square meter of housing. Geneva is a major financial center where many wealthy people want to buy real estate. Like in other Swiss cities, high housing prices in Geneva are due to a stable economy and a high standard of living.
Thus, the reasons for high property prices in the most expensive cities in the world are limited land resources, high income levels, stable economy, and attractiveness of these cities to investors. However, owning property in these cities remains a privilege available to only a few.