The only United States location to find its way onto the list of most expensive real estate markets for 2009 was New York City coming in at an average price per square meter of $14,989. It should come as no surprise that Monte Carlo comes in first place more than three times more expensive per square meter than New York City at $47,578.

London and Moscow come in at a close 2nd and 3rd. Both coming in at just above $20,000 per square meter for real estate. The price index was based off of a 120 sq. m. good condition high-end apartment in 110 cities around the world.

Most expensive property markets

(based on 120 sq. m. apartment in city-centre )

RANK COUNTRY CITY/REGION AVE PRICE (US$/sq. m.)
1 Monaco Monte Carlo 47,578
2 Russia Moscow 20,853
3 UK London 20,756
4 Japan Tokyo 17,998
5 Hong Kong Hong Kong 16,125
6 USA New York 14,898
7 France Paris 12,122
8 Singapore Singapore 9,701
9 Italy Rome 9,166
10 India Mumbai 9,163

As you can see from the table, several Asian cities have been on the rise in the past several years. Tokyo and Hong Kong came in 4th and 5th respectively overtaking Paris and Rome a phenomenon that has taken place only several times in the past half a decade.

For those who are bargain hunters, some of the cheapest real estate was detailed as well. The cheapest coming in at just $574 per square meter was found in Cairo, Egypt. In general the cheapest real estate was found in the Middle East, Asian and Latin America. It’s interesting to note that some of the cheapest real estate is found in Asia as well as some of the most expensive.

Least expensive property markets

(based on 120 sq. m. apartment in city-centre)

RANK COUNTRY CITY/REGION AVE PRICE (US$/sq. m.)
112 Egypt Cairo 574
111 India Bangalore 657
110 Chile ConcepciĂłn 669
109 Ecuador Quito 820
108 China Chengdu 999
107 Nicaragua Managua 1,080
106 Indonesia Jakarta 1,102
105 Jordan Amman 1,150
104 Peru Lima 1,154
103 Chile Santiago 1,221

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