According to the 13th Annual Demographia International Housing Affordability Survey: 2017, one city has remained at the top of the “most expensive real estate” list for seven years in a row. The survey, which assesses home affordability in 92 major metropolitan housing markets (areas that have populations greater than 1 million inhabitants), is a thorough and well respected bit of research. According to their data, these are the world’s most expensive real estate markets.
Marking it’s seventh year at the top of the list is Hong Kong. The high costs of real estate in Hong Kong have to do with one simple factor: supply and demand. With over 7 million inhabitants packed into 427 square miles, there just is not enough for everyone. Squeezed between bodies of water and soaring mountains, what land that can be developed has largely already been done so. Two Chinese property developers recently paid a record $2.17 billion (exceeding market valuation by 50%) for a plot of residential land.
A strong economy, low interest rates, and good wages have fueled the increase in costs of housing in land rich Australia. Add in the lively culture, the unique and world renowned opera house, and fine dining establishments, and it is easy to understand why so many want to invest in Sydney’s real estate market.
The Vancouver real estate market is so highly desirable that even the addition of a foreign buyer tax did not slow buying down. Foreign investors are still making large, expensive purchases in this very stable real estate market area. This coastal city has a great deal to offer.
Thanks to both its natural beauty as well as the city’s proximity to high wage employment areas, Santa Cruz is a highly desirable area to live in. As a result of excellent city planning, the town is home to multiple parks and public spaces, which increase the desire to relocate here.
Another California city on the list the most expensive real estate in the world, Santa Barbara offers something for everyone. Nature enthusiasts will enjoy the hiking and water sports available, while city dwellers will also enjoy the arts and culture. Sometimes referred to as the “American Riviera”, this ideally located town is a prime place to invest in real estate.
Auckland, New Zealand’s booming economy provides multiple opportunities for investors, innovators, and business owners to expand their horizons. Exceptional job opportunities, great climate, fabulous beaches, highly rated universities, and a strong push by the government to bring innovators to the city has increased the value of real estate in this prime locale.
The second of four Australian cities on the top ten list of most expensive real estate, Wingcaribbee’s proximity to Sydney is part of the reason for its high values. The shire has been developed to consist of small towns and also villages separated by a semi rural landscape. It backs up to rugged bushland, adding to the rugged appeal of this area.
Known locally as “The Tweed”, it has been nominated by Tourism Australia as a National Landscape. Nestled in the caldera of an ancient shield volcano, the Tweed offers majestic ocean views and also a gateway to the gold coast. Both rainforest and mountain ranges add beauty to this area, as well as a limit to the amount of land available for development. Investors will find a variety of properties available, ranging from beach estates to tranquil plots near dairy farms.
Luxury real estate buyers have options all over the world to choose from! Which of these most expensive real estate markets is calling your name? So, do you need more ideas? Try our article on the best cities to invest in luxury real estate.