According to Knight Frank, a London based real estate firm Monaco is the most costliest city in the world when it comes to real estate.
During the fourth quarter of 2012, the average price of real estate in Monaco was between $5,350 and $5,920. If this is a consolation for you, it might surprise you that these prices are for per square feet.
Prices have risen by over two percent in the Mediterranean principality. This is due to the fact that world’s wealthy people have invested most of their fortunes in real estates in the region. The tax haven status of Monaco helps the investors as countries as U.K, France and Italy have raised taxes on the wealthy.
Interestingly, Hong Kong has been listed as the second most expensive city in the world with prices ranging from $4,570 to $5,050 per square feet. London, Geneva and Paris take the other three slots in that order.
Price wise two cities in Indonesia, Jakarta and Bali showed the fastest growth in prices. Prices surged by 38 and 21 percent respectively in these cities. The surge in real estate market in Indonesia can be attributed to Indonesia’s rapid growth with GDP showing growth at a rate of 6 percent.
Indonesia’s rich population too is growing at a rapid pace. Knight Frank from Wealth X points that number of people having net worth of $30 million is all set to double by 2022 in Indonesia.
The city that is most popular with super rich having worth of $30 million or more is New York. The cities were ranked in four categories including knowledge and influence, quality of life, economic activity and political power.
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