Most expensive real estate in the world

The list of cities that top property price chart reads as follows: London, Monaco, New York, Hong Kong, Tokyo, Cannes, St. Tropez, Sydney, Paris and Rome.

As signified by the list, London has emerged as the most expensive real estate market of all with prime property registering a cost of 2,300 pounds per square foot. The increase in the region is believed to be more than 14% on an average in 2006 as compared to 9% rise for the mainstream properties in the market.

It is followed by Monaco with 2,190 pounds per square foot.

Rising property prices in London imply that many people can sell properties here, buy a bigger property overseas and still have a scope for change.

New York comes close to third position with an average rate of 1,600 pounds per square foot. Property prices in this city have soared at an unbelievable rapid pace over the past few years, surpassing many other foreign destinations.

The fourth position has been grabbed by Hong Kong with 1,230 pound square foot.

The data has been showcased by the ‘Wealth Report 2007’ compiled by estate agent Knight Frank and Citi Private Bank. Likewise, it shows similar trends in other 70 locations to come up with the list.

Such a rapid rise in real estate prices has been attributed to a large economic development. The ownership of immovable property is one of the best indicators of wealth. It also makes the space for a stiffer competition to own properties. This trend is estimated to grow over the next 4-5 years.