Real estate is the most viable investment anyone could ever have. Buying a luxurious property has become a prime investment for most super-wealthy individuals than buying stocks and bonds, which are often risky. The reason behind this is pretty obvious. It's more tangible when you invest in real estate. But for the global rich, where can they find the most expensive real property market in the world?
According to a recent report from an independent real estate consultancy firm Knight Frank, which was cited by CNBC, a million dollars can only buy 15 square meters of a real estate in Monaco. Although New York City has the most expensive real estate in the US while London has the most number of billionaires than any other cities in the world, their per square meters real estate cost is quite a bargain to this very small city, the Knight Frank report said.
Let's find out who among other major cities topped the world's most expensive residential real estate.
10. Shanghai
Floor area per $1 million: 46.2 sq.m.
Shanghai is China's economic and financial center. In 2012, the market cost of a residential property in the mainland capital increased by 10%. With this, the Chinese government implemented a 20% capital gains tax on residential purchases. Recently, Shanghai approved a developer seeking for the highest price residential property at $48,100 per square meter, which is an ultimate record market price in the city to date.
9. Moscow
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