Monaco with $49,000 on top of the list followed by NYC, London, St Tropez and St Cap Ferrat
Location analytics specialists Webster Pacific, together with market research firm New World Wealth, recently reviewed the most exclusive prime residential markets worldwide.
According to a press release about the study titled „Worldwide Residential Market Index“ the top 20 cities/towns ranked by US$ per square meter (figures for June 2018) are:
* Monaco: $49,000
* New York, USA: $34,000
* London, UK: $33,000
* St Tropez, France: $32,000
* St Jean Cap Ferrat, France: $31,000
* Hong Kong, China: $28,000
* Geneva, Switzerland: $26,000
* Sydney, Australia: $25,000
* Lake Como, Italy: $21,000
* Porto Cervo, Italy: $21,000
* Pebble Beach, Monterey, USA: $21,000
* Zurich, Switzerland: $20,000
* Singapore: $19,000
* Paris, France: $18,000
* Nice, France: $18,000
* Tokyo, Japan: $17,000
* Melbourne, Australia: $16,000
* Los Angeles, USA: $14,000
* San Francisco, USA: $14,000
* Miami, USA: $14,000
The index focuses on the price of top-end (prime) apartments in the most exclusive parts of each city/town. Square meter stats only work well on apartments as houses normally have gardens and additional land which is difficult to value on a square meter basis. Figures rounded to nearest US$1,000.
Second home hotspots for the wealthy
Notably many of the towns and cities with the highest square meter prices are also popular second home hotspots for the wealthy. The top 20 second home hotspots worldwide for 2018 are listed below, ranked by estimated number of multi-millionaires with second homes in each town. Note: multi-millionaires refer to individuals with net assets US$10 million or more.
* New York City
* Hong Kong
* Dubai (UAE)
* The Hamptons (USA)
* Los Angeles
* Palm Beach
* Rio de Janeiro
* Tel Aviv
* Cape Town
* St Tropez
Other notable second home hotspots for the wealthy: Lake Como, Gold Coast, Aspen, Porto Cervo, Boca Raton, Noosa & Sunshine Coast, Lake Tahoe, Jackson Hole, St Jean Cap Ferrat and Cannes.
Hotel residences worldwide
Many of the most expensive apartments worldwide are hotel residences. Originally a New York phenomenon, the hotel residence trend has started to catch on in other major cities and holiday hotspots around the world. ,Hotel residences’ refer to apartments/villas in existing hotels which can be purchased. They essentially allow owners to live in a hotel permanently and enjoy the same services as normal guests do (i.e. room service, dining, cleaning, etc.).
Hotel residences are often difficult to identify such as ,One Hyde Park’ in London – the apartments there are essentially hotel residences serviced by the Mandarin Oriental next door. Reasons for their rising appeal include:
* Appeal to those that travel a lot – facilities are maintained whether one is there or not.
* Access to services – room service, cleaning.
* Access to facilities – pool, spa, entertainment, dining, bar.
* Good security and big reception area for meetings.
Unsurprisingly, hotel residences sell at a premium to normal apartments.
(27.01.2019, USA: 01.27.2019)