Worlds most expensive cities to own property london
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While property prices in Malaysia continue to climb steadily with an average year-on-year increase of 5.36%, according to Global Property Guide, there are cities where house prices are hitting the roof.

This does not only scare off some of the house buyers, Rental Affordability Index also shows that a single person with the minimum wage can no longer afford to rent a house in these extravagant cities. Renting a house will require multiple times of their income, and sharing a house or a room would almost definitely be their last resort.

Warning: you might feel a bit ripped off while comparing properties in these high-priced cities to Malaysia. While these city-dwellers are pinching pennies, we all should be grateful that properties are still relatively affordable here in our beloved homeland.

The world’s most expensive cities to own a property will be brutally disclosed here. Are you ready for the jaw-dropping details?

*The cities are ranked in no specific order.

1. Mumbai, India

Price per sq. meter: US$15,525
Rent per month for a 120 sq. meter apartment: US$2,275

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A preconceived idea everyone has is that travelling to or living in India is incredibly cheap. Wrong. While transportation might be cheap, properties here can be super expensive. Well, apart from its notorious scams and rip-offs if you are a foreigner.

Mumbai is a metro city and this is just one of the reasons for its increasing real estate prices. The sky-high property price is also the result of a combination of lack of supply, regulatory hurdles of new property launches, and an inflexible lease market.

2. London, UK

Price per sq. meter: US$27,261
Rent per month for a 120 sq. meter apartment: US$7,118

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London remains as one of the most expensive cities to buy a home, much thanks to its booming tourism, finance, and tech scene. The average house price in London is a whopping 10.5 times higher than a Londoner’s average salary. Well, this might change a little after the UK leaves the European Union.

According to a survey by First Direct bank, property buyers in London are a lot cannier compared to other cities in the country. Probably the reason buyers are so much more cautious is that prices are higher in the capital, and with the stamp duty rates up to 12%, the costs involved in buying properties are extremely high. Consequently, house hunters need to be certain that they have found exactly the right property.

3. Hong Kong

Price per sq. meter: US$26,325
Rent per month for a 120 sq. meter apartment: US$7,470

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Retirement can be a scary thought. It is even scarier if you had to live in one of these expensive cities with burgeoning house price — Hong Kong. Do you think you will be able to sustain your lifestyle? Or will you have to work longer in order to retire?

As a result, many smart investors know that they have to invest in some assets in Hong Kong for a comfortable retirement, especially in a country with good economy outlook — to live a comfortable retirement life but also have the option to retire earlier.

Regarded as one of the best places in the world for its cuisines, just like its largest collection of skyscrapers, Hong Kong has been notorious for its skyrocketing property prices. The price is so high that its property is the least affordable for most people with a regular income.

4. Vienna, Austria

Price per sq. meter: US$15,607
Rent per month for a 120 sq. meter apartment: US$2,681

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With access to both breathtaking nature and the conveniences of urban living, the city of Vienna has almost everything to offer.

As Austria’s economic growth accelerates further, there is an increasing demand for new apartments, especially from foreign homebuyers. The sharp population increase in Vienna is also largely due to foreign homebuyers migrating to Austria.

Being one of the top tourist spots in the globe, along with Airbnb changing the way we holiday and the way people invest in property, homebuyers and investors are realizing that short-term holiday rentals in Austria have the potential to provide outstanding returns, albeit with a higher cost and uncertainty in the global economy.

5. Singapore

Price per sq. meter: US$13,748
Rent per month for a 120 sq. meter apartment: US$3,498

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Unsurprisingly, Singapore is high on the list and joins the least affordable property ranking. Prices for apartments may vary significantly according to location and year of construction.

The flourishing economy of Singapore has attracted wealthy locals and expats to invest in the property here over the years. Foreign nationals from China are among the big portion of affluent buyers. Just like its property prices, cost of living in Singapore is also going up on a regular basis. Malaysian hustlers travelling back and forth between Johor Bahru and Singapore are the result of this “growing” pain.

Every cloud has a silver lining though. For Malaysian, it’s like a home away from home — only 45 minutes away from Johor Bahru (minus the congestion at the border checkpoint).

6. Tokyo, Japan

Price per sq. meter: US$16,322
Rent per month for a 120 sq. meter apartment: US$4,346

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If you haven’t heard it yet, Tokyo is one of the few developed countries in Asia and is now declared as one of the most expensive cities to own a roof over your head, and is experiencing a period of increased foreign residents’ population.

This should not be a surprise. With its atmospheric streets, bustling bars and restaurants, Tokyo really is a heavenly delight. Its temples and castles are also one of the best-loved in that region, with a magic pull upon us.

Think of all the wonderful things you can soak up: food, sake, culture, scenery — intrigued? To call Tokyo your home, be ready to pay at least RM3 million for a decent apartment, where you can imagine a property that offers you privacy, convenience, location, lifestyle and a home for your family. For RM3 million, you could get TWO similar condominiums like this in Mont Kiara!

7. Paris, France

Price per sq. meter: US$17,277
Rent per month for a 120 sq. meter apartment: US$4,812

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Owning a home in this City of Love is a dream for many, but it comes with a price. We mean, literally a price that makes you think if this is a good place to propose and settle down. With several challenging years due to the economic crisis in Europe, Paris’ property market is now growing rapidly again, with the property prices picking up strongly.

While owning a piece of French property is a source of pride, it is also a good opportunity to create a passive income. Many locals and expats realize that investing in property is one way they can start building some wealth and ideally be a source of income, giving them more choices in life.

8. New York, USA

Price per sq. meter: US$17,191
Rent per month for a 120 sq. meter apartment: US$4,942

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Known as the “place where dreams are made of”, the prices of renting or owning a place here are through the roof, because there is only so much space in New York. High construction cost, and high property taxes are making the situation worse.

While it gives the impression of crowdedness and hecticness, getting around New York is extremely convenient. The place is impressively well-connected to subways, trains, and ride-sharing. What you see in the glamorous New York today is the result of an incredibly fast population and economy development. The high price tag is not all without a reason.

Alicia Keys was right: if you can make it here in the big apple, you can make it anywhere.

9. Monaco

Price per sq. meter: US$60,114
Rent per month for a 120 sq. meter apartment: N/A

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The winner is here. Known for its upscale casinos, Monaco won out among all being the world’s most expensive city to have your own crib. On this tiny island, a sovereign city-state on the French Riviera, you can also find the most expensive apartment in the world — a US$335 million, a 2,926 square-meter penthouse (RM1.37 billion!). What?! Or why?

Don’t freak out. There are reasons for this. Crowned as one of the top tourist destinations, being close to Monte Carlo, paired with its glorious beaches, Monaco is another forerunner of the sea-bathing fashion, attracting French, British, and Russian aristocracy who built the beautiful villas, luxurious resorts, and intriguingly over-the-top mansions you can see today.

Plus, the low tax duties are part of the reasons for the highest property price in the world — because everyone is wealthy in Monaco with its low tax duties.

Feeling discouraged? Please don’t. This article only intends to inform you, as potential homebuyers, why houses of these places are pricey. And, you may be surprised to find out that Kuala Lumpur is ranked No. 50 on the chart of the world’s most expensive cities to own a property, preceded by Bangkok, Manila, Taipei, Dubai and Sydney. Condominium prices in Kuala Lumpur are relatively much lower, between US$1,800 to US$2,000 (RM7,351 to RM8,168) per square meter, compared to the cities above — not too bad, eh?

Planning to look for a property but don't really know where to start? Let PropSocial help you by just filling in your requirements here!

(Written by: Sonder, 23rd Jan 2018)


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Own dp small

I thought I heard the news that Hong Kong is the most expensive place to own a property. Didn't know #1 is Mumbai, India.

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@admin_ps thanks for sharing