WHERE IS THE MOST EXPENSIVE PROPERTY IN THE WORLD?

Global Property Guide, UK, Europe, USA, Africa, Asia, Australia, New Zealand, Middle East

London, New York and Moscow are the world's most expensive cities to buy residential property, according to new research from the Global Property Guide.

Residential apartments in Prime Central London are among the priciest in the world, at US$21,800 to $36,200 (£10,960 - £18,214 or €16,305 - €27,095) per sqm. Prime Central London includes Belgravia, Chelsea, Mayfair, Notting Hill, Knightsbridge, Regent's Park, South Kensington, St John's Wood, and St James.

New York came in second place with property prices in Upper Manhattan ranging between $13,270 and $22,923 per sqm. Apartment prices in Lower Manhattan are around $12,510 - $20,456 per sqm.

Moscow came in third place amongst the world's most expensive places to buy prime residential property, with apartments in central Moscow ranging in price from $10,764 to $20,506 per sqm.

Other cities in Europe that are among the top ten most expensive cities for condominium/apartment buyers are Paris, Barcelona, and Geneva. Apartment prices in Paris are around $12,930 to $18,070 per sqm, while in Spain, prices of flats in Barcelona are between $9,160 and $9,870, and in Madrid, a more moderate at $6,535 - US$ 8,000. In Switzerland, prices of flats in Geneva are around $6,870 - $10,400 per sqm and in Zurich, prices come in at around $5,900 - $9,830, per sqm.

Of the three German cities included in the study, Munich is the most expensive with prices of flats at $3,485 - $3,700 per sqm, followed by Frankfurt at $2,360 - $3,300 per sqm and Berlin ($1,840 - $2,600 per sqm)

Residential apartments in Istanbul, Turkey are among the cheapest in Europe, at around $1,850 to $2,500 per sqm.

Asian-Pacific cities

Among the top ten most expensive cities, four are in Asia: Hong Kong, Tokyo, Singapore, and Mumbai.

Residential apartment prices in Hong Kong range from $10,490 to $14,780 per sqm, in Tokyo from $7,600 to $11,870 per sqm and in Singapore from $11,500 to $13,340 per sqm.

"Mumbai is a notable exception among the ten most expensive cities; it is located in a poor country, albeit rapidly growing," said a report spokesperson. "A mix of high population density, archaic land laws, rapid urbanization and strong economic growth contributes to the surprisingly expensive property prices in Mumbai."

Property prices in Mumbai, which ranked 9th on the list of the world's most expensive properties, are around $8,600 to $10,300 per sqm. This is significantly higher than New Delhi (prices at $1,970 - $3,260 per sqm) or Bangalore. Despite equally rapid economic expansion, property prices in Bangalore are still among the cheapest in the world at $950 - $1,900 per sqm.

Compared to Mumbai, Chinese cities are significantly cheaper. Prices of flats in Shanghai are around $2,870 to $3,540 per sqm, while those in Beijing are priced at $2,100 to $2,330 per sqm.

Properties in Australia are near the top of the scale, with apartment prices in Sydney at around $6,290 to $9,690 per sqm. New Zealand is significantly cheaper than Australia, with apartment prices in Wellington at only $4,360 - $4,500 per sqm.

In South East Asia, the price of a 120-sqm condo in Jakarta is around $1,073 per sqm, cheaper than Kuala Lumpur ($1,400 per sqm), Manila ($1,969 per sqm) and Bangkok ($2,819 per sqm).

Americas and the Caribbean

In Canada, properties in Toronto are relatively more expensive than those in Montreal. Apartment prices in Toronto range from $4,600 to $6,400 per sqm while condos in Montreal are priced at around $3,660 - $5,200 per sqm.

In Costa Rica, one of the most favoured locations for American second-home buyers, flats in San Jose are relatively cheap at $1,250 - $2,440 per sqm. However, properties along Costa Rica's Pacific coast in the provinces of Puntarenas and Guanacaste are relatively more expensive at $2,120 - $2,890 per sqm.

Property prices in the Caribbean are generally on par with Western Europe. Prices of flats in the Turks and Caicos Islands are around $5,670 - $8,230 per sqm; in Bahamas at $3,860 to $5,680 per sqm; in Cayman Islands at $3,660 - $8,265 per sqm; and in Trinidad and Tobago at $3,140 - $3,170 per sqm.

Middle East and Africa

"Properties in the Middle East are among the cheapest in the world," noted the spokesperson. "For instance in Egypt, residential apartment prices in Cairo's plush Maadi district cost around $400 to $900 per sqm and properties in Zamalek, although a bit higher than Maadi, are still affordable at $700 - $1,400 per sqm."

Properties in Tel Aviv and Dubai are among the most expensive in the Middle East. Apartment prices in Tel Aviv are around $4,560 - $5,220 per sqm while those in Dubai range from $3,590 - $4,130 per sqm.

In South Africa, the price of a 120 sqm, two-bedroom flat in Cape Town is around $2,784 per sqm, around twice the prices of similar sized properties in Johannesburg - $1,376 per sqm.

Top 10 most expensive countries to buy property in the world

Country price per sqm in US$

1 London (Prime), UK - $24,250
2 New York, USA - $15,933
3 Moscow, Russia - $15,531
4 London (other luxury), UK - $15,202
5 Paris, France - $13,826
6 Hong Kong, China - $12,599
7 Tokyo, Japan - $11,870
8 Singapore - $11,800
9 Mumbai, India - $10,222
10 Barcelona, Spain - $9,871

Source OPP Feb 08