The most expensive real estate markets in East Asia are all located in cities that are major financial hubs. This isn’t surprising, as the demand for property in these cities mentioned below it is driven by both local and foreign investors. If you’re thinking of buying or renting a property in any of these cities, be prepared to pay a premium price. Alaziz Builders can help you find the perfect home within your budget.
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1st place: Hong Kong
With a square meter price of almost € 30,000, Hong Kong is undisputed in the ranking of the most expensive cities in the world. For a 100 m² apartment, interested parties have to put a total of 3 million on the table. 6,900 inhabitants cavort here on one square kilometer. For comparison: in Stuttgart, it’s not even half of it!
2nd place: Singapore
Difference between the first city in the list and the second is enormous – a whole € 12,000. This means that “only” € 18,000 per square meter of living space is incurred in Singapore. Its role as a financial center, tropical climate, and multicultural population make the city-state popular with people worldwide.
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3rd place: Seoul
With Seoul in third place, three Asian cities are on the podium. In South Korea’s capital, around € 15,000 per square meter is still due. The 10 million city combines skyscrapers with Buddhist temples and street markets.
4th place: New York City
Even New York’s luxury district and tourist magnet Manhattan does not come close to the prices of major Asian cities. The difference between Seoul and New York is almost € 1,500 per square meter. For a 100 m² apartment in a prime location, a good 1.35 million Euros will still be due. For a metropolis that has now become a legend, it is a relatively low price.
5th place: Beijing
China’s capital hardly differs from New York in terms of price per square meter. A few hundred Euros lie between the two cities. With a population of over 21 million, prices are sure to continue to rise over the next few years. The city itself combines 3000 years of history with state-of-the-art architecture.
6th place: Taipei
In Taipei, prices per square meter have fallen below 13,000 Euros for the first time. Approximately 12,600 Euros per square meter. Taiwan’s capital is a modern metropolis crisscross by alleys from the Japanese colonial era, surround by countless shopping districts and today’s architecture.
7th place: Shanghai
Shanghai and Taipei are price the same – the difference is only minimal. This means that in China’s largest city – with a population of 24.5 million – just under 1.26 million Euros are due for a 100 m² apartment. The waterfront promenade with buildings from the colonial era is in stark contrast to the ultra-modern skyline that lies on the other river bank.
Conclusion
Six of the seven most expensive cities in terms of real estate come from Asia. Reason being that all these cities are emerging economies. Only New York is the only non-Asian city to make it into the top 7. Geneva is the eighth-most expensive European city.
Real estate prices at such high levels show one thing above all: real estate is a safe investment – whether as a capital investment or for personal use. But if you want to invest in these cities, make sure you have an enormous bank account.
