New York is the lone U.S. city to land in the top 10 most expensive residential real estate markets in the world, according to a new report from Knight Frank.

But with luxury homes in New York costing anywhere from $2,030 to $2,240 per square foot, it’s only about half as expensive as the most expensive housing market in the world: Monaco. There, luxury homes can cost $5,350 to $5,920 per square foot. Monaco, which does not charge a personal income tax, was particularly popular with Russian buyers over French markets, according to the report.

Luxury real estate prices there increased 2 percent year over year. Prices in 2012 jumped the most in Indonesia, where they increased 38 percent in Jakarta and 20 percent in Bali.

The number of wealthy people in the world is also growing, and set to increase quickly in the next decade, according to the report.

The number of people worldwide worth $30 million or more increased by almost 8,700, or 5 percent, in 2012, and their number is set to increase 50 percent in the next 10 years, according to Knight Frank’s forecasts.

The following are the top 10 priciest housing markets in the world and the average cost per square foot in U.S. dollars, according to the report:

Monaco: $5,350 to $5,920
Hong Kong: $4,570 to $5,050
London: $3,890 to $4,300
Geneva: $2,720 to $3,010
Paris: $2,350 to $2,600
Singapore: $2,340 to $2,580
Moscow: $2,040 to $2,260
New York: $2,030 to $2,240
Sydney: $2,020 to $2,230
Shanghai: $1,820 to 2,020

Other U.S. cities rounding out the top 20 list were Miami at number 13 (priced between $1,300 to $1,440 per square foot) and Los Angeles at number 15 (priced between $1,210 to $1,340 per square foot).

Source: Realtor Mag/Business Insider

This entry was posted on Tuesday, March 12th, 2013 at 9:38 am and is filed under World real estate news. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.