To buy 17 square meters of luxury real estate in Monaco, that is, in the most expensive market of the so-called luxury real estate, you need $1 million. Next comes Hong Kong, where someone gets 21 square meters for $1 million. house. According to a report prepared on behalf of the international real estate agency Knight Frank, New York is in third place, because now it has become more expensive than London. In particular, for 1 million dollars you buy 33 square meters of an elite residence in the American metropolis, and in London, respectively, for 1 million dollars it is enough to buy 34 square meters. “A strong dollar has impacted and bolstered NYC, but luxury home prices in NYC have risen 2.7% over the past year and 1.5% in London, so we are seeing slightly slower growth in London.” , says Kate Everett-Allen. , Knight Frank. Real estate in both of these markets is attractive to very wealthy buyers who see it as a hedge against the risk of inflation. Fluctuations in other markets, such as stock markets and cryptocurrencies, highlight the appeal of expensive real estate, especially in safe places like London and New York, the expert adds, referring to the moneyreview.gr article. It is noted that the cheapest quality real estate in the world is located in Sao Paulo, where 1 million dollars can buy 231 square meters, as well as in Cape Town, where you can buy 218 square meters for the same amount.

New York, Los Angeles and London lead the way in sales of very expensive homes, $10 million or more.

However, in sales of very expensive homes, $10 million or more, New York, Los Angeles and London hold the reins. This so-called very expensive real estate market closed in 2021 with 2,076 sales, more than in any other year. In 2022, sales in this market segment fell to 1,392 across the 10 cities tracked in the Knight Frank report. But they were still 49% higher than in 2019. “Investors want to increase their exposure to the dollar and also want to have a presence in the US, especially given the economic hardships we’re seeing,” Everett-Allen explains. However, in the UK housing market as a whole, prices fell in February by the biggest drop since November 2012, according to recently released data, on the one hand due to higher mortgage rates, and on the other hand due to the cost of living crisis. factors that aggravate consumer interest.

According to the British bank Nationwide Building Society, the average cost of housing in February in the country fell by 1.1% year on year. This was the sixth month in a row of declines, as well as the first annual decline since June 2020. “The recent trend of weak housing data began with market turmoil following the ‘mini budget’ at the end of September last year. “, said Robert Gardner, chief economist at Nationwide. He was referring to former Prime Minister Liz Truss’s plan, which led to massive withdrawals of British government bonds, forced the Bank of England to intervene in the bond markets and ultimately forced Truss herself to resign from “Although conditions in the financial markets have returned to normal some time ago, activity in the housing market has remained weak,” he added.