Where Will You Find the Most Expensive Apartments in the World?

You'll pay the most for an apartment in Hong Kong. Warsaw at the bottom of the list

For yet another year, Asian cities have proven to be the most expensive in the world for apartment buyers. First place goes to Hong Kong, where you need to pay an average of over USD 1.2 million for your own place. Second place comes as a surprise, as it went to the German city of Munich. There, an apartment costs USD 1 million. The podium is rounded out by Singapore, with a figure of almost USD 916,000 for your own home. Overall, as many as 5 Asian metropolises are in the top ten most expensive cities – according to the CBRE report "Global Living 2020." Warsaw ranks near the bottom of this list, although apartment prices in our country are rising quickly compared to the rest of the world. The average apartment price in our capital is currently around USD 170,000 (over GBP 125,000).

In the top ten cities with the most expensive apartments, besides Hong Kong, Munich and Singapore, there were also Shanghai, Shenzhen, Beijing, Vancouver, Los Angeles, Paris and New York. In total, the CBRE list covered as many as 39 cities. In almost all of them, property prices rose last year, although on average the increase was nearly half as high as in 2018. The reasons for the slower growth rate varied, linked for example to a natural slowdown after a period of intense growth, or to the introduction of administrative changes enabling greater housing availability for local buyers.

- Apartment prices in Warsaw rose at a dizzying pace last year, and in terms of price growth dynamics we certainly do not lag behind other world capitals. However, the average cost of an apartment still places us near the bottom. And this should not change in the near future. Admittedly, in the first three months of this year asking prices for apartments continued to rise, but it was already possible to notice lower buyer acceptance for such high amounts – says Agnieszka Mikulska, an expert in the residential department at CBRE.

Asia has the most expensive apartments

Prices in Warsaw near the bottom of the ranking

As many as five capitals from the top ten in the ranking of the most expensive cities in terms of apartment purchase costs are in Asia. For yet another year, first place went to Hong Kong, where the average price of such a property is over USD 1.2 million. The next Asian cities with the most expensive apartments are Singapore (USD 916,000), Shanghai (USD 906,000), Shenzhen (USD 784,000) and Beijing (USD 763,000). The top ten also included European Munich (USD 1 million) and Paris (USD 650,000), Canadian Vancouver (USD 755,000), and Los Angeles (USD 717,000) and New York (USD 649,000) from the USA. In turn, the fastest price increases, at around 10%, were recorded in Munich, Berlin, Cairo and Montreal.

Dizzying rents

Rent can also surprise

The most expensive apartments in the world: Asian cities lead

Dizzying prices for buying an apartment go hand in hand with high rental costs. In Warsaw, it is relatively cheap. For a month's rent we will pay an average of USD 492 (GBP 362), which places us between Istanbul and Montreal. In the most expensive city in the world in terms of average rents, namely New York, such a rental costs more than five times as much, at almost USD 2,900. Somewhat less, at USD 2,800, will be the cost of living in Abu Dhabi. The top three is rounded out by Hong Kong, with a figure of USD 2,700 per month, and the top ten also included Singapore, Los Angeles, Dublin, Jeddah, Dubai, London and Riyadh. In turn, the highest year-on-year increase in rent amounts was recorded in Lisbon.

Summary

The CBRE ranking "Global Living 2020" shows that you have to pay the most for your own apartment in Hong Kong – an average of over USD 1.2 million. Second place unexpectedly went to Munich, and the podium is rounded out by Singapore. Warsaw, with a price of around USD 170,000, ranks near the bottom of the list, although the pace of price growth in the Polish capital last year was one of the highest in the world.

Importantly, as many as five of the ten most expensive cities are in Asia, which confirms the trend from previous years. In turn, renting in Warsaw is relatively cheap – an average of USD 492 per month, whereas in New York it costs almost USD 2,900. However, CBRE experts note that buyers in Warsaw are increasingly cautious about rising asking prices.