As Christie’s International Real Estate declares “the year of the trophy home”, with a record number of US$100m properties being sold in 2016, the firm has taken a look at what one could pick up at various price luxury price points in top destinations around the globe.
On a per square foot basis, there’s “a remarkable price variation worldwide,” says the firm, ranging from $685 in Miami to $4,895 in Hong Kong. Hong Kong, London, and New York top the pricey table, with average values at the end of 2016 coming in at $4,895, $2,710, and $1,942, respectively. These markets also achieved the highest recorded PSF prices in 2016, all exceeding $10,000. Hong Kong trumped all with a verging-on-the-ridiculous $29,000 PSF for an ultra-prime HK$2.1bn residence in The Peak.
Outside of the top global economic hubs, Monaco remains the world’s most expensive luxury property market both on a price-per-square-foot basis and on an average sales basis. The principality topped the list of the world’s most expensive markets for prime property for the second year running, with average prices for luxury homes reaching $5,433 per square foot.
For a more granular look at the Prime Central London market, here’s LonRes’ latest PSF price map.
- The Price of Luxury: Average price per square foot for $1m+ Properties, 2016
- What can one buy for various millions? (click on a chart to enlarge it)