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The World’s Most Expensive Housing Market Is …

Mar 03, 2016
Cash sales made up 35 percent of all first quarter homebuying transactions, according to new data from Black Knight Financial Services (BKFS)

What kind of residential property can $1 million buy? According to The Wealth Report 2016 issued by British real estate firms Knight Frank and Douglas Elliman, that will only get you a prison cell-sized studio apartment in Monaco.

The Wealth Report 2016 reaffirmed Monaco’s reign as the world's most expensive residential real estate market on a square-foot basis. Potential home buyers in the Mediterranean principality with $1 million to spend will only be able to purchase a 183 square feet. Hong Kong was the world’s second most-expensive market, with $1 million enabling a 215 square feet residential deal, while third-place London can offer 236 square feet per $1 million.

New York City was the most expensive U.S. housing market in The Wealth Report, with $1 million going for a residence of approximately 290 square feet. But other U.S. cities may soon challenge the Big Apple for expensive real estate: The Wealth Report determined that San Francisco saw the greatest residential price spike last year with an 11 percent increase, followed by Miami with a six percent price rise and Los Angeles with a five percent uptick. In comparison, New York City’s residential prices only went up two percent last year, and this could be the start of a global trend among the world’s priciest locations.

"If you look at places like New York, London or Hong Kong and other sort of key markets, they are starting from a very high level of pricing at the current time," said Liam Bailey, global head of research for Knight Frank, in a CNBC interview. "So I think we should expect slower price growth at best over the next few years compared to the past five years."

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