The 10 most expensive cities in the world for real estate

Monaco is the world's most expensive residential market per square meter—by far. Within just 2 km², the Principality concentrates a level of land pressure unparalleled anywhere in the world. The average price exceeds €57,500/m² according to IMSEE 2025-2026 data, with peaks of €71,167/m² in Larvotto and over €100,000/m² in the new Mareterra development, Monaco's only available seaside extension. One million dollars will buy you approximately 16 m² in Monaco. The absence of income tax, maximum security, and political stability support a market that is structurally insensitive to traditional economic cycles.

Hong Kong is the second most expensive city in the world per square meter for luxury residential property. A territory of 1,106 km² nestled between the sea and mountains, with extremely limited land available for development, Hong Kong maintains structural pressure on prices. An apartment there reached €156,000/m² in an ultra-prime transaction. The clientele remains overwhelmingly Asian—mainland Chinese, Japanese, and Korean buyers—along with a growing proportion of international investors.

Singapore has established itself as the preferred destination for wealthy Asians seeking political and fiscal stability. Real estate purchasing power there has fallen by 22% in ten years—a sign of steady appreciation without overheating. The city-state imposes an Additional Buyer's Stamp Duty (ABSD) of 60% on foreign buyers—a deliberately restrictive measure designed to limit foreign speculation in the residential market.

New York remains one of the world's most liquid and deepest luxury real estate markets. Manhattan boasts an unparalleled supply of exceptional properties in the Western Hemisphere—from Billionaires' Row penthouses overlooking Central Park to the beautifully restored townhouses of Tribeca. With 34 square meters for a million dollars, New York remains more accessible than Monaco or Hong Kong, which explains its exceptional market depth. The recovery observed in 2025-2026 is driven by the return of foreign buyers.

Paris occupies a unique position in the global hierarchy. At €27,500/m² in the ultra-prestige segment (properties over €5 million) according to BARNES, the French capital is positioned between New York and Singapore—more accessible than Monaco or Hong Kong, but with a historical and cultural heritage that no other destination can replicate. The €50,000/m² mark was surpassed in 2026 in Saint-Germain-des-Prés. The share of foreign buyers in the Parisian luxury market rose to 30% in 2026, compared to 22% in 2023.

London is the European capital of the luxury real estate market by volume—2,689 luxury properties available for sale, the highest number of any major city analyzed. The London prestige market has demonstrated remarkable resilience despite the post-Brexit period, supported by a highly diverse international clientele. With 31 square meters for one million dollars, London remains competitive with Monaco or Hong Kong, while offering a deep and liquid market.

Geneva embodies understated European luxury. Nestled between the Jura Mountains and the Alps, this Swiss metropolis captivates with its legendary safety, exceptional quality of life, and lakefront residences tucked away behind expansive private parks. Villas along Lake Geneva—often centuries-old historic properties with private gardens and docks—represent the most sought-after segment, reaching €25,000/m² and even higher in the most exceptional cases. Geneva is also the leading market for French buyers seeking to establish a Swiss real estate portfolio.

The French Riviera rivals the world's most exclusive real estate markets. Saint-Jean-Cap-Ferrat, with its 2.5 km² completely saturated, boasts a median price of €18,047/m² according to SeLoger (July 2026) — making it the most expensive seaside resort in France and one of the most expensive in Europe. In Saint-Tropez, exceptional properties can reach €50,000/m² according to Monimmeuble. More than 70% of buyers on the French Riviera are foreign, according to Engel & Völkers data (January 2026).

Tokyo has been the biggest surprise in the global luxury real estate market in recent years. The depreciation of the yen against the euro and the dollar has made Tokyo's real estate market particularly attractive to foreign investors—a luxury apartment in Tokyo now costs significantly less in euros compared to five years ago. The Minato, Shibuya, and Azabu districts are home to the most highly valued luxury properties, with ultra-modern residential towers offering integrated hotel services.

Dubai is the most spectacular real estate phenomenon of the decade. The luxury market there grew by 25% in 2025 alone and by nearly 200% over five years, according to the Knight Frank Wealth Report 2026. By 2025, Dubai achieved the same volume of sales of properties over $10 million as London and New York combined. With 165 square meters for $1 million, Dubai paradoxically remains one of the most accessible destinations in the world—but prices are rapidly catching up with those of other major global cities. The record-breaking $116 million transaction (Marble Palace, Emirates Hills) illustrates the market's dramatic shift towards higher-end properties.