Rating of Countries by Cost per Square Meter in 2023

In an era of crises and declining ratings of global currencies, real estate becomes a valuable asset capable of generating high income. Owning a liquid property is considered a profitable investment and serves as a reliable insurance in unforeseen situations. Consumers determine the category of housing and its geography based on personal preferences and financial capabilities.

However, there are cities in the world where square meters are valued more than others, sometimes excessively.

Below is the top ten countries with the most expensive real estate in the world.

Monaco

Average cost per square meter of residential area: in the center - 73.6 thousand euros, in other areas - 54.7 thousand euros.

Despite its small size, Monaco is a paradise for titled individuals and millionaires. The population density of the Principality is one of the highest in the world: over 39 thousand people reside on 2 square kilometers. Property prices in Monaco far exceed those of its closest competitors and are not susceptible to negative external influences. Monaco attracts affluent citizens from around the world with its favorable Mediterranean climate, unique natural landscapes, and numerous sports, cultural, and social events.

The Principality boasts a very high standard of living and favorable conditions for successful business. A significant percentage of local real estate belongs to the Luxury category, and the demand for it is consistently high. Due to the limited territory available for new construction, the government is considering the construction of an artificial island. Acquiring an apartment or villa in Monaco is considered a reliable and profitable investment, providing the opportunity to apply for permanent residency status.

Positive reasons for living in the country:

1. No taxation;
2. Elite lifestyle;
3. High level of security;
4. Stability guaranteed by the form of government (constitutional monarchy);
5. Health-friendly climate conditions.

Cons:

1. The cost of living in Monaco is one of the highest in the world;
2. Public places often feel overcrowded, especially during the peak tourist season;
3. Dealing with administrative matters or document processing involves excessive bureaucracy.

Hong Kong

Average cost per square meter of residential area: in the center - 27.7 thousand euros, in other areas - 18.6 thousand euros.

Hong Kong is the most internationally recognized administrative region of China with a special status. The "one country, two systems" principle developed in the People's Republic of China grants the region broad autonomy in legal and tax policies, immigration regime, and even its own currency. The metropolis is a global trade and financial center and one of the largest transportation hubs in Asia. Hong Kong offers favorable conditions for conducting business, a stable currency, and a low tax burden. The functionality of the city's transportation system is meticulously planned, and the local healthcare system is recognized as one of the most efficient in the world. Ancient urban architecture astonishingly coexists with modern high-rise buildings. The official use of the English language eliminates communication barriers for foreigners with local residents.

All categories of housing in Hong Kong have a high market value. This is due to the high population density, a constant influx of expatriates, and limited regional territory. Most residential complexes offer apartments with small areas, and consumer infrastructure facilities are within walking distance. The strong demand, primarily from foreign business circles, maintains high prices for local real estate.

Positive reasons for living in the country:

1. High income and living standards;
2. Safe living conditions;
3. Low unemployment rate;
4. Quality education;
5. Friendly attitude towards foreigners;
6. Developed trade and a wide range of entertainment options;
7. Unique nature and diverse local cuisine.

Cons:

1. High rental costs in Hong Kong;
2. Citizens of other countries may face difficulties when opening accounts in local banks;
3. Overcrowding in the metropolis creates discomfort in the public environment;
4. The humid climate and air quality in the city may not be suitable for everyone.

Switzerland (Zürich)

Average cost per square meter of residential area: in the center - 22.3 thousand euros, in other areas - 13.7 thousand euros.

For most people, Switzerland is associated with reliability, precision, and a neutral political status. The Alpine Confederation consistently ranks high in the best places to live. The world-renowned banking system is known for its reliability and quality service. The development of science and high technology is a priority in the country's economy. Switzerland boasts a high standard of living and an efficient social support system. However, non-European Union citizens may encounter certain difficulties in finding employment. Switzerland pays special attention to environmental protection, and local food products are considered the most environmentally friendly in the world. In the country's largest city, Zurich, there is a developed infrastructure and numerous historical and architectural landmarks.

The high cost of urban real estate is explained by the wealth of the local population, the prestige, and the attractiveness of the country for foreigners. Considering the stability of the local currency, investing in an apartment or chalet is considered a justified and profitable investment. Not all square meters are available for purchase by citizens of other countries. The most favorable rules can be found in Genève and Zürich. There is a noticeable difference in taxation between the cantons of Switzerland, which should be taken into account when choosing a suitable property.

Positive reasons for living in the country:

1. Property ownership grants the right to participate in migration programs and obtain residence permit status;
2. Low unemployment rate;
3. High level of safety;
4. Developed healthcare system, accessible and quality education;
5. Opportunity to learn multiple foreign languages when communicating with local residents;
6. Magnificent nature and quality food products.

Cons:

1. High cost of living in Switzerland and strict immigration laws;
2. Strict restrictive rules when renting housing;
3. The "reserved" local culture may be uncomfortable for many foreigners;
4. The attitude of the native population towards representatives of other cultures is not always friendly.

South Korea (Seoul)

Average cost per square meter of residential area: in the center - 19.5 thousand euros, in other areas - 10.6 thousand euros.

In a short historical period, South Korea rightfully secured its place among the leaders of the global economy and became a direct competitor to the highly developed Japan. Korea maintains high rates of development in high technology and is one of the largest producers of a wide range of goods. In the capital city of the country, Seoul, there is a developed transportation network and convenient 24-hour operation of supermarkets for consumers. Great attention is paid to ecology and a healthy lifestyle in the city. Local residents are known for their high cultural behavior and friendly attitude towards foreigners, although not everyone speaks English.

The high prices of real estate in Seoul are due to its role as a guarantee of a stable life and a reliable investment for all Korean families. The majority of the housing stock built at the end of the last century has limited dimensions and often lacks natural lighting. Modern urban apartments are equipped with smart home features and provide maximum comfort for the owners.

Positive reasons for living in the country:

1. Stable economic and political situation;
2. Favorable and comfortable conditions for organizing and conducting business;
3. High level of safety;
4. Convenient service and transportation sectors;
5. Quality education, active social life;
6. Great emphasis on ecology.

Cons:

1. When renting housing, a large deposit is required, which depends on its size and condition;
2. The country has numerous electronic queues (for new products, exams, selecting lectures at university, etc.), which are perceived ambiguously by society;
3. The disposal of garbage from the city streets is a pressing issue in Seoul.

Singapore

Average cost per square meter of residential area: in the center - 18.5 thousand euros, in other areas - 10.7 thousand euros.

Despite its modest size, Singapore is one of the most developed countries on the planet. The country is characterized by high business activity and attracts investors from all over the world, thanks in part to government business support programs. Singapore can be considered a closed club for the smart and successful. Thousands of foreign companies and high-level specialists come here to achieve career and financial growth. The economy of this representative of the "Asian tigers" is recognized as the most competitive in the world, and political stability is guaranteed for many years. Considering its geographical location, the country has the status of the largest transportation hub in Southeast Asia. Hundreds of commercial vessels constantly anchor in the port, and the Changi Airport has become a source of national pride. Prices for essential goods and public transportation, by local standards, are quite affordable. However, education, buying a car, or housing can be expensive.

Given the limited territory and a large number of wealthy investors, the demand and high prices for real estate seem entirely logical. According to market laws, pricing depends on the size of the apartment, age of the building, prestige of the area, and proximity to service infrastructure. By Asian standards, Singapore has a high level of public safety and a low unemployment rate. The majority of the local population speaks English.

Positive reasons for living in the country:

1. Low tax rates for individuals and legal entities;
2. High standard of living;
3. The country ranks first in the world in terms of transport infrastructure development and technological readiness;
4. Fastest internet among all countries;
5. High-quality education and healthcare;
6. Carefully planned city layout, numerous park areas;
7. Law-abiding population that is friendly towards foreigners.

Cons:

1. Strict immigration policy makes it difficult to obtain visas and official status;
2. High cost of living, with significant fines for public order violations;
3. There is no program for obtaining residency through property acquisition.

United Kingdom (London)

Average cost per square meter of residential area: in the center - 15.4 thousand euros, in other areas - 8.9 thousand euros.

The United Kingdom holds a strong position among the top five strongest economies in the world. The United Kingdom has earned its reputation through an impressive list of scientific discoveries, evolutionary technological advancements, and a powerful manufacturing potential. The country boasts a high standard of living and favorable conditions for conducting business. It has a reliable banking system and efficient healthcare services. The prestige of diplomas from educational institutions in the UK is well-known beyond its borders. The country possesses a rich historical heritage and numerous architectural landmarks. The vibrant cultural and sporting activities help the local population endure the whims of the local weather. London attracts residents from other countries with opportunities for building careers in various fields. The real estate market in the capital offers a wide selection of properties to suit every taste. The demand and impressive prices are driven by the constant influx of foreigners to the island and the high degree of liquidity in the housing sector investments.

Positive reasons for living in the country:

1. High standard of living and wages;
2. Effective social programs;
3. Developed infrastructure and comfortable transportation;
4. Fundamental and prestigious education;
5. High level of security;
6. Dignified behavior and upbringing of local residents.

Cons:

1. High levels of taxation and cost of living;
2. Significant investments are required to obtain official status in the country;
3. Many foreigners are not enthusiastic about the local cuisine and climate conditions;
4. Not all areas of London are comfortable for living.

Israel (Tel Aviv-Yafo)

Average cost per square meter of residential area: in the center - 14.8 thousand euros, in other areas - 9.9 thousand euros.

Israel is the most developed country in the Middle East region, with a strong focus on scientific advancements and cutting-edge technologies. The country provides favorable conditions for entrepreneurship, and local companies have close ties, particularly with European Union countries. The local bus network offers excellent service but operates effectively only five days a week. Israel has a qualified healthcare system and a high-level education system. However, the cost of education in local universities for foreigners is relatively high. Israel is home to numerous historical landmarks, delicious national cuisine, and picturesque coastal areas. The real estate market holds a significant place and is closely tied to the overall economic stability. The government regulates not only taxation in the housing sector but also pricing. The high cost of housing in Tel Aviv is attributed to the influx of repatriates from post-Soviet republics over the past decade and a half. Acquiring local real estate is the most advantageous and reliable form of investment, primarily for foreigners.

Positive reasons for living in the country:

1. Foreigners have property rights protected similarly to local residents.
2. High salaries and significant social support from the government.
3. High level of security.
4. Low mortgage interest rates.
5. Finding employment is not a significant challenge.
6. Government programs support migrants.

Cons:

1. Israeli society is heavily militarized due to the ongoing conflict with neighboring countries.
2. High cost of living in Tel Aviv; customer service (cafes, hair salons, couriers) is not always fast and efficient.
3. A significant portion of local real estate appears modest by European standards.
4. The hot summers and lack of central heating in winter may not appeal to everyone.

USA (New York)

Average cost per square meter of residential area: in the center - 14.2 thousand euros, in other areas - 9.3 thousand euros.

According to the majority of Americans, New York is the place where the "American Dream" becomes a reality. The metropolis lives a vibrant and eventful life at all times of the day. Global trends are born here, and millions of professionals from all continents strive to build successful careers. New York is a global center of business and financial activity, hosting the headquarters of world business leaders. The city is the largest trade and transportation hub in North America. It boasts numerous educational, sports, and cultural institutions. Over 35% of the population consists of immigrants from other countries, making New York the most multicultural agglomeration in the country.

The high cost of local real estate can be attributed to the constant influx of both domestic and foreign migrants, combined with a shortage of land for new construction. It is worth noting that New York tops the list of the most densely populated cities in the USA. Owning property provides the opportunity to live in one of the world's most popular metropolises and serves as a basis for obtaining a tourist visa.

Positive reasons for living in the country:

1. High salaries and ample employment opportunities.
2. Developed modern infrastructure.
3. Relatively high level of safety compared to other cities in the USA.
4. Wide range of entertainment options to suit any taste.
5. Tolerance towards immigrants.
6. Unique urban atmosphere and proximity to the ocean.

Cons:

1. Owning property in the USA does not grant citizenship or residency rights.
2. Not all areas of New York (particularly ghettos) are considered safe.
3. The city can feel overcrowded with a fast-paced lifestyle.
4. The cleanliness of city quarters can be an issue.

France (Paris)

Average cost of 1 square meter of residential area: in the center - 12.4 thousand euros, in other districts - 8.7 thousand euros.

France is the second largest economy in the EU and a global leader in foreign tourist visits. The country has a powerful scientific and industrial potential and proudly holds the title of a fashion capital. The French enjoy a decent quality of life but face a high level of taxation. France rightfully takes pride in its historical and architectural heritage. One of the most romantic cities in the world is Paris. It is renowned as a gastronomic and scientific-technological center of Europe. The business districts are home to the headquarters of hundreds of leading corporations. The capital city offers a diverse cultural life and numerous high-level educational centers. Here, everyone has the opportunity to choose entertainment to their taste and engage in the developed sports industry. The architectural beauty of the city's structures can rival any capital.

Due to the continuous flow of residents from other countries dreaming of conquering Paris, local residential real estate is in demand throughout the year. Expatriates are not restricted from purchasing property, and the rental business in the capital is well-developed and brings decent income. Owning a house or apartment allows foreigners to obtain residency permits, and eventually citizenship.

Positive reasons for living in the country:

1. Favorable conditions for doing business, high purchasing power of the population.
2. High level of personal safety.
3. Quality healthcare and free education.
4. Developed infrastructure and transportation network.
5. Diversity of climates and natural areas.
6. Rich cultural life, ecological and delicious food.

Negatives:

1. Bureaucracy thrives in France, and much time and effort are spent on dealing with authorities.
2. High cost of living, unfamiliar working hours in the service sector.
3. Lack of knowledge of the French language can be a problem when communicating with the local population.

Cyprus (Limassol)

Average cost of 1 square meter of residential area: in the center - 3.3 thousand euros, in other districts - 2.3 thousand euros.

Sunny Cyprus harmoniously combines a favorable business environment and a developed maritime industry. In light of positive economic forecasts, the country maintains its investment attractiveness. Humane tax policies and government-provided incentives contribute to the relocation of highly skilled professionals from the high-tech sector to the island. Thanks to the developed medical infrastructure and comfortable climate, Cyprus aims to become a European rehabilitation center. The picturesque beaches, historical and architectural landmarks of the island attract millions of tourists to its shores, which has a positive impact on the country's overall development.

The business capital, Limassol, stands out with its rapid pace of development and active lifestyle. The region has become a magnet for expatriates from around the world and a leader in property value growth. Cyprus's construction industry is progressing rapidly and offers a wide range of investment opportunities across various price categories.

Positive reasons for living in the country:

1. Opportunity to obtain permanent residency by investing in real estate.
2. Ease of organizing and conducting business.
3. High level of safety.
4. Developed resort infrastructure and road network.
5. Quality education and medical services.
6. Friendly attitude of the local population towards foreigners.
7. Over 80% of sunny days per year.
8. Variety of maritime entertainment, delicious and healthy food.

Negatives:

1. A laid-back lifestyle negatively affects administrative matters.
2. Public transportation service is an issue on the island.
3. Local drivers have their own peculiar driving style.

Despite the difference in territories and the scattered nature of the countries mentioned above across continents, there are several common defining criteria. Advanced economies, stable systems of government, and a focus on supporting society make these countries attractive and competitive. Citizens and those aspiring to become citizens experience all the advantages of living under such conditions. Acquiring real estate in Singapore or Cyprus today is not only a wise investment but also an opportunity to experience a high quality of life.

Interested in property on the island? Take a look at the number one real estate agency in Cyprus, DOM! The agency's website features the largest database of properties in the country, with over 30,000 residential and commercial properties across the entire island. Choose and reach out to professional brokers who will help you make the right choice!

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