According to Mark Roemer Oakland, location is critical while buying or renting property. Location is the most significant factor that decides the value of the property. If you want to live in thriving and growing cities, you need to pay a lot. Let’s check out the most expensive places to own property.
- Hong Kong – Hong Kong is a major economic center. Even after the rise of Shanghai, Shenzhen, and other such tech and financial hubs in China, Hong Kong remains a very important business center in Asia. It’s also very vibrant with a lot of different cultures and an amazing urban environment. However, real estate is scarce and that drives property prices very high in the city. A decent apartment here would cost you over a million dollars at a minimum.
- London, UK – London isn’t just the capital city of England, it’s also the financial capital of the world. The city hosts the headquarters of many major international companies and has a large chunk of major UK tourist attractions. Despite being a melting pot of cultures and ethnicities, it manages to be quintessentially British.
All those factors draw in more people into the city and that drives up prices. A square meter of apartment space in the heart of the city would easily cost you over $30,000 and you’ll need to pay close to a million dollars to secure a home for your family.
- Monaco – There are a lot of reasons rich people like to visit and live in Monaco. It has world-class healthcare, many Michelin star restaurants, most luxurious spas, and hosts events like the Monaco Grand Prix. However, the main reason millionaires like to make Monaco their home is that the country doesn’t collect any property taxes, personal income tax, or capital gains tax.
No property taxes should theoretically keep property prices low. However, to live in Monaco and become a permanent resident there are a few requirements. One of them includes investing at least a million euros in the country among which half a million must be kept in the Monaco bank. No wonder the country is a hub for millionaires and that jacks up prices significantly. You’ll need to shell out over $60,000 per square meter to own a property in Monaco.
- Singapore – It’s hard to believe that Singapore, one of the Asian Tigers used to be swampland. While the Singapore government has a very successful affordable housing program, the city remains one of the most expensive places in the world to buy property. It’s the financial capital of the east with a thriving urban environment and a lot of global clout. Expect to pay six figures to buy a home in this city.
Mark Roemer Oakland suggests that you hedge your options before buying a place in one of the cities mentioned above. While property prices may be sky-high like the skyscrapers in those places, living in those cities brings a lot of benefits and opportunities.