From iconic skylines to serene beachside escapes, the world’s luxury property markets continue to soar, with prices out of reach for all but the wealthiest buyers. Based on the average price per square metre for prime 100 to 200-square-metre apartments as of December 2024, here's a breakdown of the top 10 most expensive cities for luxury real estate, according to the latest report from New World Wealth by Henley and Partners.
Topping the list is Monaco, where the average price for a luxury home is a staggering USD 38,800 per square metre. This small but lavish principality remains a hotspot for billionaires, with the average resident’s net worth surpassing USD 20 million. Its tax advantages, combined with a glamorous lifestyle, make it the ultimate destination for the ultra-wealthy.
New York City is second on the list, with prime properties costing an average of USD 27,500 per square metre. Luxury residences in renowned areas like Central Park South and the Upper East Side remain highly sought after. The city's mix of culture, business, and elite education continues to drive its real estate market upward.
In third place, Hong Kong's luxury property prices average USD 26,300 per square metre. With limited space and fierce demand from the wealthy, Hong Kong’s real estate market remains one of the most competitive and expensive in the world.
London comes in fourth, with luxury homes averaging USD 24,000 per square metre. The city’s appeal is boosted by its prestigious schools, historical landmarks, and vibrant business scene, ensuring that its luxury housing market continues to thrive despite global uncertainties.
The exclusive village of Saint-Jean-Cap-Ferrat on the French Riviera is a haven for the world’s elite, ranking fifth with luxury properties priced around USD 21,200 per square metre. Its breathtaking views of the Mediterranean, coupled with its celebrity-studded neighbourhood, make it one of Europe’s most coveted locations.
Paris, the city of light, claims sixth place, where luxury properties command USD 20,400 per square metre. Paris' timeless allure, global cultural influence, and tightly constrained housing market continue to push prime property prices higher.
Sydney, Australia’s most expensive city, is in seventh place, with prime property prices averaging USD 19,500 per square metre. The high demand from international buyers, combined with Sydney’s stunning harbour views and cosmopolitan lifestyle, keeps the luxury market in high gear.
At number eight is Palm Beach in Florida, where upscale homes are priced at around USD 18,000 per square metre. Known for its opulent mansions and private beach clubs, Palm Beach remains a top destination for those seeking exclusivity and luxury.
Miami Beach ranks ninth, with prime real estate averaging USD 17,800 per square metre. The city’s luxury market has grown rapidly, particularly as wealthy buyers flock to its glamorous lifestyle and booming cultural scene.
Finally, Los Angeles rounds out the top ten, where high-end homes cost an average of USD 17,500 per square metre. With iconic neighbourhoods such as Beverly Hills, Bel Air, and Malibu, Los Angeles continues to attract celebrities, business moguls, and international investors seeking a luxurious lifestyle.
