If you think New York is an expensive city to live in, check out the price of real estate in the tiny tax haven of Monaco, where the average cost per square foot of a home is $5,350 to $5,920. That's more than double the "bargain" price in New York City, which averages $2,030 to $2,240 per square foot.
Knight Frank, a real estate consultant based in the United Kingdom, surveyed cities globally to find the 20 with the most expensive real estate. New York City, at No. 8, is the only U.S. city in the top 10.
After Monaco, Hong Kong is the priciest place to live, with the cost of a luxury home averaging $4,570 to $5,050 per square foot. Third is London, followed by Geneva, Paris, Singapore and Moscow. The only other U.S. cities on the list of the top 20 are Miami, No. 13, at $1,300 to $1,440 per square foot and Los Angeles, No. 15, at $1,210 to $1,340 per square foot.
Monaco's expensive real estate is more sought after than ever, according to Knight Frank, because French President Francois Hollande's efforts to impose a 75 percent tax on France's wealthy drove many to buy in the principality of Monaco, which does not impose income tax.
In the future, look for Indonesian cities to make their mark. According to Knight Frank, luxury home prices rose faster there than in any other nation. In Jakarta, prices increased more than 38 percent and in Bali, by 20 percent.
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