Think Tehran is pricey? Check out these global real estate markets
This week Iranian news sources listed price hikes in Tehran's expensive real estate market (Persian news link). But if you think Tehran's prime real estate market (pictured below) at $1500- $2500 per square meter is too pricey, you need to read CNBC's list of priciest real estates in the world. You can see a partial list below and find the complete list on CNBC:
6- Singapore: $2,340 – $2,580 per sq. ft. ($25,200 - $27,800 per square meter). Government has introduced higher taxes which has led to a sharp fall in shares prices in property firms but with significant immigration, the world's densest population of millionaires, and limited land for development (the country is only 700 sq. km in size), property prices are not expected to plummet anytime soon.
5- Paris: $25,300 - $28,000 per square meter. Paris competes with London for foreign property investors but the euro zone crisis, and the new socialist government's proposed 75% wealth tax caused a 4% decline in property prices.
4- Geneva (pictured above): $29,300 - $32,400 per square meter. Prime property prices fell by 6 percent in Geneva in 2012, but the country is forecast to see a 27% rise in its high net worth population between 2012 and 2022. Geneva's on-going popularity is explained by its position as a global financial center, its excellent schools, safe environment and the Alpine ski resorts on its doorstep, plus Switzerland's political stability.
3- London: $41,900 - $46,300 per square meter. Despite a new tax on expensive homes, the London property market was fueled by money from continental Europe in the first half of 2012. Then as fears the euro might collapse dissipated during the summer, Europeans buyers were increasingly replaced by those from the Middle East, Asia, Africa and Russia. A recent Vanity Fair article listing owners of London's luxury apartments, includes a cross-section of some of the world's richest people, including Arab sheikhs, Nigerian oil billionaires, Iranian expatriates, and supermodel Naomi Campbell's Russian oligarch boyfriend, Vladislav Doronin.
2- Hong Kong: $49,200 - $54,400 per square meter. Despite the new 15% tax for foreign buyers, including those from mainland China - the rate of price increase almost doubled in 2012 to 8.7 percent. $1 million will only get you 19 square meters in Hong Kong!
1- Monaco: $57,600 – $63,700 per square meter. We already listed the connection between Monaco and former Shah of Iran (see story link here). The playground for the super-rich with only 36,000 people, Monaco is renowned for its casinos, yacht-filled marinas and the Formula One Grand Prix (International speed car racing match). Top-end real estate in Monaco has benefited from a shift away from Paris after France proposed a 75% top rate of tax. In addition, neither individuals nor companies resident in Monaco pay income or business tax, making it likely to remain a favorite destination for investors looking for safe haven assets.
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