Rhonwyn Newson

Weekend editor of the Herald Online and writer of The Herald List

Money, money, money - world's seven most expensive cities

Monaco is regarded as the world's most expensive city to buy property. Photo / Thinkstock
Monaco is regarded as the world's most expensive city to buy property. Photo / Thinkstock

If you think buying property in New Zealand isn't cheap, you're right. However, there are some places even more expensive than the City of Sails.

We take a look at the top seven most expensive cities.*

1. Monaco

US$53,026 (NZ$60,892) per square metre.

Monaco is the second smallest and the most densely populated country in the world. It has the world's lowest poverty rate and the highest number of millionaires and billionaires per capita in the world.

2. London, United Kingdom

US$32,745 (NZ$37,602) per square metre.

The City of London has largely retained its 1.12-square-mile (2.9 square kilometres) medieval boundaries and, in 2011, had a resident population of 7375, making it the smallest city in England.

But it's the city that has it all - arts, commerce, education, entertainment, fashion, finance, healthcare, media, professional services, research and development, tourism and transport.

3. Hong Kong, Hong Kong Island

US$20,660 (NZ$23,724) per square metre.

Hong Kong is known for its expansive skyline and deep natural harbour and it is one of the most densely populated areas in the world.

As Hong Kong ranks the third most important leading international financial centre, after London and New York City, it has a major capitalist service economy - low taxation and free trade. The Hong Kong dollar is the eighth most traded currency in the world.

4. Singapore

US$17,709 (NZ$20,336) per square metre.

Singapore is one of the world's major commercial hubs, with the fourth-biggest financial centre and one of the five busiest ports.

Singapore has the third-highest per capita income in the world but one of the world's highest income inequalities.

5. Moscow, Russia

US$16,509 (NZ$18,958) per square metre.

Not far behind Singapore, comes Russia in fifth place. The city is a major political, economic, cultural and scientific centre in Russia and in Eastern Europe.

According to Forbes 2013, Moscow has the largest number of billionaire residents in the world.

6. New York

US$15,284 (NZ$17,551) per square metre.

New York City's financial district, anchored by Wall Street in Lower Manhattan, has been called the world's leading financial centre and is home to the New York Stock Exchange - the world's largest stock exchange by total market capitalisation of its listed companies.

Many of the world's largest media conglomerates are also based in the city.

7. Geneva, Switzerland

US$15,265 (NZ$17,529) per square metre.

Geneva is a global city, a financial centre, and worldwide centre for diplomacy due to the presence of numerous international organisations, including the headquarters of the United Nations and the Red Cross.

...

17. Sydney, Australia

Sydney comes in at number 17, where property will cost you US$7626 (NZ$8757) per square metre.

...

24. Auckland, New Zealand

Auckland isn't far behind at number 24, where property will cost you US$5611 (NZ$6443) per square metre.

*Source - The Global Property Guide

Next story: 10 places to rent in New Zealand for $400 - $450

Article updated: 27:06:14

- nzherald.co.nz

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