Tue, 12 Mar 2013 13:00:00 GMT | By ANI

Monaco, Hong Kong most expensive cities in world to buy luxury residential properties

Luxury homes in Monaco range between 5,350 dollars and 5,920 dollars per square foot


Monaco, Hong Kong most expensive cities in world to buy luxury residential properties (© Reuters)

New York: Monaco, Hong Kong and five other cities have been found to be the most expensive cities in the world to buy luxury homes, leaving New York far behind.

According to a report by Knight Frank, a London property consultancy, said it is Monaco, Hong Kong, London, Geneva, Paris, Singapore, and Moscow, which are more expensive than New York, reports New York Daily News.

The most expensive homes in New York average between 2,030 dollars and 2,240 dollars per square foot. Monaco leads the way, with high-end residences ranging between 5,350 dollars and 5,920 dollars per square foot.

Liam Bailey, head of residential research at Knight Frank, said "land-constrained" Monaco has always been the home of the super rich.

(Continued)
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