With economic and political volatility across the globe a major theme in 2024, cost-of-living expenses continue to surge affecting global economies – from goods and services to housing – on both macro and micro levels.
Economic crosswinds influenced by geopolitical events have also buffeted real estate markets globally, affecting prime property prices in response to demand for high-quality housing in cities that offer sanctuary, stability and high standards of living.
Add us as a preferred source to see more super-prime intelligence in Google.
So, where are the world’s most costly cities to invest in property 2024 and why are these lucrative addresses such a must-have for the world’s super-rich?
We look at five of the most expensive cities to purchase a home in 2024 in more detail along with insights into what makes living in these cities a boon for the world’s mega wealthy.
According to data taken from major global house price indexes, those relocating or investing in property in global hotspots will find two of the world’s most expensive real estate markets in EMEA – this year’s most costly region – three in Europe and two in Asia.
We start with a focus on a principality with a glamorous reputation synonymous with luxury yachts, high-stakes casinos, and the iconic Grand Prix:Monaco.
1. Monaco
Here we take a look at Hong Kong. Its vibrant skyline, bustling markets, and diverse culinary scene make it a dynamic and cosmopolitan city.
Continuing to top out global property price lists despite recent political unrest, Hong Kong is the second most expensive city to buy property in in 2024 according to Knight Frank’s Wealth Report City Price Index. It also claims the title of most costly city for overseas workers in the 2024 Mercer Cost of Living Survey – also crowning the annual roundup in 2022 and 2023.
The iconic skyline dominated by glittering skyscrapers is one the most instantly recognisable cityscapes on the planet with ‘The Peak’ crowning the special administrative region (SAR) of the People’s Republic of China.
A rich and fascinating history, strategic geographic location and abundant beauty contribute to Asia’s longstanding financial centre’s unyielding popularity among the world’s wealthy.
The SAR is made up of Hong Kong Island, Kowloon and the New Territories – which include more than 200 islands peppered with beautiful beaches and lush greenery. However, the bulk of UHNW cash flows into the beating heart of Hong Kong Island.
A true global melting pot, it’s a neon-filled, densely-packed warren of mesmerising streets pulsating with sounds, smells and tastes. It’s also a city rigged up to satiate the appetites of its many billionaire residents. As of April 2024, Hong Kong had 67 billionaires according to Forbes – topped only by New York.
Competing for sartorially-inclined clientele are the world’s finest Michelin-star restaurants, luxe hotels and designer stores while excellent career opportunities in the finance, tech and legal sectors attract top talent from overseas.
A growing population swelled by influx from mainland China and a burgeoning expat community coupled with a chronic housing shortage and limited supply of developable land translate into some of the highest property prices in the world, despite a downward trend since the all-time high in September 2021.
Here, US $1m will stretch to just 22 sq m according to Knight Frank. Data compiled by the Global Property Guide shows that Hong Kong Island’s average property prices in Q1, 2024 reached US $17,154 for a property less than 40 sq m rising to US $28,008 for an area greater than 160 sq m.
However, both Citibank and CBRE forecast a 10% drop in home prices in the next 12 months due to high interest rates and a glut of new apartments in the development pipeline. Luxury property agents Savills predicts that the luxury residential market will continue a downward trajectory in 2024 forecasting falls of 15% to 20%
Alongside a border reopening, effective February 2024, in a bid to boost affordability for local residents and breathe life into a dampened housing market, the Hong Kong government cancelled all special stamp duty (SSD), buyer’s stamp duty (BSD) and new residential stamp duty (NRSD) payable for residential property transactions.
These measures come off the back of the loosening of stamp duty taxes for foreign investors in October 2023 while eligible overseas talent will not have to pay stamp duty unless they fail to become a permanent resident.
Last year, stamp duty for non-permanent residents halved to 7.5% from 15% for non-permanent residents and for residents buying a second or an additional home – re-kindling demand for the properties with big price tags.
With renewed vigour and a strong pulse, demand for the best real estate in Hong Kong zooms in on a few exclusive areas.
Crowning Hong Kong Island and soaring above the metropolis is Victoria Peak – a multi-million-dollar leafy hilltop neighbourhood offering knockout views with elevated price tags. Many of the ultra-luxe developments offer residents the pinnacle of luxury Hong Kong living with added perks such as private pools, gardens, rooftop decks and tennis courts as well as larger than average homes – a luxury commodity when land is in scarce supply. Concierge services, privacy and sea views come par for the course.
The Peak’s rarefied, refined elegance and tranquility attracts Hong Kong’s ultra-wealthy including businesspeople, politicians and celebrities who rub shoulder in some of the Peak’s private members’ clubs where fees average thousands of US dollars per year.
According to a recent market value snapshot from Forbes, those keen for a slice of property on The Peak should be expected to pay US $5,000 to $15,000 per sq ft. Average prices on the peak for a 3-bedroom villa start at around US $80m upwards.
Shiny, modern new developments sit alongside a smattering of older colonial villas sitting behind private gates with Peak Road, traversing the summit of Victoria Peak, counted as one of the most expensive roads in Hong Kong – and the world.
Among the most lavish properties that adorn Hong Kong’s pinnacle is the Frank Gehry-designed Opus, with its twisting, sculptural design. Also noteworthy is Twelve Peaks, a high-end development featuring 12 multi-story houses, each with a private pool.
The ultra-prime development Mount Nicholson offers four apartment units and 19 garden houses, each with a private swimming pool, elevator and spectacular views of Victoria Harbour. The development set the highest unit price record in Hong Kong and is home to the three of the most expensive apartments in Asia, according to the developers Nan Fung Group.
Other costly Hong Kong areas offering super prime residences include Kadoorie Hill, Repulse Bay and Deep Water Bay.
2. Singapore
Here we take a look at Singapore. Singapore’s reputation as a clean, efficient, and multicultural city-state is renowned worldwide.
Roaring at the heel of its Asia competitor comes the Lion City, which ranks third for most expensive real estate globally, according to Knight Frank’s 2024 Wealth Report – outranked by New York in last year’s survey, which claimed the number three spot.
Once a sleepy fishing village and later a strategic colonial trading port, Singapore is now a major Southeast Asian transport hub and economic powerhouse with a strong gravitational pull for UHNWIs.
The gateway city offers also one of the most favourable trading climates for new businesses with a corporate-friendly government enticing foreign investment through easy registration and operation.
Nicknamed ‘Instant Asia’ because of its cultural diversity, each neighbourhood offers a quick snapshot of the varied communities and cultures that make up this recently developed tropical island. The Asian transport hub also boasts some of the most high-ticket real estate in the world, and it’s easy to see why.
Singapore is home to a young and motivated expat community, well-educated workforce, excellent schools, quality medical care, thriving economy and stable political climate. Bolstered by excellent job prospects in tech, legal and finance sectors, buyer confidence in Singapore’s property investment markets translate into chart-topping price tags.
The Asian city ranked second for the world’s most expensive to live in in the 2024 Mercer Cost of Living Index which looked at the comparative cost of over 200 items in 226 cities, including transportation, food, clothing, household goods and entertainment. It is also one of the world’s wealthiest cities with data compiled by Henley & Partners ranking Singapore fourth in its annual roundup – reporting 30 billionaires and 244,800 millionaires.
The 2018 box-office hit ‘Crazy Rich Asians’ plays out in Singapore putting the city’s ultra-wealthy and their lavish, jet-set lifestyles in the spotlight.
Despite recent cooling measures, property prices continue to trend upwards. Demand for homes in this compact and densely populated city-state is fed by domestic and international buyers competing for the very best homes.
A land with little spare leg room, Singapore spans a total land area of approximately 734.3km² with a population of 6,04m – roughly the size of New York. According to Knight Frank’s latest data featured in The Wealth Report, $US1m will stretch to just 32 sq m – less than half the same amount would fetch in Tokyo and just under 60 sq m less than in Dubai.
Anecdotally, properties in Singapore’s most sought-after locations are sold days after being listed as limited supply of new homes creates a bidding frenzy – especially for homes near Singapore’s Central Business District (CBD) as city workers value short commutes. More affordable government housing can be found outside of the centre.
The micro-state also offers residents an exceptional standard of living with lush green spaces, parks, gardens and nature reserves giving rise to abundant outdoor recreation opportunities. The city is known as a verdant ‘garden city’ – a vision introduced by then Prime Minister Lee Kuan Yew in 1967 to transform Singapore into a city with powerful green lungs and a clean environment in order to create wellbeing for its residents.
For a food-obsessed nation, dining out is a national hobby and Singaporeans are spoiled for choice. Topping best restaurants and hotel leagues annually are some of Singapore’s finest establishments including grande-dame Raffles, which ranked sixth in the world’s best hotel league in 2024 and 3-Michelin-starred restaurants at time of writing – Zen, Les Amis and Odette.
UHNWIs setting their sights on the some of the Singapore smartest postcodes will find trophy homes in District 10 – an address that’s a statement that they have made to the heady heights of Singapore’s property ladder. Billionaire homes, also known as Good Class Bungalows (GCBs), must have a minimum plot size of 1,400 sq m – cluster around the leafy, mile-long Nassim Road – officially the city’s most expensive road.
Bookended by Singapore Botanical Gardens at one end and the legendary Orchard Road at the other, it is home to Singapore top-tier wealthy – a mix of billionaires, tycoons, celebrities and politicians. In 2019, No. 33 Nassim Road sold for $230m, setting a new record. At 84,544 sq ft, it is one of the largest freehold GCB plots on Nassim Road that remains intact today.
In 2021, two penthouses in Les Maisons Nassim – a trophy development on Nassim Road – were snapped up by an unknown buyer for SG$75m. The condominium is also home to the priciest luxury unit sold in 2021. A four-bedroom apartment was purchased by a buyer from overseas in May 2021 for SG$39 million.
In the same year, James Dyson, founder of the eponymous vacuum cleaner brand purchased Singapore’s largest penthouse spanning from the 39th to 64th floor for a reported $73.8m.
Other notable areas include the tree-lined streets of Ardmore Park with its glitzy, ultra-prime condominiums offering wealthy residents sky terraces, luxury gyms, wellness rooms, meditation gardens, rooftop swimming pools and tennis courts.
Standout new developments include Nouvel 18 and Le Nouvel Ardmore designed by architect Ben Van Berkel, where a penthouse transaction topped $US40m in 2019 within the latter. Also competing for Singapore’s top dollar is Cluny Road, Marina Bay, expat favourite Holland Village and party-central Sentosa Island.
3. London
Here we look at London. London’s rich history, iconic landmarks, and diverse cultural scene make it one of the world’s most beloved cities.
Home to almost 10 million residents and one of the world’s leading commercial, financial and cultural behemoths, this European megacity is a magnet for the world’s rich, providing a safe place to make and spend wealth.
London real estate remains a top prize in the trophy cabinet. Proving resilient to increased cost-of-living pressures and recent political instability, demand for the very best luxury property in England’s capital city has pushed a 30% rise in transaction volumes in the super prime market (£10m+) compared to last year, according to Coutts private bank. Also reporting an upward trend, luxury estate agent Savills reported a 5% year-on-year rise in transactions above £1m, predicting the prime London market to grow by almost 20% by 2028.
Ostensibly, the top end of London’s housing market remains a safe and lucrative investment opportunity – but space comes at a premium. Property agent Knight Frank’s latest data presented in its annual Wealth Report shows that US $1m will purchase just 33 sq m of prime property – just 1 sq m less than in New York, which is ranked sixth most expensive city to invest in property globally and third in 2023.
In 2021, the UK Government introduced an additional surcharge for non-UK residents. Despite the extra levy on property transactions, this has not deterred the world’s super-rich from adding a London outpost to their property portfolios in an increasingly fractious world where personal and financial security and stability is a precious commodity.
Data compiled by Knight Frank also reveals that London is the most popular location for UHNWs seeking to buy a new home.
Little wonder – it is a city synonymous with world-leading education, culture, medical care, career and lifestyle opportunities and where property investments are considered a safe place to park capital.
So where exactly do the ultra-rich want a London base and why?
Overseas investors value the traditional, ultra-prime, trophy postcodes of Mayfair, Knightsbridge and Belgravia – each with a unique flavour of property ranging from period mews houses, stucco-fronted villas and Georgian townhouses to luxury new developments such as 1 Grosvenor Square and One Hyde Park. The latter is a former home of Kylie Minogue and Tom Cruise and to the UK’s most expensive apartment listing at £175m.
These trophy areas are also home to some of London’s glamour-filled dining and nightlife scenes with international celebrities and UHNWI’s frequenting glitzy hotspots such as Annabel’s, Sketch restaurant, the Savile Club, 5 Hertford Street and Claridge’s. Central London private school’s favoured among the rich and famous include St Paul’s and Westminster.
Other prime central London postcodes are a stone’s throw from some of London’s most famous parks, for which residents pay a weighty premium. Must-have homes cluster around Hyde Park, Regent’s Park, Hampstead Heath and Holland Park. In 2023, The Holme, a palatial villa inside London’s Regent’s Park built in 1818 topped records when it hit the market at £250m while megastar singer-songwriter Taylor Swift reportedly purchased a £10m property by Hampstead Heath in 2023.
Other leafy prime London areas include Hyde Park, Kensington, St John’s Wood, Regent’s Park and Holland Park – each bordering one of London’s famous parks. Traditionally bohemian areas also on UHNWI check lists are Chelsea, Notting Hill and celebrity darling Primrose Hill.
Interestingly, a new demographic made up of younger super-rich – from tech entrepreneurs to retail and gaming magnates – are more likely to navigate towards up-and-coming, edgier neighbourhoods such as Shoreditch and Battersea according to The Times.
Home to politicians, billionaires, oligarchs, celebrities and diplomats is Kensington Palace Gardens in west London – aptly nicknamed ‘Billionaire Row’. It is officially Britain’s most expensive street; privacy and security is paramount here with 24/7 police patrol. Homes average a staggering £33m according to recent transaction figures.
Those with deep pockets favouring larger properties and green spaces may set their sight further afield to the leafy suburbs of Richmond and Wimbledon or out towards Surrey – one of the richest counties in the UK peppered with chocolate-box villages and large country homes.
4. Geneva
Here we focus on Geneva. Geneva’s discreet luxury, world-class banking services, and stunning alpine scenery make it a highly desirable location for discerning individuals.
Decidedly less frenetic than other cities wooing the ultra-rich but holding its own on the prime global real estate stage, discreet wealth clusters around the gilded edges of Lake Geneva. This quietly refined Swiss city offers the super-rich a fertile environment for peace and prosperity via low tax levels, strict privacy laws and no capital gains tax.
According to Knight Frank’s latest data, demand for super prime property in Geneva has grown in a 5-year period with sales for US$10 million+ properties surging from 59 in 2019 to 102 in 2024.
Latest metrics from the luxury estate agent also show how far US$1m will stretch when investing in luxury property in Geneva – 34 sq m to be exact.
Despite the modest bang for your buck, it’s easy to see why the Swiss city stays firmly on UHNWI must-have lists with 19 billionaires settling in the spiritual home of private banking, chocolate and watches.
It’s an incredibly good-looking city, hugged by snow-capped mountains with majestic Lake Geneva as its glassy centrepiece.
Privacy and security is paramount for the super-rich and Geneva provides plenty of both. Offering a fertile living environment for the global elite is the country’s political neutrality, strategic geo-location, stable economy, connectivity and extraordinarily high standards of living. The city’s very low crime rate makes it easier to wear wealth with more ease.
Geneva ranked fifth for the best city to live in globally in 2024 in a survey carried out by the Economist Intelligence Unit (EIU) which looked at several categories including stability, healthcare, culture, environment and education.
Security-orientated schools are also paramount for the world’s super-rich and Swiss boarding schools are set up for educating the children of the world’s billionaires. The famous Institut Le Rosey – nicknamed the ‘School of Kings’ – an hour from Geneva is the world’s most expensive boarding school offering an exceptional level of education with afternoon ski trips a daily activity. Bordering Lake Geneva, the US $130,000-per- year school hosts the offspring of the world’s elite including royalty, celebrities, tech billionaires and politicians with stepped up security offering peace of mind for UHNW parents.
Reflecting the city’s high standard of living is an elevated cost of living with the Swiss city ranking fourth most expensive for expatriates in Mercer’s 2024 cost-of-living city ranking.
Beneath the city’s polished business persona is a burgeoning cultural and sporting calendar, opulent retail and fine dining scene – 15 Michelin-star restaurants at time of writing – alongside first-rate lifestyle opportunities which round off UHNWIs non-negotiables.
Luxury Alpine ski resorts such as Megeve, Verbier and Morzine can be accessed in just over an hour by car from Geneva and 30 minutes by private helicopter. Summer thaws snowy slopes and plains to reveal lush golf courses, verdant hiking trails and beach and watersport fun on a sun-kissed Lake Geneva.
The diplomatic, finance and banking sectors form the beating heart of Geneva’s economy with a large, multilingual expatriate community making up a large part of the city’s workforce. Business and leisure travellers are well looked after at many of the city’s five-star, lakefront hotels including La Réserve Genève, The Woodward and the Beau-Rivage.
With just 632,000 residents and ranking 925th on the list of the most populous cities in the world, Geneva is compact and easy to navigate. As the seat of the World Trade Organisation and home to branches of the UN and World Banks, it’s also exceptionally well connected via road, rail and air. Geneva airport is one of the busiest private jet airports in Europe.
As of 2022, the country was home to an estimated 110 billionaires with many choosing Geneva as their Swiss outpost.
So, where do the uber-rich invest in real estate in Geneva
Sitting on Lake Geneva’s left bank just 20 minutes from the CBD, the well-heeled commune of Cologny boasts the highest prices in the whole of Switzerland with the country’s most expensive road listed as Chemin de Ruth. The leafy main street is lined with large-scale villas, elegant chalets and cutting-edge apartments each with jaw-dropping views out towards the Jura mountains and Lake Geneva.
Many newer developments offer superb amenities such as outdoor swimming pools coupled with total privacy and tight security. Most of the properties here list ‘off market’ for security reasons.
Average property prices in Cologny hover at an eye-watering US$10m. With a staggering six-figure price tag for the largest lakeside homes – in 2021 a member of a banking dynasty reportedly paid US$62.77 million for a waterfront villa.
Other notable and pricey Geneva communes include Conches, Corsier and Vandœuvres.
