What’s the most important thing you must consider while purchasing a property? Any guesses? Yes, it’s the location. Everything revolves around that: the cost, the population, the community, and other factors. The position of the property determines the future of the asset too. Maybe today what is expensive can be the golden goose in the future.
The real estate market in the UK is roaring, and it is expected to set new records in the upcoming days. So, if you have good cash in your pocket, here are the top 5 most expensive cities to buy a property in:
The Top 5 Most Expensive Cities to Buy a Property
1 London
London is the city of dreams. It is one of the finest regions in the UK, with a lot to offer. The royalness and luxury this city brings make it one of the most expensive places in the UK. Not only is London a home for the top slot sites for UK, it is also a real estate hub.
The average price of the property in London over the last year has been around $686,030. Overall, the property price in London is rising at a rate of approximately 5% every year, positioning it as one of the most expensive cities to buy a plot in the UK.
2 San Jose
San Jose is the technology hub of America, and that’s enough to define why it’s one of the most expensive cities to buy property in.
All the big companies like IBM, Qualcomm, and more have their epicentre in this location. On top of that, San Jose offers a luxurious life with a high cost of living. So, to live here, you need a lucrative source of income. The average price of a property here is $1,817,832.
3 Shenzhen
You won’t hear this name frequently, but that does not discount a penny when you go to buy a property in Shenzhen. In the last two decades, this city has been on the list of the fastest-growing regions. Where is it located?
Shenzhen is in southern China, and it’s a super important area as it links Hong Kong and China’s mainland. The average cost of a property in Shenzhen is around six million Hong Kong dollars.
4 Hong Kong
Hong Kong’s real estate market is super hot. Due to the lack of accommodation land, the prices of properties there are sky-high. Moreover, what raises the price of property in Hong Kong is its high importance on the Chinese map.
It’s the finance hub of China, hosting several company offices, industries, and other important locations. While the average price of properties in Hong Kong can go up to $1,254 million, to grab the best deal, you need a good understanding of the market.
5 New York (Manhattan)
We just cannot wrap up the list without mentioning the most loved city that has notorious real estate pricing. Particularly in Manhattan, the price of properties is super high. It’s a hub of large apartments, entertainment zones, private houses, and more.
The prices of these luxurious sites often reach tens of millions of dollars. On top of that, the rapid rise in price is fuelled by the limited availability of land and the sky-high demand. That’s pretty much how the cycle of need and resources works. So, the prices in these zones will get bigger and bigger with time.
Conclusion
Why is it so expensive to buy and invest in a property in these places? This question may be spinning in your head. But the answer is pretty simple. Purchasing a property in these places is not just getting hands on a piece of land. It’s moving towards a better and more luxurious lifestyle and taking a share of the global financial hub. So, where are you planning to buy a new property?