First of all, I would like to make a public apology… 2 blog posts ago, I accidentally made a fib… I had claimed that spring had sprung, and not even a day after I said that we had that lovely March blizzard. I am sorry for making claims related to weather change, and even though things are once again warming up, I am saying nothing to jinx us. I guess thats why my career as a weather man never materialized. Aren't you glad?
Is Edmonton the most expensive luxury housing market?
Continuing on, we tend to complain here in Edmonton often that luxury home prices seem to continually rise, and many claim that it can be terribly expensive to buy here. So I decided to investigate this, and find out where exactly the most expensive place in the world to own a home is, and how we really do compare. Lets take a look at my findings;
Data of Edmonton's luxury home market, taken from a price range of listings on the market between $800,000 to $3,000,000 , reveals an average list price per square foot of $425, and these homes average at just under 3000 sq ft. This leaves us an average rough price tag of $1,200,000 for luxury homes currently listed in our market. A rough estimated average price per square foot of ALL Edmonton residential listings combined ranges from $200 to $300 per square foot. Sounds like quite a spike to jump into luxury housing here, huh? We'll see.
The Rest of the World
Now for the MOST (and they really are) expensive places to live, ranked from number five all the way to number one -
The number five most expensive place in the world to live luxuriously, and for a bargain (at least according to the upcoming numbers), is Moscow, Russia. The average price per square foot there rings in at a whopping $4,250. Wow! That is roughly 10 times the current average here in Edmonton for our luxury homes! If this is the benchmark for moving forward, the insanity will only escalade.
Ranking in at number four, comes yet another world famous city; Paris, France. The average price per square foot there is $4,400 - it doesn't sound like a massive jump from Moscow, however, keep in mind that it is incredibly sizeable when relating to our numbers.
London, U.K. is the next stop on our list, and here we see a substantial climb. Based on the price tag of $5,300 per square foot roughly there, a 3000 square foot luxury home would cost $15.9 million. In Edmonton the price tag would be somewhere near $1.2 million. Ouch.
Second from the top, our runner up is non other than Tokyo, Japan. Average price per square foot - $7,600… and while being number two! If at any point while reading through this list you felt that you may have a heart attack from these prices, please, do not continue reading to number one. You have been warned.
Finally, we reach THE MOST expensive place in the world to buy a luxury home, and is it ever a doozy, a.k.a. cue the "Jaws" soundtrack. Hong Kong, China, is the destination. The cost, astronomical. Average price, per square foot of course, is $11,000 give or take. Meanwhile, their average luxury property size is 5,200 sq. ft. In other words, average purchase prices of over $57 MILLION. That's insanity. For luxury home buyers in Edmonton looking to spend in and around a million dollars, if you thought about buying in Hong Kong you may want to reconsider. Just remember, I warned you not to read ahead!
So, in reflection, I suppose when we notice and comment that local prices here in Edmonton for luxury homes (and homes all around) are 'skyrocketing', we should count our blessings, and remember all those poor residents who had their wallets eaten alive by the aforementioned cities. I definitely did not expect to see prices entering into these ranges when I started my research! And while we may not have price tags ringing in at $57 million for single family properties here, it is still incredibly important to remember that your home is often the biggest financial investment that you will make - don't take a gamble on it. When you go to either buy or sell, please use a REALTOR®, we keep your transaction secure, ensure that you get the best price in the current market, and help to verify that your closing date arrives without delay, issues, or any major unforeseen costs.
To read more, and view the complete list from 10 to 1, please read the article "The World's Most Expensive Cities For Luxury Real Estate"on Forbes.com