The Bay Area is home to residents who know the value of their money; hence, they are looking at properties which they think is overpriced, or are unjustly rated as compared to other properties across the nation. However, other places--cities, states, and countries across the world--have their own share of expensive prices and, thus, can compare to the Bay Area.
Some of these places include properties in such regions as Ethiopia, Norway, Australia, Vietnam, Greece, and Albania. A few of these have made it to the list of the most expensive regions people can live in. However, a closer look revealed that each of these places even paled in comparison to those who topped the list of the most expensive real estate markets.
Most of the world's most expensive markets belong to China. According to Cai Xing Global, Shenzhen, Shanghai and Hong Kong were named among the top five most expensive housing markets found globally. The ranking was done by US-based real estate services and investment company the CBRE Group, Inc.
Among these, Hong Kong ranked at the top with homes averaging a selling price of $1.24 million. Singapore, Shanghai, Shenzhen were on the list as well, joined by Australian suburb Vancouver. Shenzhen held the distinction as the "technology hub" of China and also marked its first appearance on the list, with properties ranging at $680,283.
Rounding out the top ten was Beijing, who was fifth on the list last year. This year, it had become a little more affordable to live in, placing ninth. Los Angeles, New York, and London were all found near the end of the top ten of the list. Shenzhen, meanwhile, had its growth as a technological hub to thank, with tech workers looking for homes that are near their work.
Perhaps, with a new list of cities following the Bay Area as one of the most expensive real estate markets in the world, next year's list will feature some newcomers and a few hold-overs. These markets are to be avoided by first-time home buyers, but, as an investment destination, these properties will hold huge value to resellers and investors alike.
