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News & Views on Indian Real Estate

Friday, July 04, 2008

World's most expensive luxury real estate markets


In the world's most expensive property markets, $1.5 million still doesn't go very far despite some softening in real estate prices. How much house can you buy for $1.5 million? Depending on where you look, it might not be very much. Despite global economic concerns, the credit squeeze, and rising commodity prices, properties in the world's most expensive neighborhoods are still commanding ferocious premiums. While $1.5 million in Cleveland or Tampa would probably purchase a substantial house, with four bedrooms, a multicar garage, and maybe even such amenities as a swimming pool and media room, in London's Belgravia or on Manhattan's Fifth Avenue, it would buy you little more than a glorified shoebox. The proximity to the worlds top business centers and a wonderful quality of life has made London the most expensive city for luxury real estate. And since they learned to cook, everyone wants to live there. Price growth is slowing even in Russia with its growing population of oil millionaires.

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