Business
Nov. 20 2017 - 16:11

Moscow Tops Tokyo in Ranking of Cities with Priciest Luxury Real Estate

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Moscow has come in 13th place in a world ranking of cities with the most expensive high-end real estate.

The ranking, produced by the international consulting company Knight Frank, lists the number of square meters that can be purchased for $1 million in cities throughout the world.

According to data compiled at beginning of October, $1 million can buy 81 square meters in Moscow, on average, the Vedomosti business daily reports citing Knight Frank.

Moscow beats out Berlin and Tokyo, where $1 million can buy 84 and 91 square meters respectively.

The most expensive real estate is in Monaco at 17 square meters per million, Hong Kong — 19 square meters per million — and New York where $1 million buys 26 square meters.

The past decade has seen a significant decrease in the cost of high-end real estate in Moscow, according to the Knight Frank report. Ten years ago, $1 million could purchase 30 square meters fewer than today.

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