THE influential Global Property Guide has recently published its list of the most expensive real estate markets in 2009.
Perhaps not surprisingly, Monte Carlo is in the number 1 position, more than twice as expensive, at €34,142, as the runner up. Battling for the number 2 position are prime central Moscow and London. Prime central Moscow’s €14,964 per square metre price tag slightly outpaces core Prime London’s €14,895 per square metre, though it is fairer to say the two cities are neck-and-neck.
The Global Property Guide’s figures are based on a 120m2 apartment.
Closer to home in Cyprus:
- Limassol is at number 55 with a price tag of €2,343/m2 and a gross rental yield of 3.45%.
- Paphos is at number 71 with a price tag of €2,004/m2 and a gross rental yield of 2.83%.
- Nicosia is at number 81 with a price tag of €1,619/m2 and a gross rental yield of 3.76%.
- Larnaca is marginally less expensive at number 85 with a price tag of €1,560/m2 and a gross rental yield of 3.64%.
What does rental yield mean? Why is it important?
The gross annual rental income expressed as a percentage of today’s property purchase price. This is what a landlord can expect as return to his investment.
The rental yield is one useful yardstick of whether property is over-valued or under-valued:
20% – Very undervalued
15% – Very undervalued
12% – Undervalued
10% – Undervalued
8% – Borderline undervalued
7% – Fairly priced
6% – Fairly priced
5% – Borderline overvalued
4% – Overvalued
3% – Overvalued
2.5% – Very overvalued
2% – Very overvalued
The table below has been assembled from figures provided by Global Property Guide.
Country | City/Region | Ave Price (Euro/sq.m) | Annual Yield (%age) | |
---|---|---|---|---|
1 | Monaco | Monte Carlo | 34,142 | n/a |
2 | Russia | Moscow | 14,964 | 4.61% |
3 | UK | London | 14,895 | 4.12% |
4 | Japan | Tokyo | 12,915 | 4.86% |
5 | Hong Kong | Hong Kong | 11,571 | 3.73% |
6 | USA | New York | 10,691 | 4.37% |
7 | France | Paris | 8,699 | 4.26% |
8 | Singapore | Singapore | 6,961 | 3.97% |
9 | Italy | Rome | 6,578 | 3.62% |
10 | India | Mumbai | 6,575 | 4.02% |
11 | Ireland | Dublin | 6,508 | n/a |
12 | Finland | Helsinki | 6,031 | 3.69% |
13 | Bermuda | Bermuda | 5,641 | 5.05% |
14 | Greece | Athens | 5,639 | 2.71% |
15 | UAE | Dubai | 5,132 | 5.50% |
16 | Spain | Barcelona | 4,681 | 3.75% |
17 | Montenegro | Montenegrin Littoral | 4,438 | n/a |
18 | Switzerland | Geneva | 4,433 | 4.09% |
19 | Luxembourg | Luxembourg | 4,424 | 4.28% |
20 | British Virgin Islands | British Virgin Islands | 4,193 | n/a |
21 | Barbados | St. James | 4,138 | 4.37% |
22 | Spain | Madrid | 4,070 | 3.67% |
23 | Russia | St. Petersburg | 3,966 | 8.15% |
24 | Andorra | Andorra | 3,860 | 2.19% |
25 | Germany | Munich | 3,771 | 3.97% |
26 | Romania | Bucharest | 3,720 | 5.54% |
27 | Slovakia | Bratislava | 3,651 | 4.28% |
28 | Australia | Sydney | 3,584 | 5.96% |
29 | Turks & Caicos | Providenciales | 3,561 | n/a |
30 | Netherlands Antilles | Sint Maarten | 3,508 | n/a |
31 | Netherlands | Amsterdam | 3,337 | 6.63% |
32 | Italy | Milan | 3,318 | 4.72% |
33 | Israel | Tel Aviv | 3,288 | 5.13% |
34 | Czech Republic | Prague | 3,272 | 5.02% |
35 | Saint Kitts & Nevis | Nevis | 3,203 | n/a |
36 | Germany | Frankfurt | 3,162 | 4.60% |
37 | US Virgin Islands | Saint Thomas | 3,103 | n/a |
38 | Poland | Warsaw | 3,086 | 4.60% |
39 | Puerto Rico | San Juan | 3,079 | 5.32% |
40 | Antigua & Barbuda | Antigua | 3,068 | n/a |
41 | Bahamas | Nassau | 2,926 | 8.37% |
42 | Canada | Toronto | 2,875 | 6.48% |
43 | Taiwan | Taipei | 2,847 | 2.38% |
44 | Denmark | Copenhagen | 2,738 | 4.61% |
45 | Slovenia | Ljubljana | 2,728 | 5.49% |
46 | Latvia | Riga | 2,667 | 4.40% |
47 | Estonia | Tallinn | 2,649 | 4.36% |
48 | Malta | Malta | 2,624 | 2.85% |
49 | Martinique | Martinique | 2,599 | n/a |
50 | Poland | Krakow | 2,553 | 4.10% |
51 | Switzerland | Zurich | 2,485 | 5.00% |
52 | Cayman Islands | Grand Cayman | 2,405 | n/a |
53 | Saint Lucia | Saint Lucia | 2,353 | n/a |
54 | Belgium | Brussels | 2,344 | 4.90% |
55 | Cyprus | Limassol | 2,343 | 3.45% |
56 | Mexico | Baja California Sur | 2,316 | n/a |
57 | Croatia | Zagreb | 2,307 | 5.07% |
58 | Canada | Montreal | 2,304 | 6.77% |
59 | India | New Delhi | 2,276 | 4.05% |
60 | Saint Kitts & Nevis | Saint Kitts | 2,273 | n/a |
61 | Trinidad & Tobago | Trinidad | 2,218 | 8.14% |
62 | Germany | Berlin | 2,174 | 4.80% |
63 | Greece | Crete | 2,139 | 3.57% |
64 | Portugal | Algarve | 2,099 | n/a |
65 | Netherlands | The Hague | 2,097 | 8.97% |
66 | China | Shanghai | 2,094 | 4.36% |
67 | Lithuania | Vilnius | 2,086 | 3.70% |
68 | Portugal | Lisbon | 2,075 | n/a |
69 | Bulgaria | Sofia | 2,065 | 4.62% |
70 | Hungary | Budapest | 2,058 | 6.84% |
71 | Cyprus | Paphos | 2,004 | 2.83% |
72 | US Virgin Islands | Saint Croix | 1,930 | n/a |
73 | Cambodia | Phnom Penh | 1,796 | 4.88% |
74 | Curacao and Bonaire | Curacao and Bonaire | 1,765 | n/a |
75 | Guadeloupe | Guadeloupe | 1,755 | 7.31% |
76 | Brazil | Rio de Janeiro | 1,752 | 6.48% |
77 | China | Beijing | 1,695 | 5.14% |
78 | South Africa | Cape Town | 1,690 | 6.32% |
79 | New Zealand | Auckland | 1,684 | 7.46% |
80 | Argentina | Buenos Aires | 1,645 | 8.85% |
81 | Cyprus | Nicosia | 1,619 | 3.76% |
82 | Thailand | Bangkok | 1,606 | 7.97% |
83 | Lebanon | Beirut | 1,600 | 5.13% |
84 | Belize | Belize | 1,593 | n/a |
85 | Cyprus | Larnaca | 1,560 | 3.64% |
86 | Morocco | Marrakech | 1,466 | 6.56% |
87 | Philippines | Manila | 1,373 | 10.99% |
88 | Dom. Rep. | Puerto Plata | 1,343 | n/a |
89 | Brazil | Sao Paolo | 1,335 | 6.56% |
90 | Uruguay | Montevideo | 1,258 | 7.56% |
91 | Vietnam | Hanoi | 1,255 | 7.13% |
92 | Panama | Panama City | 1,249 | 9.98% |
93 | Jamaica | Kingston | 1,187 | 8.80% |
94 | Costa Rica | San Jose | 1,150 | 7.06% |
95 | Chile | Viña Del Mar | 1,138 | 3.74% |
96 | China | Guangzhou | 1,095 | 5.21% |
97 | Aruba | Aruba | 1,035 | n/a |
98 | Colombia | Bogota | 1,006 | 9.19% |
99 | Malaysia | Kuala Lumpur | 967 | 9.22% |
100 | Moldova | Chisinau | 944 | 14.17% |
101 | Macedonia | Skopje | 935 | 10.11% |
102 | Turkey | Istanbul | 926 | 6.47% |
103 | Chile | Santiago | 876 | 8.87% |
104 | Peru | Lima | 828 | 10.09% |
105 | Jordan | Amman | 825 | 9.73% |
106 | Indonesia | Jakarta | 791 | 11.27% |
107 | Nicaragua | Managua | 775 | 9.12% |
108 | China | Chengdu | 717 | 4.28% |
109 | Ecuador | Quito | 588 | 8.77% |
110 | Chile | Concepción | 480 | 9.04% |
111 | India | Bangalore | 471 | 4.91% |
112 | Egypt | Cairo | 412 | 12.00% |