One of the most basic human needs is shelter; it sits at the base of Maslow’s hierarchy of needs for a reason. People have the desire and capability to move up the hierarchy scale and reach the highest level: self-actualization, once all other needs are met. At that level, a person’s full potential is achieved and life is given a deeper meaning.
Before all that, however, food, water, and shelter must be realized. Gone are the days when humans could settle in the nearest cave. Real estate has been thriving and property prices have gone through the roof. Across Europe, Asia, and North America, the price of one square meter surpasses $10,000 in major cities.
In the beautiful and tiny principality of Monaco, one square meter is worth over $60,114. A million dollars are good for about 15 square meters of space, proving that size really doesn’t matter. This city-state on the French Riviera has the highest real estate prices in the world.
The British capital is known for its gloomy weather, diverse society, and high real estate prices. A square meter will go for about $35,531, and rent of a 120m2 apartment can reach $11,089.
Hong Kong residents are known for their practicality and ability to make the best out of small spaces. That could be in part due to real estate prices, which reach $25,551 per square meter. Rent of a 120m2 apartment is a measly $7,024.
The Big Apple goes big on real estate, with a square meter reaching $18,499 and rent of a 120m2 apartment going for $7,225.
The city of love was able to claim a spot on this list, as its tempting nature makes it a desirable place to live. Expect to pay around $18,415 for a square meter and $5,317 to rent a 120m2 apartment.
The Russian capital won’t hold back on real estate prices. One square meter is sold for about $16,021 and a 120m2 apartment is rented for $5,158.
In Vienna for some pastries? Check out their real estate scene, where a square meter will cost $14,592 and a 120m2 apartment can be rented for $3,174.
The country that never seizes to amaze with its eccentric sense of humor and supernatural intelligence: Japan. A square meter of property space is valued for $13,825 and rent of a 120m2 apartment is $4,744.
Time and time again, Singapore has proven its worth as a country to be reckoned with. In the real estate market, $13,748 will buy you one square meter of space, while a 120m2 apartment will be rented for $3,498.
Of course, Switzerland had to earn a place on this list. In Geneva, a square meter costs about $13,529 and rent of a 120m2 apartment is $5,152.
It is expected that Monaco’s real estate prices will go even higher in future years. In Hong Kong, however, where the local economy has seen better times, prices are expected to fall 5-10%. The same can be said for London, as moderate-income young adults may not be able to keep up with the prices.