Can you guess which city boasts the priciest real estate market in the world?

New York City is expensive — but not that expensive compared to Monaco, Hong Kong and five other cities 

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Real estate in Monaco is the most expensive in the world.

A New York luxury apartment is a pipe dream for most of us — but the city didn’t even crack the top five most expensive places to buy a pricey home.
The most expensive homes in New York City average between $2,030 and $2,240 per square foot — making Gotham eighth on the worldwide list.
Tiny Monaco leads the way, with high-end residences ranging between $5,350 and $5,920 per square foot. Rounding out the top seven is Hong Kong, London, Geneva, Paris, Singapore, and Moscow, according to a report by Knight Frank, a London property consultancy.
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“Monaco, land-constrained, has always been the home of the super rich,” said Liam Bailey, head of residential research at Knight Frank. “All the Chinese money is going to Hong Kong. It’s still the financial capital of Asia. As for London, it’s the most attractive investment for all of Europe.”
The homes included in the report comprised the top five percent of each city’s market in all categories of residence.
New York’s relative affordability for the global elite is a cyclical thing, experts say.
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High-end units in New York City, like those at One57 in midtown, are considered a bargain to the global one percent.

"The cost of entry for the ultra high-end end buyer is so low right now that we're seeing almost a new market pop up to specifically target" the super-rich, said Jonathan Miller, president of Miller Samuel, one of New York's top real estate research firms. "The high-end of the market is being scooped up faster than ever at prices as high as $40 million and up."
Eventually, that will drive up prices, Miller added.
New York is home to the world’s largest population — 7,500 — of people with more than $30 million in assets. Of the 432 billionaires in the United States, 102 are New Yorkers.
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“There is so much wealth here that it doesn’t phase me anymore,” said CORE broker Jarrod Guy Randolph, who sells the high end in Manhattan. “New York is synonymous with money. That’s our standard. All my buyers are all cash — whether paying $3 million or $30 million.”
Surprisingly, New York has never had the most expensive real estate in the world.
“London has always been ahead of New York in terms of price,” said Miller. “But not being number one has its advantages. It makes us a good buy for the global investor.”

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