Manhattan: Good Value vs Top Global Cities

Posted by Wei Min Tan on October 30, 2017

Publication:  TheStreet.com

 

Summary:  Wei Min Tan writes about Manhattan, although the most expensive city in the U.S., is a relative value compared to top global cities like London and Hong Kong.  At the time of writing, Manhattan average was $1,000 per sqft.

 

Excerpt:  According to Knight Frank, the most expensive real estate in the world is Monaco at $4,300 per square foot. Having been there just two months ago, there is probably no other place in the world that has more private banks. Second is London at $3,600 per square foot; third is Paris at $2,400; and fourth is Hong Kong at $2,000.

Fifth is Rome at $1,800 per square foot and sixth is Geneva at $1,700.

Manhattan? A low tenth place at $1,500 per square foot. Just below Tokyo and above Singapore.

 

Note:  The Knigh Frank analysis focused on the luxury end of real estate which explains why it showed Manhattan at $1,500 per sqft.



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Wei Min Tan is a property broker focusing on Manhattan, New York luxury condominiums and foreign buyers. He is often interviewed by the media including CNN, The New York Times and The Wall Street Journal on the subject of foreign buyers of Manhattan property.