We all know Â鶹´«Ã½Ó³»is an extremely expensive real estate market – especially in terms of affordability, when compared with local average incomes. But even Vancouver's high average per-square-foot condo price is relatively modest compared with some cities around the globe.
Vancouver, being a young city with a relatively underdeveloped housing market, tends to have much more space in condos than a lot of expensive world cities. This brings down the average price per square foot – so you get a lot more condo for your buck.
Real estate website of condo prices per square foot in 11 pricey real estate markets around the world – Vancouver, London, New York, San Francisco, Singapore, Paris, Hong Kong, Tokyo, Zurich, Geneva and Monaco.
Point2Homes looked at the price of a typical 185-square-metre (1,831-square-foot) condo in downtown Â鶹´«Ã½Ó³»on its website, which it found to be a whopping $2,660,000. That comes in at $14,378 per square metre ($1,452 per square foot).
The analysts also found that the average price across all downtown Â鶹´«Ã½Ó³»condos is $11,605 per square metre ($1,078 per square foot).
That number may be high, but it pales in comparison with Monaco, where the equivalent large downtown condo would cost nearly $14.9 million. In this European resort city, the average downtown condo costs $82,766 per square meter, or $7,689 per square foot.
Hong Kong was found to be the second most-expensive downtown condo market, in terms of price per square metre, followed by London, Singapore and New York.
In fact, on a cost-vs-size basis, Â鶹´«Ã½Ó³»was the least-pricey downtown condo market of the 11 cities studied.
The study authors wrote, “The results show that Â鶹´«Ã½Ó³»might be expensive, but only for Vancouverites. The other cities in our analysis completely eclipsed Canada’s most exorbitant market.”
Check out Point2Homes’ interactive graph to see the rankings, below.
