In recent years, real estate has become increasingly unaffordable in many countries. However, demand for premium residential property remains high even during crises. Around the world, there are still cities that attract the ultra-wealthy, where the cost per square metre reaches astronomical heights.
Henley & Partners conducted a study of global premium real estate prices, analysing the cost of luxury housing ranging from 100 m² to 200 m² in the most attractive locations for high-net-worth individuals.
Finam presents the ten cities with the most expensive square metres in 2026.
Los Angeles
Ranking tenth among cities with the world's most expensive real estate is the American metropolis of Los Angeles. Thanks to its sunny climate, proximity to Hollywood, and prestigious coastline, Los Angeles has always been a favourite destination for the rich and famous. In recent years, demand has also grown from the US tech elite. An increasing number of dollar millionaires are flocking to the city — over 220,000 currently reside there. All this drives continued growth in premium property prices, which have now reached an average of $17,500 per square metre.
Miami Beach
Ninth place goes to the small American resort town of Miami Beach, located on the Atlantic coast. Officially, it has a population of just 83,000, but many Americans consider it a suburb of the Miami metropolitan area. The average price per square metre here is slightly higher than in Los Angeles — $17,800. Thanks to its favourable climate and coastal location, the city has also become a magnet for millionaires. Limited supply and high demand from the wealthy have made Miami Beach's housing market one of the most expensive in the world.
Palm Beach
While most entries in the ranking are major metropolises, eighth place is held by the small resort town of Palm Beach, considered the most expensive location in the US state of Florida. Its population is just 9,200, yet the average price per square metre of luxury housing is an impressive $18,000.
Palm Beach is home to at least 30 billionaires. Over the years, it has hosted many notable figures, including US Presidents John F. Kennedy and Donald Trump. Its ideal climate and premier beach recreation in the country have made this town exceptionally popular among the ultra-wealthy and political elite.
Sydney
Seventh on the list is one of Australia's major metropolises — Sydney, where the average cost of premium housing is estimated at $19,500. The city has a population of over 5.4 million. Experts note that population growth, housing shortages, geographical constraints on construction expansion, and increased investor activity are driving up property prices in Sydney, making it unaffordable for many Australians.
Paris
The French capital has long been synonymous with luxury. Paris ranks sixth among the world's most expensive housing markets, with luxury property priced at $20,400 per square metre.
Over the past 30 years, property values in Paris have increased fourfold or more in some central districts. Strict regulations limiting building heights and new construction permits in the historic city centre, combined with the high cultural significance of many properties, underpin the sustained price growth in the city.
Saint-Jean-Cap-Ferrat
Opening the top five is the French resort town of Saint-Jean-Cap-Ferrat, located on the Côte d'Azur. It is a jewel of the French Riviera and one of the most expensive places in the world. Housing here consists primarily of luxury villas. Celebrities such as Somerset Maugham and Édith Piaf have vacationed here. Owning property in this resort is considered a status symbol even among the ultra-wealthy and members of royal families. The average price per square metre in the town is $21,200.
London
Fourth place goes to London. The British capital is considered one of the world's leading financial centres, making it attractive for international investment. As a result, supply fails to keep pace with demand, and prices per square metre are rising rapidly. The city is surrounded by a "Green Belt" — a protected area where construction is heavily restricted. The Green Belt preserves open spaces within the metropolis but simultaneously constrains the development of new housing.
A developed economy and business opportunities also attract the ultra-wealthy to London. In 2025, the English capital was home to 36 billionaires. The average cost per square metre of luxury property in the city is estimated at $24,000.
Hong Kong
Hong Kong regularly features in such rankings and is often called the world's most expensive city. However, in the Henley & Partners ranking, it holds only third place. On average, a square metre costs $26,300. Hong Kong is part of China but has its own currency, laws, tax system, and even passports, which is why it is sometimes classified as a city-state. It is not only a leading financial hub but also a major tourism centre in the region, attracting the ultra-wealthy from around the globe.
Strict land and housing regulations, combined with a growing population, are the primary drivers of Hong Kong's astronomical property prices.
New York
Second place is held by New York. The largest US metropolis is often called the world's premier business and financial centre. It is home to more billionaires than any other city — 125 in total. Major investment firms and iconic luxury real estate projects are based here, and the city remains a global magnet for capital.
The average cost per square metre of luxury property in the "Big Apple" is $27,500.
Monaco
The city-state of Monaco is the location with the world's most expensive real estate. This small principality on the French Riviera is a paradise for the ultra-wealthy, thanks to its low taxes, elite lifestyle, and well-developed financial services sector.
Moreover, Monaco is the second-smallest state in the world after Vatican City. Its total area is just 2.02 km² — smaller than New York's Central Park. Yet, in 2026, it is home to approximately 38,000 residents. Demand far exceeds supply. Near-zero crime rates, the Monte Carlo Casino, the Monaco Grand Prix, and other cultural events further enhance the principality's appeal to the ultra-wealthy.
The average cost per square metre of luxury housing in Monaco is the highest in the world — $38,800.
