The countries with the most expensive residential real estate in the world are determined by the average price per square meter in USD. The leaders are small, wealthy countries with high demand and a shortage of land.
According to Numbeo - price rankings by country of price per square meter to buy apartment in city centre (buy apartment price)
1. Hong Kong (China) - 25,401.07 $
2. Singapore - 23,437.97 $
3. Switzerland - 18,841.21 $
4. South Korea - 13,691.83 $
5. Luxembourg - 11,245.20 $
6. Taiwan - 10,509.63 $
7. Israel - 10,000.99 $
8. Austria - 7,282.93 $
9. Australia - 7,221.77 $
10. Norway - 7,093.14 $
1. Hong Kong's residential real estate market is the most expensive in the world, with prices reaching $26,100/m² (2025), a record surplus of supply, and high volatility influenced by government policy and global factors. A key characteristic is its extreme price: the average is ~$20,000–30,000/m² in the center, and $1 million is enough for 22–36 m². 70% of the territory is hills/natural areas; land leased from the state (50 years), sale of plots — 20–30% of the budget.
There is an oversupply in the market: 20,000 completed apartments + 71,000 under construction (2024); time to sell — 67–101 months. Developers offer discounts of up to 30%.
Sales in April 2024 reached a record $5.4 billion. In 2024, taxes on second apartments/foreigners were abolished, which boosted the market.
Types of housing: 80% are high-rise buildings; the elite segment (<HKD 4 million) accounts for 25–30% of sales. Rent is 3–5% per annum.
2. Singapore's residential real estate market is one of the most expensive and strictly regulated in the world, dominated by public housing (HDB) and stable but moderate price growth in the 2020s.
The housing price index in 2025 reached historic highs (around 215-216 points), but annual growth in the private sector slowed to 3-4%, which is considered a “soft landing” after the sharp growth of 2020-2022.
About 80% of the population lives in subsidized HDB apartments (public housing), while the private sector (condos, townhouses, landed properties) is a more expensive, investment-oriented, and prestigious segment.
The role of the state: The Housing & Development Board plans and builds Build-to-Order neighborhoods; more than 50,000 new apartments are planned for 2025-2027 to keep prices down and ensure affordability.
The HDB resale index grew by ~5-6% y/y in 2025, with the gap with the private sector narrowing. In 2025, approximately 19,000-20,000 private units (excluding executive condos) were sold, of which more than 9,000-10,000 were new builds, the highest number in the last four years; in some projects in central areas, more than 85% were sold on the day of launch.
The average price of new private apartments is around USD 17-18 thousand/m² across the city, with prices much higher in the Core Central Region (District 1, etc.).
Private housing prices are forecast to increase by 3–5% in 2025, with a further slowdown in 2026 due to fewer launches and uncertainty about interest rates. Population growth (forecast ~6.9 million by 2030), immigration, and income growth provide a stable base.
3. The Swiss residential real estate market is characterized by steady price growth (3–5% y/y in 2025–2026), a shortage of supply, and high attractiveness for owners despite high prices (~CHF 14,000–20,000/m² in major cities).
In 2025, prices for condominiums rose by 4.2% and houses by 2.6%; the price index reached 202–216 points. The forecast for 2026 is +2.8–4.5%, supported by lower interest rates and a shortage of supply.
Zurich and Geneva are the leaders (over CHF 20,000/m² in the center), Central Switzerland +9.5%; Ticino and Plateau are lagging behind. Growth in the premium segment is +4.1–6%.
Vacancy rates are at a record low (1.08%, 0.07% for owners); the supply of homes is growing due to older properties, but demand exceeds supply. Population growth, migration, low interest rates (mortgages 1.2–1.6%), attractiveness of ownership (cheaper than renting).
The market is stable thanks to the economy, low inflation, and institutional investors; there is no bubble, but there are risks in cities.
4. The South Korean residential real estate market is characterized by extremely high prices in Seoul (average apartment >1 million USD in 2025), two rental systems (jeonse and wolse), and strict government control over speculation.
Prices in Seoul are ~12–25 million KRW/m², or 8,700–18,200 €/m²; the average apartment is 84 m² — 480–550 million KRW (~350–400 thousand USD). Over 5 years (2020–2025), prices will double; price index 95–100 points.
There is a shortage of residential real estate in Seoul and a surplus in the provinces. Unsold housing is growing outside Seoul; the government is building 500,000 apartments by 2030.
Jeonse rental system: Deposit of 40–60% of the cost (returned after 2 years), no monthly rent; beneficial for the tenant, but risky for the owner.
Wolse: Classic rent + small deposit (0.5-1 month's rent); popular with foreigners.
South Korea controls speculative transactions with taxes on multiple ownership, mortgage restrictions, and quotas on new construction; prices in Seoul rose by 1.28% in July 2025.
5. The residential real estate market in Luxembourg is one of the most expensive in Europe (~€8,000–11,000/m² in 2025), showing signs of recovery after the 2022–2024 downturn, with low vacancy rates and uneven regional growth.
The average asking price is ~€8,309/m² (–0.38% y/y to Sept. 2025); peak €8,722/m² (Jan. 2024). Existing houses +3.5% q/q, apartments stable (+0.1%). New buildings are 21–32% more expensive (~€9,300–10,600/m²).
Rent: €29–30/m²/month (+4–6% y/y); apartments ~€1,779/month, houses ~€3,152/month. Growth for 5+ years, peak in 2025.
Prices rose by 0.87% q/q (March 2025); average growth of 4.83% since 2008, peaking at 17.17% in 2021.
Vacancy rate ~1–2%; demand from expats (financial sector), migrants, families. Lower rates, tax breaks, and falling prices in 2023–2024 are stimulating purchases; forecast +2–4% in 2026. New construction is stagnating (+1.2% q/q), secondary market is growing; center — premium (€145/m² rent in Kirchberg).
The market is stable thanks to the economy, but vulnerable to interest rates and migration.
6. Taiwan's residential real estate market will shift from overheating to cooling and stabilisation in 2025–2026 following a series of measures by the central bank, with a sharp drop in transactions but steady demand in key cities (Taipei, Kaohsiung).
Price index: 168.73 points in Q3 2025 (up from 164.39 in Q2), peaking at 169.46 in Q4 2024; prices in Taoyuan fell by 3.72% y/y (-4.91% with inflation).
Transactions: –28.1% y/y for 9 months of 2025 (194,976 units), the lowest since 2017; demand is falling due to tighter lending and restrictions on pre-sales.
Mortgages: New loans down 54.5% y/y in September 2025 (TWD 50.5 billion); LTVs reduced, rates stable, mortgage market ~44% of GDP.
After growth of 18.68% in 2024 (Taoyuan), central bank measures (Q3–Q4 2024): credit controls, LTV, ban on speculation; prices expected to stabilize in 2025–2026.
The government is building 1 million social housing units by 2032 (250,000 new + subsidies), driven by growing demand from population growth and urbanization. Taipei leads in prices, Taoyuan/Taichung are declining; focus on new construction and energy efficiency.
The market is stable thanks to the economy, but volatile due to politics; the forecast is for a soft landing with 1-3% growth in 2026.
7. The Israeli residential real estate market in 2025–2026 is undergoing a correction after overheating in 2020–2024, with prices falling by 6–15% in Tel Aviv, an increase in supply, and a decline in transactions against the backdrop of geopolitics, migration, and tighter regulation.
Average price: 2.21–2.25 million shekels (~$670–685,000); Tel Aviv — 3–4.14 million (~$0.9–1.26 million), m² — 59–62 thousand shekels (~$18,000).
There is an oversupply in the market — 83,920 unsold apartments; Sde Dov (north Tel Aviv) — construction boom, competition among developers. Also, a decline in investment (–15% of transactions); outflow of migrants, high mortgage rates; families/repatriates — the main driver. Slowdown in sales of large apartments; secondary and new construction losing 8–18% from the 2024 peak.
The correction will continue (+3–7% growth in the long term with stabilization); Tel Aviv remains expensive (price/income ratio 15+). The market is polarized — the center/Tel Aviv is in decline, the periphery is growing; attractive for long-term investments.
8. The Austrian residential real estate market in 2025–2026 is showing signs of recovery after a two-year decline, with an increase in transactions (+39–54% y/y), stabilization/slight growth in prices (+0.1–5%), and high demand for new construction amid a supply shortage.
New apartments €7,236/m² (+5% by the end of 2024); secondary market €4,416/m² (stable); houses €680,000 (+7%). Rent +5% (€15.87/m²/month). Condominiums +45% in volume (€1.35 billion), +39% in number (3,645); houses +42% (€207 million), +54% in number.
Construction in Vienna ~9,400 units (minimum in 10 years), growth to 10,700 by 2026. Trend towards rental growth (+5%), interest in energy-efficient housing and suburban homes (+54% of transactions).
The market is stable and attractive for investment; forecast — further recovery in 2026.
9. The Australian residential real estate market in 2025–2026 is recovering after the correction of 2022–2024, with a slowdown in price growth (+5.5–6.7% y/y), regional stratification, and high demand for rentals in major cities.
National median house price: AUD 1,045,000 (~AUD 11,000/m² in the center); growth of +5.5–6.7% y/y, m/m 0.4–0.5% (December).
Apartments: AUD 8,000–14,000/m² (Melbourne); houses AUD 6,000–18,000/m² (Sydney).
Rent: +8–10% y/y; Sydney AUD 776/week, Perth 693.
Immigration (+500,000/year), RBA rate cuts (4.1%), shortage (100,000 units/year unfinished).
2026 forecast: +3–8% (Sydney +3.7%, Perth +8.3%); Brisbane 2032 Olympics pushing prices up.
The market is overheated in the capitals (price/income ratio 8–10), but stable due to the economy.
10. The Norwegian residential real estate market in 2025–2026 is showing signs of recovery after the correction in 2022–2024, with prices rising by 5–6.2% y/y (November 2025), record low supply, and regional stratification (Oslo +2–3%, regions up to +14%).
Index: +6.2% y/y (November), m/m 0%; average house price NOK 4.87 million (~€430,000).
Oslo: ~NOK 106,000/m² (~€9,300/m²); city center €1.5–2 million for an 80 m² apartment; growth of 2–3%.
Regions: Stavanger +14%, Tromsø +10.7%, Bergen +9.9%; low growth in Bodø (-0.2%).
There is a housing shortage in the market. Low construction (minimum since the 1980s); Oslo needs 5,000 apartments/year, but is building less.
Rent: Oslo NOK 15–16 thousand/month (~€1,300–1,400) for 50 m²; yield 3.5–5%.
Forecast for 2026: +6% on average for the country (Oslo +12%, Bergen +11%); demand will support lower rates, but the shortage will hold back supply. The market is stable and attractive for owners (better than renting).
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