Luxury Insider

Though we cannot deny the gorgeous architecture of places such as Tuscany and Paris, London leads the pack when it comes to high-end property. It is now officially the most expensive city in which to purchase property in the world. Record-breaking bonuses, solid interest rates, and international buyers, particularly from Russia, the Middle East, Asia, the US, and the UK itself, are continuously driving prices upwards. The cream of London’s property are selling for upwards of £2500 pounds per square foot; that’s €3700 or $4700 to foreign buyers, substantially higher than next in the price list: Monaco, Paris, and surprisingly, Dublin.

Personally, Dublin is particularly fascinating. After months of growth, it is now one up the ranks of the world’s elite property markets. In prime Dublin areas, home hunters were typically putting offers in on houses immediately after just a quick initial walk-around! This hyper-market activity could never be sustainable in the long run. However, it has yet to show any sign of collapse despite pessimistic reports of a market crash.

Tearing ourselves away from the UK and into the European heartland, prime European property markets such as the French Riviera and Tuscany are as dominant as ever, and the beauty of both are still evident (even if the French Riviera may have lost some of its sparkle). There are now newer and increasingly accelerated luxury property markets on the rise – one in particular being Moscow. Moscow has recorded the strongest growth over the past couple of years. Averaging over 27% per annum, its market leads the other regions several times over. Oil prices are steep, political stability is slowly on the rise, and there is growing confidence about its future. However, despite all this, the market has yet to attract international buyers in any significant numbers.