When we plan to buy a house, our parents always remind us to consider the location. The property's position determines its value more than any other asset and its most valuable position in the city.

Cities are the fastest growing areas globally, and as they grow, so does the price of their real estate, making them some of the most expensive places to buy property in the world. So here are the top 7 cities with the most expensive homes.

Hong Kong, Hong Kong Island

The low supply and high demand, the tax-friendly economy, land development, and mainland developers are all factors that contribute to the high cost of property in Hong Kong. Prices for property in Hong Kong currently cost an estimated $25,551. An apartment of 120 square meters would rent for over $7,000 per month.

New York City, United States

The cost of buying property in New York means that owning their own place is something many people living in the city can only dream about. New York is a city with a great vibe, excellent shopping areas, high rates of employment, and plenty of activities for leisure time. These elements combined make it a desirable place to live.

As the demand is high, properties are at a premium. This has driven prices for New York property to a high of $17,191 per square meter. Like London, many properties are empty for large portions of the year as rich people want to have a base in the city but prefer to live full-time elsewhere.

Geneva, Switzerland

Swiss Nationals want to live in Geneva for the work opportunities, the cosmopolitan atmosphere, and the quality of living. People looking for a second home are also attracted to this city. However, buying a property in Geneva comes at a cost. If you are looking for a property in Geneva, you will pay $15,495 per square meter.

Paris, France

Paris is the most expensive place to live in France and is the tenth most expensive place to live globally. Inflation in the property market continues in Paris, with prices rising by 4.4% in just one year.

A square meter of property in Paris is valued at $14,100. The central neighborhoods in the city are the most expensive places to buy a home, while it is possible to purchase properties for less in the suburbs of the city.

Singapore

The population of Singapore is continuing to rise, but developers are struggling to meet the increased demand for properties. This is significantly impacting the price of available properties.

If you are determined to live in Singapore, then you can expect to pay the price for doing so. The average price per square meter of property in Singapore is worth $13,748 while renting a 120-square meter apartment would set you back $3,498 a month.

Sydney, Australia

The wonderful climate, fantastic work opportunities, the culture and the lifestyle, make Sydney a popular place to live, not only with Australian nationals but also with people emigrating to Australia. Living in this amazing city does, however, come at a price; $7,250 to be exact.

One reason given by experts for the high prices in Sydney is the urban containment policies. These are the government’s way of preventing cities from sprawling. Instead, they encourage developments of greater density within the city. This leads to both higher land prices and higher house prices. Even renting in Sydney is expensive, and people living in a rental apartment of 120 square meters will likely pay $3,182 per month.

Moscow, Russia

Inflation in Russia has significantly impacted house prices and saw them rise significantly, although they are now declining. This does not mean that this has become an affordable place to live as it is still ranked in the sixth position on the world’s most expensive places to live.

The price per square meter for property in Moscow is around $16,021. After Moscow, St. Petersburg is the most expensive city to live in Russia.