New York, Paris, Dubai and Moscow are traditionally considered megacities with expensive luxury real estate. But even in these cities there are areas that stand out from the rest. Housing in such areas is fabulously expensive.
New York: Billionaire’s Row
Real estate in New York City has long been renowned as being pricey. But during the past ten years, a small area of Midtown Manhattan became larger and richer, and now houses only the extremely wealthy.
Luxury buildings along 57th Street between Columbus Circle and Park Avenue are known as "Billionaire's Row." Some of these structures are among the most expensive and tallest in the world. Many of these skyscrapers fall under the "supertall" classification, which denotes that they are over 1,000 feet tall.
You are not legally required to be a billionaire to reside in one of these opulent properties. However, due to the high cost of the apartments, only those with an extra high net worth could afford owning it. It’s impossible to find apartments cheaper than $10 million here, and the prices for the most expensive ones reach $200-250 million.
Paris: The 7th Arrondissement
The 7th arrondissement, which includes the National Assembly, several ministries, and the Eiffel Tower, may be the priciest neighborhood in Paris to reside in. High-ranking officials as well as several luminaries reside in this arrondissement.
The most sought-after qualities in a neighborhood when deciding where to live in Paris are beauty, safety, and convenience, making the 7th a standout. The 7th district's average price per square meter totals a staggering €14,000!
However, costs increase as you approach the 6th or the Champs de Mars. Given that it has a view of both the Eiffel Tower and the Champs de Mars, Avenue Elysée Reclus is undoubtedly the area's priciest street. What a beautiful vista! You might anticipate paying more than €17,000 per square meter to live here.
Dubai: The Palm Jumeirah
The Palm Jumeirah stands as the pinnacle of luxury and opulence in Dubai. Designed as a man-made archipelago, it offers the crème de la crème of living experiences. Here, you'll find extravagant villas with private beaches, world-class hotels like the Atlantis, and fine dining establishments that cater to the most discerning tastes. Living in Palm Jumeirah is not just about owning a piece of real estate; it's about acquiring a lifestyle that shouts affluence and exclusivity.
The properties here range from opulent villas to ultra-luxury apartments, many of which come with their own private beaches and marinas. They're often custom-designed, featuring the latest in smart home technology and high-end finishes like marble flooring, expansive terraces, and infinity pools. Villa prices start at $2 million and go up to $10+ million.
Moscow: Golden Mile
Some of the most expensive real estate in Moscow may be found on Moscow's Golden Mile, a residential district located between the banks of the Moscow River and Ostozhenka Street.
According to Moscow Sotheby's International Real Estate, homes cost an average of $2 million in older buildings and $3.5 million in newer structures, while a pair of prized townhouses starts at $22 million. According to some other data of the authoritative British publication Wealth-Bulletin, Ostozhenka is one of the ten most expensive residential streets in the world with a price of $40,000 per square meter.
How to Buy Luxury Real Estate If You Are not a Billionaire
Luxury real estate has always been the turf of the ultra-rich. However, tokenized real estate allows you to buy fractions of a luxury property using blockchain technology.
Tokenized real estate splits a property into small, tradable tokens. Each token equals a share of the asset. These tokens are blockchain-based and offer a secure way to invest. Now you don’t need to be ultra-rich to own such properties.
Not only expensive properties get tokenized. Medium-price apartments and houses can also be split into tokens. For example, Home Key offers to buy an NFTs at $750. After 14 months, you can exchange each NFT for 1 m2 in a modern modular home from Home Key. The more NFTs, the more meters you get.
Tokenization makes properties more affordable. Everywhere and for everyone.