Which countries have the most expensive apartments? And which have the cheapest? Below is a top 10 list for each category, with current housing costs and mortgage interest rates in our detailed analysis.

When analyzing the «most expensive» and «cheapest» countries for real estate, we focused on apartments in city centers and evaluated them based on three criteria: price per square meter, approximate cost of a 90 m² apartment, and mortgage interest rates (for a 20-year fixed-rate loan). The data sources include Numbeo, GlobalPropertyGuide, national statistical agencies, and leading real estate analytics firms.

Contents:

  1. Top 10 Countries with the Most Expensive Real Estate
    1. 1. Monaco
    2. 2. Hong Kong
    3. 3. Singapore
    4. 4. South Korea
    5. 5. Switzerland
    6. New Entrants in the 2025 Ranking
  2. Top 10 Countries with the Cheapest Real Estate
    1. 1. Pakistan
    2. 2. Bangladesh
    3. 3. Libya
    4. New Entrants in the Affordable Ranking
  3. Factors Influencing Real Estate Prices
  4. Global Trends in 2025

Top 10 Countries with the Most Expensive Real Estate

For clarity, the data is presented in a table:

Rank

Country

Price per m² ($)

Cost of 90 m² apartment ($)

Mortgage rate (%)

1

Monaco

55,820

5,023,800

2.95

2

Hong Kong

25,943

2,334,870

4.20

3

Singapore

22,957

2,066,130

3.85

4

South Korea

14,370

1,293,300

3.98

5

Switzerland

10,156

914,040

1.83

6

Taiwan

10,284

925,560

2.24

7

Norway

9,567

861,030

5.65

8

Israel

9,351

841,590

5.22

9

Iceland

7,571

681,390

6.80

10

Australia

6,816

613,440

7.00

1. Monaco

Monaco confidently leads the ranking of the world’s most expensive real estate markets. In 2024, the average resale price reached a record €51,967 ($55,820) per square meter, reflecting a 44.3% increase over the past decade.
A 90 m² apartment in Monaco costs an average of $5.02 million. In premium areas like Larvotto, prices can reach €97,563 ($104,670) per square meter. Monte Carlo and La Rousse remain the most expensive districts, with prices around €54,000 ($58,000) per m².
High prices are driven by the principality’s limited territory (just 2.02 km²), tax incentives, safety, and exclusivity. Studios in Monaco start at €1 million, with demand significantly outstripping supply.

2. Hong Kong

Hong Kong holds second place with a price of $25,943 per square meter, despite a 7.76% price drop in the first quarter of 2025. A 90 m² apartment costs an average of $2.33 million.
According to Bloomberg Intelligence forecasts, Hong Kong’s market may recover with a 10% price increase in 2025 due to lower interest rates and relaxed mortgage restrictions. High prices are supported by its status as a global financial hub and a critical shortage of land.

Personal Experience of Living in Hong Kong: Rental Prices, Standard of Living, Pros and Cons

3. Singapore

Singapore ranks third with a price of $22,957 per square meter. The city-state attracts foreign investors with its stable economy, advanced infrastructure, and status as a regional financial hub.
A mortgage rate of 3.85% remains relatively attractive amid global interest rate hikes. The government actively regulates the market through taxes on foreign buyers.

4. South Korea

South Korea has climbed to fourth place with a price of $14,370 per square meter, driven by the growth of the tech sector, urbanization, and government programs supporting the IT industry.
Seoul remains the country’s most expensive city, with prices significantly exceeding the national average.

«Housing, meat, and fruit are the most expensive things here.» Personal experience of moving from Kazakhstan to South Korea

5. Switzerland

Switzerland takes fifth place with a national average of $10,156 per square meter. It offers the lowest mortgage rate in the top 10 at 1.83%.
In Zurich, prices reach CHF 16,948 ($18,677) per m², and in Geneva, about CHF 15,000 ($16,532). High quality of life, political stability, and its status as a financial hub sustain steady demand.

New Entrants in the 2025 Ranking

Norway entered the top 10 for the first time with a price of $9,567 per m². The average home price in the country reached NOK 5,112,498 ($467,000) in May 2025. In Oslo, prices range from NOK 89,000–100,000 ($8,139–9,141) per m².

The Norwegian market shows a year-on-year growth of 5.9–7.3%, despite high mortgage rates of 5.65%.

Notable changes compared to 2024:

  • China dropped out of the ranking with a price of around $6,323 per m².
  • Germany also fell out of the top 10 with a price of $6,315 per m².

Top 10 Countries with the Cheapest Real Estate

The data is presented in a table:

Rank

Country

Price per m² ($)

Cost of 90 m² apartment ($)

Mortgage rate (%)

1

Pakistan

655

58,950

15.20

2

Bangladesh

712

64,080

12.92

3

Libya

668

60,120

12.00

4

Venezuela

711

63,990

38.50

5

Egypt

761

68,490

18.75

6

Tunisia

1,005

90,450

8.20

7

South Africa

991

89,190

11.25

8

Palestine

1,052

94,680

7.50

9

Morocco

1,485

133,650

4.85

10

India

1,650

148,500

8.75

1. Pakistan

Pakistan leads the list of the most affordable countries with a price of $655 per square meter. A 90 m² apartment costs $58,950.

Prices vary by city: Islamabad — $581/m², Karachi — $592/m², Lahore — $613/m². Experts predict a recovery in Pakistan’s market in 2025 following political stabilization.

2. Bangladesh

Bangladesh remains among the most affordable countries, with a price of $712 per square meter. Low prices are linked to its developing economy and high population density.

3. Libya

Libya offers some of the lowest prices at $668 per m². Political instability and economic challenges significantly limit its investment appeal.

New Entrants in the Affordable Ranking

Morocco entered the top 10 with a price of $1,485 per m². Prices vary by region: El Jadida — $482/m², Casablanca — $1,254/m², Marrakech — $1,741/m².

India closes the ranking with a national average of $1,650 per m², with significant variation between metropolitan and peripheral cities.

Excluded from the Top 10:

  • Ghana: Prices rose to $4,667 per m².
  • Mauritius: Climbed to $3,028 per m².
  • Botswana: Prices increased to $2,450 per m².

Factors Influencing Real Estate Prices

Based on 2025 data, key pricing factors include:

Economic factors:

  • Inflation and currency stability are critical for emerging markets.
  • Central bank interest rates affect mortgage affordability.
  • GDP per capita determines population purchasing power.
  • Foreign investment inflows create additional demand.

Geographic and demographic factors:

  • Limited territory is a key driver for city-states (Monaco, Singapore, Hong Kong).
  • Population density and urbanization pressure supply.
  • Climate and natural resources influence resident appeal.
  • Access to the sea and tourism potential boost investment attractiveness.

Political and legal factors:

  • Political stability is critical for long-term investments.
  • Foreign ownership rights determine market accessibility.
  • Tax policies are particularly important for the premium segment.
  • Visa programs and residency schemes stimulate demand from high-net-worth individuals (HNWI).

Infrastructure:

  • Developed financial markets ensure liquidity.
  • Quality education and healthcare attract families.
  • Transportation accessibility impacts livability.
  • Digital infrastructure is increasingly significant.

Key trends:

  • Market polarization: the gap between expensive and affordable markets is widening.
  • Geopolitical influence: political stability plays a growing role in pricing.
  • Digitalization: virtual tours and online transactions are becoming standard.
  • ESG criteria: sustainability and social responsibility impact the premium segment.
  • Demographic shifts: aging populations in developed countries are reshaping demand.

Regional specifics:

  • Asia: financial hubs dominate the expensive market segment.
  • Europe: steady growth amid low interest rates in developed countries.
  • North America: recovery following post-pandemic surges.
  • Africa and South America: maintaining positions in the affordable housing segment.

Data sources: Numbeo, GlobalPropertyGuide, IMSEE Monaco, Statistics Norway, and national statistical agencies.