World's Most Expensive Real Estate: $9,500 a Square Foot

The just-completed One Hyde Park apartment complex in London is notable for more than its A-list architecture and posh park views. At as much as $225 million a unit, it sets a real-estate record: a jaw-dropping $9,500 per square foot, making it the most expensive real estate in the world.

By way of comparison, the closest competitor in the States is the beachfront cottage in Carpenteria, Calif., that we wrote about last fall. At $5.3 million for a snug 641 square feet, it comes out to a paltry $7,000 per square foot.

So what does $225 million get you?
In the case of One Hyde Park--whose buyers are mostly Russian, Chinese, and Arab citizens, as well as British property millionaires looking to trade up--it gets you custom-designed interiors, squash courts, and a private wine-tasting facility. The floor-to-ceiling windows in the penthouses are bulletproof, and if that's not enough to make the owners feel secure, there's also a panic room. (Check out the video below).

When it comes to luxury real estate, the U.S. is a relative bargain. The average price per square foot in the States tops out at about $1,400 in Malibu, Calif.; in New York, it's around $1,300. Compare that with the world's most expensive city, Monte Carlo, where a luxury property will set you back almost $4,500 a square foot, and Moscow, where that deluxe dacha will cost nearly $2,000 a square foot.

But even One Hyde Park can't hold a candle to the world's most over-the-top urban digs--the billion-dollar house in Mumbai, India, that the fourth-richest man on Forbes's list of the world's wealthiest calls home. All 27 stories of it.

See a full list of the Top 10 Most Expensive Cities.

See more Luxury Real Estate

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Latoya Rutledge

When it comes to selling real estate, one of the most difficult and frustrating situations for sellers is when market conditions make it nearly impossible to sell at the desired price point. A high initial listing price might be because the seller simply has an unrealistic idea of how their house stacks up against the competition in the area, or because the owner needs to sell for a set minimum price in order to pay off their loan against the property.

With traditional property sales methods, the only way to prevent the property from sitting on the market indefinitely is to keep dropping the price. Unfortunately, this technique doesn't always work - especially if the seller is unwilling to "discount" their house by much.

In areas flooded with homes for sale, reducing the asking price slightly will not bring the desired result. In fact, it's common that the property will continue to sit on the market without offers, alongside the multitude of other unsold properties with similarly reduced prices.
www.cash4cashflow.com/jhansbury

April 19 2011 at 5:06 PM Report abuse +1 rate up rate down Reply
Tuula Westra

This is not most expensive, number one is a castle on the French Riviera, bought for 500.000.000 Euro's, about 750million US dollars by a Russian gentleman.

January 28 2011 at 1:21 PM Report abuse rate up rate down Reply
Steve

Barry,
You missed a decimal. 225,000,000/9500=23,684sq. ft. An area that is 153.89 x 153.89= 23682 sq. ft. So you would have an apartment that is 153.89 ft on a side (a square) to get those figures.

January 28 2011 at 1:02 PM Report abuse rate up rate down Reply
shannon

this is absolutly a retarded amount of greed!

January 28 2011 at 11:35 AM Report abuse rate up rate down Reply
Dana

why would anyone build an atrocity like that ? If I need bullet proof I get a bunker (bomb proof too) Whose fool brainstorm ?

January 28 2011 at 10:54 AM Report abuse rate up rate down Reply
Barry Benedict

I'm sorry but on one floor at $225 million and $9500 per sq/ft, that would make each penthouse well over one quarter mile long and the same wide. (1581 ft)
I think a figure is wrong here somewhere.

January 28 2011 at 10:42 AM Report abuse rate up rate down Reply
1 reply to Barry Benedict's comment
jim russell

your figures wrong. 225,000,000 /9,500 =23,684 sf. 1,581 X 1,581 = 2,499,561 sf. off 2 places.

January 28 2011 at 1:37 PM Report abuse rate up rate down Reply
Langly

Classy looking place, but I'm glad to know where not to look to live. Who in the world would spend money like this? If you're looking for smart spending tips Save Creatively's website has some really easy, practical ideas. Also, if you're trying to sell your home, there was an article I found on HttP://biT.ly/moneyminded - Top 10 Mistakes Home Sellers Make.

January 28 2011 at 10:02 AM Report abuse rate up rate down Reply
scoobiesue

modern is nice to look at but uncomfortable to live with. i would rather pay for more land around a house than a view-- go to a hotel for a view of a city not your home..

January 28 2011 at 9:49 AM Report abuse rate up rate down Reply
1 reply to scoobiesue's comment
trmnatr2

To people who can afford this,this is a second or maybe 20th home.they are unbelievably wealthy and dont care about the cost,but want the extravagance and treatment.I though Monaco was the tops but this place has got them beat.

January 28 2011 at 11:28 AM Report abuse rate up rate down Reply