The Russian city of Sochi, on the Black Sea, has overtaken New York, Singapore, London and Dubai in terms of the price of luxury housing, according to Knight Frank NF.
The group ranks the world’s cities in terms of the number of square meters of luxury housing that a million dollars can buy.
According to the luxury housing index, which is issued by the group, the Russian resort is among the first three places, as 29 square meters of luxury housing can be purchased in the Russian city for $1 million.
The cities of Monaco and Hong Kong occupied the first two places, where 17 square meters in Monaco and 21 square meters in Hong Kong can be bought for one million dollars.
After Sochi in fourth place came New York City (33 square metres) and then Singapore (34 square metres).
Meanwhile, the Russian capital, Moscow, ranked twelfth in the rankings, while St. Petersburg came in twenty-first.
It is remarkable in the classification that the city of Dubai in the UAE ranked 18th, as it is possible to buy 105 meters of luxury housing in the Emirati city for one million dollars.
The following is the ranking of the top ten cities according to the luxury housing index:
1. Monaco: 17 square meters of luxury housing can be bought for $1 million.
2. Hong Kong: 21 square metres.
3. Sochi, Russia: 29 square metres.
4. New York: 33 square metres.
5. Singapore: 34 square metres.
6. London: 34 square metres.
7. Geneva: 37 square metres.
8. Los Angeles: 39 square metres.
9. Paris: 43 square metres.
10. Sydney: 44 square metres.
This article was originally published by RT.