The average size of a luxury apartment is 4,036 square feet (375 square meters). Luxury apartments in major cities like New York, London, and Hong Kong average between 3,000 to 5,000 square feet (279 to 465 square meters). The average size of a luxury Manhattan apartment was 4,421 square feet (410 square meters), while Hong Kong’s luxury units averaged 4,011 square feet (372 square meters). On the higher end, Los Angeles has seen luxury apartments that are upwards of 9,000 square feet (836 square meters). The average price of a luxury apartment is over $3 million (€2.5 million, £2.5 million). Precise averages vary by market, but luxury apartments achieving record sales tend to surpass the $3 million (€2.5 million, £2.5 million) threshold. Manhattan has seen average sales prices per square foot for luxury units reach close to $7750 (€6500, £6375) per square meter. In emerging markets like Dubai, average prices for top-tier apartments exceed $6150 (€5125, £5063) per square foot. Cities known for wealthy foreign buyers also demonstrate elevated averages – about $5016 (€4180, £4125) per square foot in London and $3906 (€3255, £3219) in Hong Kong. The top locations for expensive, luxury apartments are major cities like New York, London, Hong Kong, Singapore, Monaco, Dubai, and major West Coast cities in the U.S., such as San Francisco and Los Angeles. New York saw over 50 luxury apartment sales for more than $20 million (€16.9 million, £16.5 million) in 2021 alone, indicating its high position. London achieves luxury flat sales, reaching nine figures in dollars, with Hong Kong following behind. Ultra-high-net-worth buyers, including foreign billionaires, corporate executives, investors, and legacy-wealth families, typically own luxury apartments. Some recent examples include WhatsApp co-founder Jan Koum’s purchase of a Beverly Hills mega-penthouse for $100 million (€94.8 million, £93.8 million) and Hong Kong billionaire Cheng Yu-tung’s purchase of a $35 million (€30.9 million, £27.5 million) flat in Monaco. New York’s historic 220 Central Park South has seen buyers ranging from hedge fund manager Ken Griffin to musicians like Sting. Many of London’s high-end properties are snatched up by Middle Eastern royalty and Russian oligarchs looking for European property investments.
1. Flat in London’s One Hyde Park
The most expensive apartment in the world is the One Hyde Park Penthouse in the One Hyde Park building in London, United Kingdom. This penthouse spans two floors at the top of the building and features floor-to-ceiling windows providing views. It was designed by famous architect Richard Rogers and built by Candy & Candy luxury developers, the One Hyde Park building and the penthouse apartment showcase Rogers’ signature modernist style with glass and steel materials throughout. The One Hyde Park Penthouse apartment has two stories of 6 bedrooms, seven bathrooms, and 1,813 square meters (19,521 square feet). The primary material used inside the condo is marble, as seen in the grand staircase, spa area, walls, floors, fireplaces, and more. Other luxurious features include a 21-meter (69-foot) swimming pool, fitness center, cinema room, wine storage, and 24-hour concierge service.
One Hyde Park floor-to-ceiling window provides nearly 360-degree views of London city, including sights of Hyde Park, the Serpentine Lake, and Knightsbridge. The building consists of 4 pavilions designed to maximize light and views for each resident. The last known owner of the One Hyde Park Penthouse was Ukrainian billionaire Rinat Akhmetov, who purchased it for a reported $237 million (€221 million, £180 million) in 2011, making it the most expensive property sold in the United Kingdom at the time. It is unknown if Akhmetov is still the current resident, but the apartment holds the record for the most expensive property in the UK. The average price per square foot in the One Hyde Park building is about $12,500 (€11,400, £10,050). So it can be estimated that the One Hyde Park Penthouse spanning 1,813 square meters (19,521 square feet) could be valued at around $244 million (€220 million, £195 million) today if it were to be listed.
2. Apartment in Monaco’s Tour Odéon
The palatial penthouse Apartment in Monaco’s Tour Odéon occupies the entire 45th and 46th floors of the 170 meters (560 feet) tall skyscraper, offering unobstructed 360-degree views of the glittering Mediterranean Sea and sun-drenched coastline from its exclusive perch. Custom-designed by the late legendary interior designer Alberto Pinto, who has decorated residences for royalty, the apartment is made with imported exotic woods, premium Italian marbles, semi-precious stones, and mosaic tilework handcrafted by master artisans. The five bedrooms, including the main suite, are appointed with the finest materials and furnishings. The apartment amenities cater to the luxury lifestyle with a private home theater, indoor swimming pool, wellness spa, sauna, and gym.
Architect Alexandre Girardi is the visionary behind the towering blue-green reflective glass that is Monaco’s Tour Odéon. The construction utilized 10,000 tons of steel and 4,800 square meters of glass, taking over five years to complete by Groupe Marzocco, specialists in constructing luxury residential towers. It has over 38,000 square feet (3,438 square meters) of living space, and the duplex apartment in Monaco’s Tour Odéon has five ensuite bedrooms with the finest linens and fixtures. The main suite has dual bathrooms in rare imported Italian Bisazza mosaic tiles. The apartment also houses a professional screening room, library, and lounges, all bathed in natural light. The world record sale price for an apartment in Monaco’s Tour Odéon was set upon the off-market purchase of $387 million (€336 million, £245 million). Registering the highest price per square meter ever at over $100,000 (€90,720, £79,730), the unnamed Ukrainian billionaire buyer was said to be among the country’s top 50 wealthiest business elite-owning corporations.
3. Apartment in Hong Kong’s The Peak
The most expensive apartment sold in Hong Kong’s prestigious Peak neighborhood is a duplex penthouse spanning the top two floors of Mount Nicholson, one of the Peak’s newest luxury towers designed by famous architect Sir Norman Foster. Distinctive features include over 1765 square meters (19,000 square feet) of ultra-luxurious living space, a rooftop infinity pool with a hot tub overlooking Victoria Harbour’s iconic skyline, European-style interiors, and deluxe amenities like private elevators, home theater, wine cellar, and cigar lounge. Mount Nicholson’s penthouses remain among Hong Kong’s most coveted and expensive residences today. The Peak’s luxury apartments have floor-to-ceiling glass walls that frame sweeping vistas from Lamma Island to Central Plaza. Luxury materials include Italian marble, Brazilian hardwood floors, silk wallcoverings, and jade stone ornamental accents tied to Chinese heritage.
Hong Kong’s Peak in Mount Nicholson’s record-setting duplex spans 19,378 square feet, including multiple balconies and a 297 square meter (3,200 square foot) rooftop terrace. The layout includes five bedrooms with ensuite Italian marble bathrooms, a grand foyer with double-height ceilings, a designer kitchen, a bar and wine cellar, a home theater, a cigar lounge, a private gym, and a total of 7 powder rooms throughout the palatial residence. The lower floor houses entertainment areas, while the top floor has bedrooms and outdoor space. Hong Kong’s Peak penthouse duplex 2018 set a new price record for any apartment in Hong Kong, selling for $59 million (€52 million, £46 million). The apartment $3043 (€2730, £2410) per square feet also surpassed the highest price achieved globally. The record-breaking sales in 2018 went to an unidentified local billionaire tycoon. The ultra-prime Peak apartments range from $2000-$4000 (€1790-€3580, £1580-£3160) per square feet, consistently breaking Asia sale records yearly and expected to continue appreciation as supply is severely limited.
4. Apartment in New York City’s Central Park South
The Manhattan apartment is located at 220 Central Park South, a skyscraper designed by Robert A.M. Stern and developed by Vornado Realty Trust. The triplex penthouse spans the top three floors of the building and was purchased by hedge fund manager Ken Griffin for $238 million (€213 million, £179 million) in 2019, setting a record for the most expensive home sold in the United States. The Manhattan apartment stands out for its sheer size at approximately 25,800 square feet (2,320 square meters), making it the largest apartment in Manhattan.Â
The Manhattan apartment offers panoramic views of Central Park and the New York City skyline through floor-to-ceiling windows. It represents modern architecture with a blend of glass, steel, and smooth lines, seamlessly integrating the indoors with the spectacular outdoor views. Designed for billionaire living, the apartment boasts amenities such as a basketball court, an indoor swimming pool, a 1,500 square foot (139 square meter) terrace, and a ballroom equipped with a table for over 60 people. Though currently not publicly listed for sale after Griffin’s record-breaking 2019 purchase, the value of the Manhattan apartment is estimated to have grown significantly.
5. Penthouse in Monaco’s La Petite Afrique
The penthouse in Monaco’s La Petite Afrique, located at 1 Avenue de la Madone in the esteemed Carré d’Or area of Monte Carlo, is one of the most expensive apartments in the world. This residence was completed in 2016, and designed by Brazilian architect Isay Weinfeld. The penthouse is constructed with Margraf marble and natural stone, materials known for their durability and aesthetic appeal.
Monaco’s La Petite Afrique standout feature of the penthouse is its private rooftop swimming pool, complemented by a large terrace that offers a view of the Casino Gardens and the Mediterranean Sea. The building also boasts a range of amenities, including a 24/7 concierge service, an indoor pool, a spa, a sauna, a gym, a massage room, and a lounge bar. The penthouse has a spacious layout, featuring two suites, a master suite with a dressing room, and a large kitchen and dining/living area.
In Monaco’s La Petite Afrique, the last known owner of the penthouse remains undisclosed, and the property is currently listed for sale by various Monaco real estate agencies. The penthouse spans two floors and a rooftop terrace, totaling 9,881 square feet (919 square meters). The penthouse was last listed for sale at $93.5 million (€82 million, £71.5 million), although the current asking price is not publicly available.
6. Flat in London’s Kensington Park Gardens
Kensington Park Gardens Flat is in London’s exclusive Kensington Park Gardens building. Kensington Park Gardens Flat was designed and constructed by acclaimed architect John Simpson in the early 2000s. Simpson employed classical Palladian architecture with clean lines and symmetrical façades built from the finest Italian marble and imported Brazilian woods. It has 9,500 square feet (883 square meters) of living space, Kensington Park Gardens Flat contains six bedrooms, and seven bathrooms and has unique features like private balconies, roof terraces, and turret-bay.
Kensington Park Gardens Flat was previously owned by billionaire steel magnate Lakshmi Mittal, who purchased it in 2004 for $222 million (€204 million, £130 million). It was sold in 2021 to technology entrepreneur Ken Xiao for $262 million (€240 million, £200 million), making it one of the most expensive apartments ever sold. As one of London’s most exclusive and desirable luxury properties, Kensington Park Gardens Flat is currently unavailable for sale on the open real estate market. The flat is in Victorian buildings and offers a blend of modern living and period features.
7. Duplex in New York City’s 50 United Nations Plaza
The Penthouse at 18 Gramercy Park in New York City is a 6,534 square feet (607 square meters) duplex situated on the top floors of this exclusive residential building, offering picturesque views overlooking Gramercy Park. The penthouse boasts six bedrooms, six and a half bathrooms, and expansive entertaining spaces characterized by high-coffered ceilings. Architect Robert A.M. Stern designed 18 Gramercy Park, with interiors crafted by renowned designer Thierry Despont. Throughout the penthouse, materials such as wide plank French oak floors, Italian and Turkish marble, Venetian stucco walls, and copper, brass, and bronze metalwork contribute to its luxurious ambiance. The building has garnered attention from celebrities, Wall Street bankers, and global business tycoons. In 2016, billionaire Kenneth Griffin, founder of hedge fund Citadel, acquired the 18 Gramercy Park penthouse for $238 million (€217 million, £188 million), marking it as one of the most expensive residential purchases in U.S. history. Although previously listed for sale in 2017 with an asking price of $250 million (€228 million, £199 million), the duplex is currently not on the market, and the owner’s identity remains undisclosed.
8. Flat in London’s Cornwall Terrace
The flat, known as Lethbridge House, is located at 20 Cornwall Terrace in London. This ambassadorial residence was initially commissioned by the Prince Regent, later King George IV, and was part of the Regent’s Park development overseen by architect John Nash. The terrace was built between 1821 and 1823, and it’s considered one of the greatest Nash terraces in London. Lethbridge House stands out due to its luxurious features and amenities, boasting a total size of 13,884 square feet (1,289 square meters). It includes six reception rooms, six bedrooms (five-bedroom suites), and seven bathrooms. Additionally, it features two kitchens—a main kitchen and a catering kitchen. The property spans five floors, all served by an elevator, and includes two mews houses at the rear. Other amenities include a private basement swimming pool measuring 33.8 feet (10.3 meters) by 22 feet (6.7 meters), a professional gym and spa complex adjacent to the pool, a state-of-the-art media room, and a wine cellar.
The architecture of Lethbridge House is in the Regency Classicism style, characterized by imposing frontages covered in stucco, projecting porches, porticos with Corinthian or Ionic capitals, large pediments, and figural friezes extending along the upper part of the façade. Lethbridge House was last listed for sale in November 2013 for $78 million (€69 million, £58 million). The original 2011 offering price was $96 million (€85 million, £72 million). The current availability and price of the property are unknown.Â
How does an apartment location affect the price?
An apartment’s location significantly impacts its price due to several factors. Firstly, the accessibility of the apartment’s proximity to employment centers, public transportation, shopping, dining, entertainment, parks, and other amenities. Apartments in very walkable neighborhoods with easy access to jobs and activities will command much higher rents and sale prices. Secondly, the socioeconomic profile and desirability of the surrounding neighborhood. Apartments in exclusive neighborhoods with high home values, low crime, good schools, and other markers of affluence will be more prestigious and more expensive, even if the units themselves are comparable. Lastly, competition and inventory levels in the local market also impact prices. If very few units are available in a popular central neighborhood, landlords can charge higher rents due to high demand. An oversupply in any area will force landlords to lower rents to attract tenants. The quantity and quality of other housing options in the market area directly feed into any given apartment’s price.
How does an apartment floor affect the price?
The apartment floor affects the price in several factors. Firstly, higher floors have better views, more light, and less street noise. Apartments on higher floors allow residents to look out over the surrounding area rather than staring at other buildings. They get more natural sunlight, especially in dense urban areas where buildings can block light on lower floors. Noise from traffic and other activity is also reduced. Secondly, many consider walking up many flights of stairs inconvenient. Most buyers prefer higher floors that are more easily accessible by elevator. Prices tend to increase with floor number, until the point where taking the stairs becomes impractical. The peak pricing is around the highest floor, which is easily reachable by elevator before residents are forced to climb additional stairs. Lastly, very high floors can decrease relative value again due to the effort it takes to access them. Units on the 50th floor that require walking up 5 flights of stairs from the elevator may sell for less than comparable 40th-floor units right next to the elevator.
What architectural styles of apartments are sold at higher prices?
There are several architectural styles of apartments that are sold at higher prices. Firstly, luxury high-rise apartments, often marketed as “luxury,” command the highest sale and rental prices. These modern towers with high-end amenities and finishes, found in major cities like New York and San Francisco, cater to high-wage urban professionals and the global elite. Secondly, pre-war buildings in desirable urban neighborhoods sell for premium prices, even without lavish amenities. Classic styles like Art Deco, beaux arts, and neoclassical apartment buildings have cachet and architectural details that make them prestigious addresses. Lastly, distinctive architectural styles like Mediterranean, French country, and Spanish colonial tend to increase home values across different housing types. Unique character and detailing signify quality construction and artistry.
What drives the market demand for high-priced apartments?
Several key factors drive demand for high-priced apartments. Firstly, rising home prices and mortgage rates have put homeownership out of reach for many higher-income urban professionals. The median home prices are over 10 times the median income in expensive coastal cities, and white-collar workers making even six figures can no longer afford to buy. Secondly, wealthy foreign buyers and investors have poured money into luxury residential real estate, especially in global cities like New York, Miami, and San Francisco. These high-net-worth individuals view luxury apartments as stable assets and status symbols, pushing prices ever higher. Developers eagerly cater to this segment with over-the-top amenities like rooftop pools, fitness centers, and concierge service. Lastly, young high-wage tech and finance workers want to live with hotel-style amenities in central locations. They are willing to pay premium prices for new buildings with the latest smart home technology and every convenience at their fingertips. This influx of highly paid millennials and Gen Z renters keeps vacancy rates low and rents high in Class A buildings.
Are apartments part of exclusive condominium complexes sold higher?
Yes, apartments in an exclusive, luxury condominium complex sell for higher prices than standard apartments in the area. Wealthy buyers are willing to pay more for the prestige, exclusivity, and amenities of five-star condominium living. This creates an elite status that attracts high-net-worth buyers even if the units are apartments. Developers often spare no expense outfitting condo buildings with only the finest finishes and features. Wealthy owners expect high-end touches like SubZero appliances, Italian marble counters, designer lighting fixtures, and more. These quality materials and attention to detail warrant premium pricing.
