Warsaw's pricey reputation

Global Property Guide, the publisher of an investment guide for residential buyers, has ranked Warsaw as the 17th-most expensive city in the world in terms of apartment prices. The Most Expensive Cities in 2008 report indicates that real estate in Poland's capital was more expensive than property in cities such as Montreal, Munich, Shanghai, Frankfurt and Dubai.

The report gives the prices per sqm of 120-sqm apartments located in city centers. According to Global Property Guide's researchers, the average price per square meter for Warsaw is $4,383 (zł.10,896). The capital also ranked high on the list of the most expensive cities for renters, with an average monthly rent for a 120-sqm apartment in the city center estimated at $2,607 (zł.6,481). It placed 16th out of 41 cities surveyed.

According to Paweł Grząbka, managing director of real estate consultancy CEE Property Group, the report should not necessarily be interpreted as an indicator that Warsaw's apartment prices are exorbitant. "One major conclusion that can be drawn from the report is that, despite all the talk of apartment prices going up, Warsaw still cannot be compared with the world's most expensive cities," he said.

Global Property Guide's report lists London as the priciest city in the world, with apartments in Central London (prime locations) costing $24,250 (zł.59,771) per sqm. New York, Moscow, and Paris come next in the study with per-sqm prices amounting to $15,933 (zł.39,271), $15,531 (zł.38,293) and $13,826 (zł.34,089) respectively.

London, Moscow, and New York are also on top of the list of the most expensive cities for renters with their monthly rents for 120-sqm apartments at $12,989 (zł.32,008), $8,122 (zł.20,014) and $7,976 (zł.19,644) respectively.

Rounding out the top 10 were Tokyo, Paris, Hong Kong, Sydney, Geneva, St Petersburg, and Mumbai.