San Francisco real estate had some of the most costly properties in America, to the point that in order to keep things fresh, observers had started making comparisons overseas. In a study of housing values in 26 nations around the globe, San Francisco beat out every other city. The study was also able to discover that there is roughly 5.1 percent yearly increase in home costs in wealthy countries globally and a median increase of 8.3 percent in major areas in those countries.
The San Francisco real estate, however, saw prices spike 12 percent annually, which was the median price for the rest of the country. Even international hotspots as Berlin, London, Paris, Stockholm, Zurich and Amsterdam, had not experienced San Francisco's type growth. Only Vancouver, Shanghai and Sydney were comparable, according to a feature from Market Watch.
The analysis exactly pointed out the culprit, citing a 93 percent relation between the growth of the NASDAQ and downturn of San Francisco home values since 2008. It was also noted that while the market may bleed faster than any other nation of the world, the wound itself will not be as bad. Inflation may have increased, but in terms of the specific housing values , San Francisco did not rank as bad as the likes of Monaco, Hong Kong or London.
According to the report, a median price for a home in Monaco averaged $5,460 per square foot. In Hong Kong, it was $4,650. New York City was the most costly U.S. city on the list, for $3,400 per square foot. Beijing rounded out the top ten at $1,600. In San Francisco, the price hovered around $900 per square foot.
San Francisco real estate experts noted that the uptick in value was due, in part, to technology money pouring into the area and the limited inventory of real estate, according to a feature from Curbed.
