If you’re looking for an affordable condo…there’s always Warsaw.

Coldwell Banker Real Estate Corp. this week released the results of a Global Metropolitan Condominium Home Price Comparison Study, with New York City topping the list as the most expensive metropolitan city to purchase a condo.

The average condo apartment price in New York is $1.45 million. Meanwhile, the most affordable market in the survey was Warsaw, Poland, where the average condo price was $123,257, Coldwell Banker reported.

The survey, conducted between July 2005 and October 2005, evaluated average prices in 34 metropolitan markets worldwide for condominium apartments 1,400 square feet in size, featuring two bedrooms and two and one-half bathrooms, in buildings with at least 10 stories and a doorman.

“Increased recreational travel and career opportunities abroad have made the world a smaller place,” stated Jim Gillespie, Coldwell Banker Real Estate Corp. president and CEO. “There is an ongoing exchange of Americans moving overseas and vice versa.”

Ownership in 15 of the markets evaluated would cost less than $350,000, and that includes such major cities as Montreal, Shanghai and Valencia, Spain, according to the study.

The top five most expensive cities in the study include:

  • New York City, $1,448,000;

  • Boston, $981,250;

  • San Francisco, $975,500;

  • Paris, $966,089;

  • Seattle, $712,000.

The five most affordable cities in the study include:

  • Warsaw, Poland, $123,257;

  • Jakarta, Indonesia, $130,537;

  • Caracas, Venezuela, $133,656;

  • Mexico City, $175,122;

  • Montreal, Canada, $176,306.

Coldwell Banker Real Estate Corporation conducted its Global Metropolitan Condominium Home Price Comparison Study by compiling survey data from Coldwell Banker offices throughout the world. Companies within the Coldwell Banker system submitted data based on the average sales price of sold listings from July 2005 through October 2005. Cairo and Paris were recorded from Coldwell Banker office Web site listings on Nov. 11, 2005.

***

Send tips or a Letter to the Editor to glenn@inman.com or call (510) 658-9252, ext. 137.

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