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9. Singapore - $1,550 per sq ft

In the Southeast Asian microstate of Singapore, space is an extremely limited commodity, and prime real estate is even harder to come by in a country approximately 3.5 times the size of Washington DC. Nonetheless, Singapore was one of the hardest hit prime real-estate markets in 2008, according to the 2009 Wealth Report, with prices dropping -14.6 percent, with a relatively low price drop of -2.2 percent in the final quarter.

Photo: AP