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5. Paris, France - $2,100 per sq ft

Paris, France and Berlin, Germany were the only European cities that saw prime real estate prices in their areas remain truly stable in the final quarter of 2008, with no percentage moves. Last year also saw growth for Paris in the calendar year, with prime prices rising in the city +3.8 percent in 2008. With luxury real estate prices very close to Hong Kong and Tokyo’s markets, Paris’ stability has allowed it to rise to the #5 spot, at $2,100 per square foot.

Photo: AP