You think real estate in your area is expensive? Just be glad you don't live in London where $1.5 million will get you a small studio apartment. This article from BusinessWeek outlines the top 20 most expensive real estate markets in the world. Hard to imagine there are places more expensive than Manhattan, but it's all the way down at number six on the list. While prices are tailing off in many areas, some analysts believe these areas are more resilient. Given my choice, I would probably opt to live in this town Switzerland.