A million dollars may sound a lot, but you don’t get that much bang for your buck when buying a luxury home.
If you have that sort of cash and are looking to invest in a home, where to buy can be a real challenge.
To help, international property and real estate consultants Knight Frank have mapped the price per square foot for prime residential property in 20 cities around the world.
The most expensive place to buy a home is Monaco, the tiny principality hanging on to the cliffside on the Cote d’Azur between France and Italy.
There, $1 million buys 16 square metres – a whacking 157 square metres less than in the 20thmost expensive city – Sao Paulo in Brazil.
“Chalking it up to investor demand against lack of space and supply, the gap between the top tier cities and those at the bottom is significant,” said a Knight Frank spokesman.
Global house hunting
That $1 million will buy a studio apartment in a trendy New York district with some change to spare – $15,000 to be exact.
In London, $945,000 will secure a single bedroom apartment with sweeping views of the River Thames in the West London borough of Hammersmith.
Alternatively, you could opt for some real luxury in Singapore, where $1.012 million will secure an ultra-luxury apartment in the exclusive District 11.
Residents at Lincoln Suites have a private member’s club with a spa pool with 360-degree views of the city, a ‘sky gym’ bridging the block’s twin towers, while the city’s best schools, shops and facilities clamour for attention on the doorstep.
If you need more room, that $1 million stretches to a colonial style villa in Cape Town that has four bedrooms, a swimming pool and parking for eight cars – with a bonus of a 20% increase in value in the last year alone.
How many square metres you can buy for $1m
Source: Knight Frank
