What US$1 million buys in the world’s most expensive cities
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THE world’s most expensive real estate market is in Monaco.
A million US dollars spent on property located in the glamorous European city-state, known for attracting the world’s rich and famous, fetches just 172 square feet, according to real estate agency Knight Frank. That’s the least amount of space out of at least 30 prime city and second-home markets surveyed. Hong Kong ranked second, at 237 square feet, and Singapore came in third, at 344 square feet.
Global luxury real estate sales declined last year due to high interest rates. However, prices have remained high as supply continues to be restricted.
The result: US$1 million will not get you far when shopping for prime real estate, defined as the top 5 per cent of the market. In New York, that price tag amounts to 366 square feet. In Paris, it’s 431 square feet, and in Shanghai, 452 square feet.
Monaco came in with the least amount of square footage as multi-millionaires have continued to buy property there to enjoy the city’s casinos, glitzy lifestyle and low taxes, pushing up prices and raising the threshold to be in the top 1 per cent of wealthiest people to US$12.8 million.
In Dubai, skyrocketing demand amid an expat inflow has led buyers to queue for million-dollar homes. Still, the more mature prime markets offer the least amount of space dollar for dollar, according to Knight Frank. A million US dollars in Dubai will get you three times the amount of space as in London, for instance.
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“Prime prices in Dubai may sit 134 per cent higher than at the start of the pandemic but they are still noticeably lower than in more established markets,” said Kate Everett-Allen, head of international residential and country research at Knight Frank. BLOOMBERG
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