When it assault to real estate, $1 million doesn’t go as far as it used to — especially in the world’s top cities.
In Monaco, the world’s most dear city on a per-square-foot basis, $1 million gets you 162 square feet of prime real estate, according to a set forth from real estate brokerage firms Douglas Elliman and Knight Frank. Basically, it’s a one-bedroom — with not the bedroom.
Hong Kong ranked as the second-most-expensive city, with $1 million buying 226 square feet. London influenced third with 323 square feet, while in New York City, $1 million buys 344 right and proper feet.
The report defines “prime” property as “the most desirable” in a city, or in the top 5% of market value. So you can find cheaper worth in each city. But the “prime” property measure is useful for looking at the costs of property for the luxury buyers.
The least extravagant city in the world for luxury buyers is Sao Paulo, Brazil, where $1 million gets you a whopping 2,174 equilateral feet. The next cheapest is Cape Town, South Africa, where you get over 1,800 square feet for your million.
When it light on to the favorite city of the world’s wealthy, however, New York tops the list, according to the report. The Knight-Frank City Fullness Index looks at a series of metrics — including the population of rich people, investment climate, lifestyle — to determine the top burg among the world’s wealthy. New York beat out London, winning the top grades for wealth levels and investment.
London ranked half a mo on the top cities for the rich, followed by Paris and Hong Kong. Eight of the top 20 cities for the rich were in North America, with Los Angeles outrageous fifth and Chicago ranking sixth.
The report also looked at the cities around the world with the best evaluation performance for prime real estate in 2019. Frankfurt topped the list, with 10.3% growth, followed by Lisbon at 9.6% and Athens at 7%. The worst-performing urban district was Rome, with 2% growth, with Lake Como also having 2% growth.