- A report from real-estate brokerage companies Douglas Elliman and Knight Frank found that in the most expensive city on a per-square-foot basis in the world, in Monaco, $1 million buys you 162 square feet of prime real estate.
- Hong Kong is the second-most expensive city, where for $1 million you get 226 square feet.
- London is number three with 323 square feet, whereas in New York you can buy 344 square feet.
In the sphere of real estate, $1 million is not as much as it seems, especially in the world’s most expensive cities. In Monaco, the world’s most high-priced city on a per-square-foot basis, you can get 162 square feet of prime real estate for $1 million, as it was stated in the report from real estate brokerage companies Douglas Elliman and Knight Frank. It’s a one-bedroom – with just one bedroom.
Hong Kong follows Monaco, with $1 million able to get you 226 square feet. London was ranked third (323 square feet), and New York is number four (344 square feet).
Remember that the report contains information about “prime” property or the most desirable in a city (about 5% of market value). This means that it is possible to find the cheaper property there.
The world’s cheapest city for premium buyers is Sao Paulo (Brazil). There, $1 million buys you 2,174 square feet! The second least expensive city is Cape Town (South Africa) with 1,800 square feet.
The wealthy’s favorite city is New York, according to the report. The Knight-Frank City Wealth Index is defined by a number of metrics like how many affluent people live there, how good the investment climate and lifestyle are.
London is the second in this top of cities for the wealthy, followed by Paris and Hong Kong. Out of the top-20 cities perfect for rich people, there are eight American cities, including Los Angeles (number five) and Chicago (number six).
The same report carried out in 2019 also studied other cities around the world to find the best price-performance for prime real estate. Frankfurt was number one in this list (10.3% growth), followed by Lisbon (9.6%) and Athens (7%). The worst performance was shown by Rome and Lake Como (both with 2% growth).