One million {dollars} doesn’t go very far in the most costly real-estate markets on the planet.
According to the 2024 Knight Frank Wealth Report, $1 million would solely purchase 16 sq. meters of prime property in Monaco, the tiny however extraordinarily rich nation perched on the Mediterranean coast between Italy and France.
Also see: Personal wealth of simply $1 million lands you in China’s high 1%. In the U.S., you’ll want $5.8 million. In Monaco, greater than twice that.
For context, a typical studio condominium or a smaller one-bedroom is round 500 sq. toes, in response to Apartment List. That’s roughly 46 sq. meters. So, in different phrases, $1 million would theoretically permit one to purchase solely a fraction of a typical condominium in Monaco.
Over the previous decade, the variety of resale properties offered with costs above 10 million euros, which is round $10.8 million, elevated by greater than 300% in Monaco, in response to a report from Savills.
Over the final 12 months, the share of Monaco properties offered above that worth level was greater than 50%.
In Hong Kong, $1 million would solely purchase 22 sq. meters of prime property; in Singapore, it will get you 32 sq. meters.
The median worth of a house in Hong Kong was $1.16 million in 2023, whereas in Singapore it was $1.2 million, in response to a report from the Urban Land Institute Asia Pacific Centre for Housing. Singapore additionally provides government-subsidized housing, which is less expensive, at a median worth of $409,000.
That $1 million would go a lot additional in New York or Los Angeles, two of the most costly American real-estate markets, the place one may purchase 34 and 38 sq. meters of prime property, respectively, Knight Frank discovered.
The Knight Frank Wealth Report, launched Wednesday, centered on actions in luxurious costs internationally’s high residential markets.
“There is significant variation in prime prices across luxury residential markets, which often surprises buyers,” the report stated.
“Prime prices in Dubai may sit 134% higher than at the start of the pandemic, but they are still noticeably lower than in more established markets,” the authors famous. “Here, US$1 million buys 91 [square meters], four times the equivalent in Hong Kong.”
But for the world’s wealthiest, or high 1%, shopping for such properties is probably going a cakewalk. In the U.S., these within the high 1% have a internet price of roughly $5.8 million or extra, in response to the report.
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