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A survey showed that in Monaco, transportation costs are the highest of all cities.
Buying $ 1 million of the most expensive city in the world will bring you the least amount of housing (0.2 square meters).
Buying 1 square foot of real estate in Hong Kong will cost $ 4000.
A survey conducted by Douglas Alan and Knight Frank markaboutMonacoas the premier capital in terms of construction cost.
According to the survey, Hong Kong is second.
You have to pay approximately $ 4000 for a square meter of housing there.
Third place (average $ 9135 per square foot) is taken by London.
The price of 1 square meter.the area in New Yorkreachab$ 2796
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).
What $1 million can buy you in Real Estate around the World?
Real estate is a luxury that many can only dream of and with one million dollars to spend, the possibilities of what that money can get you are almost limitless. From expansive beach views to remote mountain retreats and elegant city apartments, it all depends on what country you’re spending your cash in. Let’s take a look at what $1 million can buy you in real estate around the world.
Real Estate in the USA
In the United States, $1 million can buy you a three-bedroom apartment in a metropolis such as New York City, an expansive single-family home in the suburbs, or even a condo in Miami Beach. For those interested, the median home price in the US currently sits at $320,400, so one million dollars would be more than enough to land something really special.
Real Estate in Europe
In Europe, one million dollars will take you much further in terms of buying power. For example, you could get a five-bedroom luxury villa in Bulgaria, a quaint two-bedroom flat in London, or a picturesque three-bedroom house in Italy. Naturally, the option you choose will depend on which country you prefer and the local prices in that region.
Real Estate in South Africa
In South Africa, $1 million is enough to buy you a rather nice property. You may opt for a three-bedroom luxury beach villa or a five-bedroom colonial-style house in the countryside. If you’re looking for something a bit more rustic, you should be able to find a more modest home in the rural areas for roughly a quarter of a million dollars.
Frequently Asked Questions
- Where can I buy a property for one million dollars?
You could buy property in the US, Europe or South Africa for the stated budget.
- How much does a median home cost in the US?
The median home cost in the US currently sits at $320,400.
- What type of property could I buy in South Africa for one million dollars?
For one million dollars, you could buy a three-bedroom luxury beach villa or a five-bedroom colonial-style house in South Africa.
Real estate is one of life’s luxuries, and with one million dollars you can access some truly incredible properties from around the world. In the US, one million will get you an impressive homestead in the suburbs or a beautiful city apartment. In Europe, you could opt for a villa or a flat, or go for a picturesque house in Italy. In South Africa, you can get a lavish villa by the beach or a more modest home in the rural areas. All in all, $1 million will go a long way in the world of real estate.