When it comes to purchasing luxurious property in the world’s most exclusive markets, a million dollars won’t always get you far. Knight Frank just released its 2019 Wealth Report which contains a fascinating breakdown of the number of square meters of prime property $1 million could buy in 2018. The tiny Principality of Monaco and the surrounding Côte d’Azur region have always attracted the rich and famous and today, Monte Carlo still has the highest millionaire density of any place on the planet. That’s also reflected in its real estate prices, with a million dollars only purchasing 16 square meters of luxurious property on average.
With one in three people living in Monaco classified as a millionaire, demand for property there is still soaring and the tiny country is running out of space. That has prompted Prince Albert II to agree to an ambitious land reclamation project which is expected to cost $2.1 billion and add 15 acres of landmass to the principality by 2026. Hong Kong is another option for super-rich individuals eyeing a luxurious urban retreat. There are approximately 93 billionaires living in Hong Kong today. with quiet neighborhoods like The Peak, Mid-Levels and Stanley the most popular among the wealthy. In late 2018, $1 million was only enough for 22 square meters of prime real estate.
The U.S. has plenty of cities with highly inflated luxury property prices and New York City comes third with a million dollars only enough to cover 31 square meters. Prices have actually fallen in the Big Apple in recent years and in 2017, the same amount of cash would have bought 25 square meters. For wealthy buyers seeking something a little more spacious, Dubai, São Paulo and Cape Town are options worth considering. While $1 million could only pay for 16 square meters in Monaco last year, it could buy 138 in Dubai, 157 in Cape Town and 173 in São Paulo.
*Click below to enlarge (charted by Statista)
Square meters of luxury property $1 million will buy in 2018.Statista