What will $1 million buy you in real estate across the world?
If you have US$1 million at your disposal and want to invest in real estate abroad, what could you buy? London-based real estate brokerage Knight Frank recently released The Wealth Report to compare how much prime property US$1 million (roughly AUS$1,305,500) could realistically buy all around the world, and it turns out that it really depends on how much you’re willing to pay for space.
The report says that 2017 was a year with relatively healthy growth across most markets, with most big cities becoming more expensive over the past year. Monaco comes out on top as the most expensive city in the world, with US$1 million only buying 16 square metres, which is about the size of a walk-in closet.
Unless you’re Harry Potter’s horrible aunt and uncle, the Dursleys, and you’re looking for a (very expensive) place to have your wizard nephew stay, you’d be better off looking at luxury real estate in emerging markets like Cape Town in South Africa or São Paulo in Brazil, where US$1 million will get you 157 square metres and 173 square metres respectively.
Sydney is the eighth-most expensive property market in the world – US$1 million will buy you 48 square metres of prime real estate, while Melbourne comes in at number 15, with 90 square metres for US$1 million.
Here is a more detailed breakdown of the results contained in The Wealth Report.
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