In the most expensive real estate markets around the world, a million dollars may not get you as far as you think. According to the 2024 Knight Frank Wealth Report, $1 million would only buy you a mere 16 square meters of prime property in Monaco, the luxurious country nestled on the Mediterranean coast.
Monaco: A Pricey Locale
To put this into perspective, a typical studio or one-bedroom apartment is approximately 46 square meters. In other words, $1 million in Monaco could theoretically purchase you just a bedroom. Over the past decade, the number of resale properties with prices exceeding 10 million euros has surged by over 300% in Monaco, as reported by Savills. Furthermore, in the last year, more than half of the properties sold in Monaco were above this price threshold.
Hong Kong and Singapore Prices
In comparison, $1 million in Hong Kong would only secure you 22 square meters of prime property, while in Singapore, it would afford you 32 square meters. The median home price in Hong Kong recorded at $1.16 million in 2023, whereas in Singapore it stood at $1.2 million, according to a report by the Urban Land Institute Asia Pacific Centre for Housing.
Government-Subsidized Housing in Singapore
Besides high-end properties, Singapore also offers government-subsidized housing at a median price of $409,000, providing a more affordable option in this bustling real estate market.
Luxury Real Estate Markets: A Comparison
In the world of luxury real estate, $1 million can take you much further in certain cities like New York and Los Angeles. According to Knight Frank, this amount could get you a whopping 34 and 38 square meters of prime property in these bustling markets.
The Wealth Report Insights
The recently released Knight Frank Wealth Report delved into the fluctuations in luxury prices across the top residential markets worldwide. It shed light on the surprising variations in prime prices that often catch buyers off guard.
Contrasts in Prime Markets
Dubai, for instance, has seen prime prices soar by 134% since the onset of the pandemic. Despite this sharp increase, prices still remain lower compared to more established markets. With $1 million, one can acquire a spacious 91 square meters in Dubai, which is four times more than what it would get you in Hong Kong.
Real Estate for the Wealthy Elite
For the ultra-wealthy, purchasing such extravagant homes is undoubtedly a breeze. In the United States, individuals belonging to the top 1% possess a net worth of approximately $5.8 million or higher, as outlined in the report.
Explore further: Check out the most lavish ZIP Codes in the U.S. for discerning house hunters
