With property prices rising around the world, the most expensive cities for real estate investment in 2018 don’t give many metres squared for your money.
So, which are the most expensive cities in the world to invest in property, and what can you get for your investment?
Real estate brokerage Knight Frank has researched what investors can expect for $1 million in the world’s major cities and published a top twenty list of the priciest areas on the planet.
The famous principality of Monaco still reigns as the most expensive market in the world, where your $1 million dollars will purchase you the equivalent of a walk-in wardrobe at just 16 square metres (172 square feet).
Second place goes to Hong Kong. The heavily populous city can offer 22 square metres (236 square feet) for the same million-dollar investment.
The last podium place goes to New York where the same investment would secure 25 square metres (270 square feet) of the Big Apple.
London just missed out on the medal places in fourth. The UK capital offers 28 square metres, way less than the 39 square metres available in fifth placed Singapore.
The report also highlighted how much property prices have risen over the past year, saying: ‘2017 was a year when the economic stars aligned, and relatively healthy growth was seen across most markets.’
The majority of cities saw real estate prices rise during 2017. In Monaco and New York, $1 million buys 1 less square metre than it did a year ago. In fourth placed London, $1 million buys 28 square metres, 2 metres less than a year ago.
Los Angeles saw even stronger price rises, with $1 million now buying about 620 square feet, compared with about 657 square feet a year ago.
The last two places in the top twenty were taken up by Cape Town, South Africa, where $1 million will get you 157 square metres (1,700 square feet), and Sao Paulo in Brazil at 173 square metres (1,800 square feet). Though Sao Paulo has also risen greatly in price. A year ago the $1 million budget would have been able to purchase 1,900 square feet.
Overseas property investors with big wallets know where to go.
Most Expensive Cities
SQ Metres City
22 Hong Kong
25 New York
58 Los Angeles
157 Cape Town
173 Sao Paulo