By Kate Youde
Monaco and Hong Kong remain the world’s most expensive property markets, according to new research by Knight Frank. The estate agent has used average luxury home values and exchange rates at the end of 2020 to calculate how many square metres of prime property $1m will buy in 20 global cities.
In Monaco, the answer is 15 sq m — only slightly larger in size than an average bedroom in a detached house in England.
Here, we look at $1m properties for sale in five of the cities that feature in the agent's Wealth Report.
The Brazilian financial hub offers the most bang for your buck, according to Knight Frank’s research, with $1m buying 252 sq m of prime property. This bright duplex apartment in the city’s upscale Jardins area, on the market for R$6m ($1.1m), provides 390 sq m of space including two bedrooms.
Located in the affluent Manhattan neighbourhood of Sutton Place, this $1m two-bedroom apartment (also main picture, above) covers 111 sq m — more than three times the 34 sq m prime floor space typical for that sum in the city, according to Knight Frank. Communal services in the 1920s building include a gym and a 24-hour doorman.
The UK capital is the second priciest European market in the report, behind Monaco, with $1m buying 31 sq m. This 41 sq m apartment in Chelsea with one bedroom and a south-facing patio is priced at £725,000 ($1.06m).
This recently renovated two-bedroom apartment with a balcony on Dubai’s tree-shaped Palm Jumeirah island is priced at Dh3.85m ($1.05m). The emirate is the third most affordable luxury residential market of the 20 cities studied, with $1m buying 165 sq m.
While $1m buys 36 sq m on average in the Asian city state, this 52 sq m pad in the River Valley area is for sale for S$1.34m ($1.02m). The one-bedroom apartment is housed in a 35-storey block with a terrace and communal swimming pool.
Photography: Knight Frank; Christie's International Real Estate; Strutt & Parker; Luxhabitat Sotheby's International Realty; List Sotheby’s International Realty