By Kate Youde
Singapore has overtaken Geneva to become one of the world’s five most expensive property markets, according to new research by Knight Frank.
The estate agent used average high-end home values and exchange rates at the end of 2021 to calculate how many square metres of prime property a buyer can purchase for $1mn in 20 cities around the world.
In Singapore, strong price growth means the answer is 35 sq m, compared with 36 sq m last year. By contrast, Knight Frank’s research indicates that buyers in Geneva can now get more space for their money: 37 sq m per $1mn against 35 sq m last year.
Monaco, where $1mn buys 15 sq m, remains the world’s most expensive property market ahead of Hong Kong, London, New York and Singapore respectively.
Here are five $1mn homes for sale in other global cities that feature in The Wealth Report 2022.
Cape Town
Among the 20 locations researched, the South African city is second only to São Paulo, Brazil, in terms of offering the most space per $1mn. Its 220 sq m is more than 10 times the average area available for the same sum in Hong Kong. This five-bedroom home (also main picture, above) in the Cape Town suburb of Constantia provides 750 sq m of floorspace, including a cinema room, for R15.5mn ($1.03mn).
Paris
While $1mn buys 42 sq m on average in the French capital, this €925,000 ($1.05mn) apartment in the fashionable Marais district offers 46 sq m. The colourful one-bedroom pad is housed in an 18th-century building near the city’s Picasso Museum.
Tokyo
Buyers in Japan’s capital can expect to get more for their money this year than last: 64 sq m per $1mn, compared with 58 sq m in 2021. This two-bedroom condo on the third floor of an apartment block in the city’s bustling Shinjuku ward offers 64 sq m of living space for ￥118mn ($1.03mn), and has an 11 sq m balcony.
Madrid
This three-bedroom apartment with a terrace providing views over the city is situated in the Prosperidad neighbourhood of the Spanish capital. The flat is offered at €890,000 ($1.01m) for its 137 sq m. On average, $1mn buys 106 sq m of prime property in Madrid.
Miami
On the market for $999,000, this three-bedroom apartment has views over Biscayne Bay, the Port of Miami, Key Biscayne and Miami Beach. It covers 132 sq m, considerably more than the 77 sq m of prime floor space that $1mn typically buys in the US city.
Photography: Lew Geffen Sotheby's International Realty; Paris Ouest Sotheby's International Realty; List Sotheby’s International Realty; Engel & Völkers Market Center Madrid; Mayfair International Realty
