The luxury real estate market usually starts from a million dollars. In any case, this is the figure that was taken as a starting point by the Barnes agency to conduct its survey on the luxury real estate market in major world cities.
By Luxus Plus
The latest study unveiled by Barnes International provides an idea of the attractiveness of major cities around the world. But what can you buy for $1 million, or about 898,000 euros?
The real estate agency, which works with a top-of-the-range international clientele, has examined the subject and offers us an overview of the main cities but also of the holiday destinations that are popular with the “happy few”.
A one million dollar investment in luxury real estate offers different property areas depending on the selected cities, with a range of 50 to 170 sq.m. for the main cities in the world.
For example in Paris the offered area will be on average 80 sq.m. with a slight difference between the left bank and the right (about 70 sq.m. for the first and 85 for the second).
In the South West of Europe high-end properties are more and more requested and we will be able to get 170 sq.m. in the center of Madrid where it’s close to 120 sq.m. to the smallest in Lisbon.
In New York we will oscillate between 40 and 70 sq.m. respectively for the neighborhoods of Upper East Side and the Financial District which happen to offer, for the same price, the same surface as in the luxury areas which are more holidays or leisure areas like the ski resorts of Megève in Haute Savoie and Gstaad in Switzerland, or the seaside resort of Saint-Barth in the Caribbean.
On the other hand the survey shows that the cities where the square meter is the most expensive are Hong Kong and Monaco.
In the South-east China metropolis, a million dollar will buy a studio of twenty sq.m. in the best neighborhoods (Mid Levels or Happy Vallet), while that money will just get 20 sq.m. in Monaco.