When it comes to real estate, location defines how far your money will stretch. With $1 million, you could find yourself in a modest apartment in one city or a spacious home in another. Let’s dive into what $1 million buys you across some of the world’s prime real estate markets.
City-by-City Comparison
Hong Kong: 215 sq. ft.
In the famously compact city of Hong Kong, $1 million doesn’t get you much space. Here, a luxury price tag means you’ll end up with only a cozy 215 sq. ft., essentially a small studio.
New York: 330 sq. ft.
New York City’s appeal comes at a premium. Your million would afford around 330 sq. ft., enough for a one-bedroom in central Manhattan but on the smaller side.
London: 394 sq. ft.
London offers a bit more room, though still modest. You’d have around 394 sq. ft., making it ideal for central locations yet more spacious options elsewhere in the UK.
Singapore: 356 sq. ft.
Singapore, known for its innovation and futuristic appeal, would yield about 356 sq. ft. in prime areas – not a mansion, but suitable for city life.
Tokyo: 530 sq. ft.
Tokyo’s charm extends to property; $1 million here buys 530 sq. ft. in prime spots. It’s the perfect balance between the city’s allure and a manageable cost.
Paris: 560 sq. ft.
The City of Light brings elegance to every inch, with $1 million translating to about 560 sq. ft. in premium Parisian neighbourhoods.
Mumbai: 926 sq. ft.
In bustling Mumbai, you get significantly more for your investment, with around 926 sq. ft. This is excellent for urban living in India’s financial heart.
Dubai: 1,470 sq. ft.
When it comes to bang-for-buck, Dubai tops the list. With 1,470 sq. ft. for $1 million, Dubai offers prime, spacious options at competitive rates.
The Global Luxury Market: Miami vs. Dubai
While most markets have seen recent price hikes, Dubai’s luxury real estate has maintained stability with only a 1.2% increase, making it one of the steadiest high-end markets. Meanwhile, Miami’s luxury properties surged by 28.2% in 2021, making it one of the hottest luxury destinations but with less pricing stability.
Why Dubai is the Stand-Out Choice
1. Exceptional Value: Dubai is recognized globally as one of the most fairly valued luxury real estate markets. You get unparalleled value per square foot compared to other global hotspots.
2. Magnet for Ultra-High-Net-Worth Individuals: With a strategic global location, Dubai has become a hub for the ultra-wealthy, fostering demand for high-end properties.
3. Investment Security through Unemployment Insurance: This policy ensures stability for residents, adding a layer of security that bolsters confidence in the real estate market.
4. Strong Economy: Dubai’s economy is resilient and diversified, providing a stable foundation for real estate investments.
5. World-Class Infrastructure: Dubai’s state-of-the-art infrastructure and seamless global connectivity make it an ideal place for both business and leisure, attracting investors and residents from across the world.
6. High Income Levels: Dubai’s average income level is 22% higher than the global average, driving a steady demand for premium real estate.
From affordability to luxury appeal and investment stability, Dubai offers an enticing mix of factors that make it a top choice for real estate investors looking for both value and growth potential in a world-class city.
