In Case You Weren’t Feeling Poor Enough Here’s What $1 Million Buys You Around The World (In Terms Of Real Estate)
I hope you weren’t feeling too good this morning because you’re about to feel as destitute as a medieval pauper when you see what one million dollars can purchase (in terms of real estate) around the world’s major cities.
These stats come to us by way of CNBC, and they’re in ‘square meters’ instead of ‘square feet’. So for those of you that are wondering what the conversion is One Square Meter = 10.76 Square Feet. With that in mind, here’s what amount of real estate you are able to purchase around the world with one million dollars to spend:
The Wealth Report 2016, released Wednesday by real estate firms Knight Frank and Douglas Elliman, looked at what $1 million can buy around the world.
According to the report, Monaco remained the world’s most expensive residential real estate market on a square-meter basis, with $1 million buying only 17 square meters, or 183 square feet. That means for $1 million you can get a 12-by-15-foot room, likely overlooking a water-treatment plant the rather than the marina.
Hong Kong was the second most-expensive market, with $1 million buying 20 square meters, or 215 square feet. London ranked third with 22 square meters, or 236 square feet.
New York once again ranked as the most expensive U.S. city on a per-meter basis, with $1 million buying 27 square meters, or roughly 290 square feet.
The least expensive cities on the list, which looked only at “prime” real estate (in other words, the top segment of each market) were Cape Town, South Africa, and Sao Paulo, Brazil. Brazil’s economic crisis means that $1 million now buys 203 square meters, or 2,185 square feet of prime real estate. That compares with 142 square meters, or around 1,500 square feet, last year. In Cape Town, $1 million buys 255 square meters, or 2,745 square feet.
Now I have absolutely no idea if you’re wealthy, poor, if you own a home or rent an apartment, but I do know that the majority of the world doesn’t have a million dollars to drop on real estate in a place like Los Angeles or Miami, so I’m going to go ahead and speak in generalities here and assume that the majority of you bros are just as strapped for cash as I am. Now that I’ve made that assumption I’ll go ahead and assume that you’ll be joining me as I wallow in my own state of mediocrity while coming to grips with the fact that the Baby Boomer generation has probably ruined any chance at all I (or any of us) have at owning a million dollar home before the age of 75.
Enough self pity though, I don’t need a million dollar home in Singapore. In fact I don’t even want to visit Singapore on vacation, ever. So this isn’t something I really need to worry about at all, what concerns me are the cost of living adjustments…aka ‘how much it’d cost to have the suburban equivalent to a home costing $1M in a city’…That’s much more up my alley.