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DATA STORY: Here’s how much prime property you can buy for USD 1mn in cities around the world

The report cites demonetisation, implementation of GST and RERA as challenging for real estate market in India

Moneycontrol News @moneycontrolcom

If you have USD 1 million and you are looking to buy a luxury home anywhere in the world, the most value for money option would be Sao Paulo.

The largest city in Brazil can also get you the biggest prime housing space in USD 1 million—173 sqm. This is nearly 11 times the landmass you will get in Monaco in the same amount.

Cape Town, which is currently battling a water crisis has the second most inexpensive housing space in the world as per the Knight Frank study. One can buy 157 sqm of prime property in USD 1 million in the South African city.

The Las Vegas of the Middle East, Dubai, is also among inexpensive cities as far as prime properties are concerned with 138 sqm luxury space available in USD 1 million. The same amount can get a buyer a decent 93 sqm in the Indian financial capital - Mumbai.

The report cites demonetisation, implementation of GST (goods and services tax) and RERA as challenging for real estate market in India. Consequently, luxury property prices rose at the rate of a meagre 0.6 percent in Mumbai. Though the report adds that ‘the market confidence is now improving’.

The tiny (area: 499 acres) European city-state of Monaco, which is home to upscale casinos and yacht-lined harbour has one of the most expensive property rates in the world, according to the Knight Frank study. Here you can get only 16 sqm housing space in USD 1 million.

For Monaco, 2017 was a year of two halves. Prices climbed 2 percent in the first six months of the year but later stabilised, resulting in annual growth of 0.5 percent, the report says.

Infographic: The Most Expensive m² of Prime Property in the World | Statista

Hong Kong (22 sqm), New York (25 sqm), London (28 sqm) and Singapore (39 sqm) were among the top cities with the most expensive prime property.

Among them, three (including Monaco) are city-states which is understandable. Given the low area availability and space constraint plus the booming economy, the property rates in these cities go through the roof.
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