March 09, 2023 (MLN): As the world’s wealthiest individuals continue to seek out luxury properties, location is proving to be a crucial factor in how much space they can afford.

According to an infographic using data from Knight Frank, the number of square meters a millionaire can purchase with $1 million varies significantly depending on the location.

At the top of the list of the most expensive cities per square meter is Monaco, where $1 million will buy just 17 square meters. Singapore comes in at a close second with 34 square meters, followed by London, New York, and Geneva with 34, 33, and 37 square meters, respectively.

However, for those looking for more space, there are other options available. Cape Town offers 218 square meters for $1 million, while São Paulo tops the list with a staggering 231 square meters.

Other cities on the list include Beijing at 58 square meters, Tokyo at 60 square meters, Paris at 43 square meters, Shanghai at 44 square meters, Madrid at 106 square meters, Berlin at 70 square meters, Miami at 64 square meters, and Melbourne at 87 square meters.

The variation in property prices can be attributed to a variety of factors. In the case of Monaco, the high prices are due to the limited space available for development and the popularity of the location as a tax haven. São Paulo, on the other hand, has a large area and a diverse economic landscape, making it a more affordable option.

Singapore’s highly competitive real estate market, where demand outstrips supply, drives up prices in the city-state.

Meanwhile, cities like London, New York, and Geneva are known for their high living standards, making them expensive.

Despite the differences in prices, luxury properties remain in high demand among the world’s wealthiest individuals. And, as the Knight Frank infographic shows, location is a critical factor in how much space a millionaire can purchase for their money.

Copyright Mettis Link News

Posted on: 2023-03-09T10:56:11+05:00