The Real Deal Miami

Here’s what $1M worth of prime real estate looks like in the world’s top cities: Knight Frank

In Hong Kong, it buys you a guest bath, but in Miami...

March 03, 2016 03:45PM
By Hiten Samtani

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What does $1M get you in prime real estate across the globe?

What does $1M get you in prime real estate across the globe? (Click to see full-size image)

From the New York websiteWhat does $1 million get you in luxury real estate? For Miami, as a crop of new developments push waterfront condo prices into the stratosphere, the answer seems to be “not very much.” But since many luxury apartment buyers are choosing between Miami, New York and a host of other alpha cities, the folks at Knight Frank thought it would be interesting to compare different cities across the globe and see what part of a home one could afford with a $1 million budget.

Here's what you could buy with $1M in terms of prime real estate across the globe (Source: Knight Frank/The Wealth Report 2016)

Here’s what you could buy with $1M in terms of prime real estate across the globe (Source: Knight Frank/The Wealth Report 2016)

In Manhattan, your money would get you a charming 290-square-foot study. Faced with that budget in Miami, however, you’d be able to get yourself a nice, ocean-facing 829-square-foot terrace. In the City of Angels, you’d be able to secure a 700-square-foot master bedroom.

Outside the U.S., the numbers get even more interesting. Along with its incredible historical heritage and cosmopolitan scene, buyers in Istanbul could afford a palatial, 1,011-square-foot dining room. In Hong Kong, you’d get a humble guest bath, whereas London would allow you a fine master bath.

The most uppity of them all? In Monaco, the world’s foremost playground of the super-rich, $1 million would get you a 183-square-foot dressing room.

(Source note from Knight Frank/The Wealth Report 2016: Price ranges for Hong Kong, Beijing and Shanghai are for properties considered “Super-Prime.” Prices used in the calculation for Sydney and Hong Kong are based on apartments only and for New York, Los Angeles and Miami based on condos only. All currency calculations are based on the prevailing rate as of Dec. 31, 2015.)

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