The Luxurist

A report in Britains Financial Times reveals how much space a measly million gets you in major cities around the globe. The answer: Not a lot. Remember the days when US$1 million was real money? It will still buy you a three-bedroom house or better-than-average flat in a prime part of Atlanta, Edinburgh, or even along the Riviera in Nice. But if yo... u want to live in a desirable neighborhood in one of the worlds financial or cultural centers, youre out of luck. Hong Kong, New York, and London are second, third, and fourth on the list of most expensive residential real estate markets. In practical terms, that means youll get only about 215 sq. ft. of living space in Hong Kong, 280 sq. ft. in New York, or 322 sq. ft. in London. Thats a tiny studio apartment, no matter how you cut it. You can have either a king-size bed or a couch, but maybe not both unless you dont mind walking on the furniture to get to bathroom. Once there, dont expect to be able to turn around with ease. You could do somewhat better if you dont insist on living on the Upper East Side or Belgravia. Monaco is home to the costliest real estate on the planet. If you could find a US$1 million flat (you cant!) youd have to call a 12 ft. x 15 ft. room in a less than prime building home. Youll get a bigger bang for your buck if youre willing to live in a good section of Paris, which isnt what anyone would call a hardship, is it? That US$1 million might get you only a small one-bedroom apartment, but, hey, youre in Paris! The FT report, based on a study by the global real estate giant Knight Frank, notes that the Brexit vote is starting to send high-earning Parisians living in London back to the French capital. Sales are up there, if not prices. Values are to be had for those who are flexible about where they reside. Home prices in Dubai and Sao Paulo are reasonable by comparison. Its possible to snag a large two- or three-bedroom flat in either city for about US$1 million. Of course, no matter where you prefer to live, you still must have at least ...Read More