In the vibrant world of luxury real estate, every square meter tells a story of opulence and exclusivity. The latest report, ‘The Wealth Report 2024,’ from the prestigious consulting firm Knight Frank, sheds light on what one million dollars can offer in the most coveted real estate markets on the planet. From classic destinations like Monaco and Hong Kong to emerging ones like Dubai and Miami, the quest for luxury space is a crucial factor for high-end home buyers.
In more established markets like Monaco, Hong Kong, and New York, the price per square meter remains astronomical, significantly limiting the amount of space that can be acquired with a million dollars. For example, in these destinations, you could obtain as little as 15 m² to 30 m² of luxury residence. However, in emerging locations like Miami or Dubai, while they have been magnets for millionaires, the price per square meter is relatively more accessible compared to classic destinations.
According to the Knight Frank report, in Dubai, with one million dollars, it is now possible to acquire up to 91 m² of luxury space, while in Hong Kong, you would barely reach 22 m². On the other hand, in destinations like Barbados, you can get a luxurious space of 143 m², more than four times the area you would get in Saint Tropez with the same amount of money.
Knight Frank’s PIRI 100 index reveals that eight out of ten analyzed markets experienced positive annual price growth. Destinations like Manila, Dubai, the Bahamas, and the Portuguese Algarve lead the most significant increases. In Spain, Ibiza has experienced a noteworthy growth of 12%, equaling Athens in this aspect.
On the other hand, Spanish destinations like Marbella, Mallorca, and Madrid also stand out in the top 20 for the highest increases in prime housing prices. Barcelona, although registering a more moderate growth of 2.7%, remains an attractive destination for luxury property investors.
As for the square meters that can be acquired with one million dollars, the landscape varies considerably. From 22 m² in Hong Kong to 96 m² in Madrid, for the first time falling below 100 m², reflecting the rise in prime prices in the Spanish capital. In other destinations like Bombay, you can acquire up to 103 m².
But it’s not just about big cities. Knight Frank’s report also analyzes second-home destinations, such as coastal areas and ski resorts. In Aspen, USA, for example, you could barely buy 20 m² with one million dollars, while in Phuket, Thailand, the same amount would allow you to acquire up to 213 m² of luxury housing.
In the European context, Ibiza stands out as one of the main destinations for luxury housing investment, where with one million dollars, you could get 50 m² of space. Marbella and Barcelona also offer attractive opportunities, with 101 m² and 110 m² respectively, surpassing tourist destinations like Lake Como in Italy or Barbados in the Caribbean.
In summary, ‘The Wealth Report 2024’ provides a fascinating insight into how money can translate into luxury square meters in different corners of the world, from bustling metropolises to coastal paradises, each with its charm and exclusivity.
Article by Dust and Sand Luxury Homes
