Discover some of the world's most expensive places to buy a property, where £600,000 will get you little more than a room
Some cities just are a magnet for global wealth. And as the world’s ultra rich flock to hubs like London, New York, Singapore, local property prices sky rocket. In their newly published Wealth Report, estate agents Knight Frank look at how much property £600,000 – a budget that’s 2.4 times the average price for property in Britain – would buy you in some of the world’s most expensive cities. The answer? Read on to find out…
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Despite the Chinese government’s determination to cool the country’s property market, £600,000 doesn’t go very far in pricey Shanghai. You can expect to buy about 495 square feet, which is the same as the average size of a one-bedroom flat in Britain.
Image: Magnus Manske
/ Wikimedia Commons
No, the oligarchs haven’t all moved to London. They are just as active on their home turf, which is why £600,000 only buys you 463 square feet in Moscow. By British standards, this would be a (very) smallone-bedroom flat.
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Paris has just become more affordable – prices fell by 4% in 2013 – but don’t go rushing to the City of Lights just yet. £600,000 only gets you 41.7 square metres – the equivalent of a ‘smaller than average’ one-bedroom flat.
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Sydney is on a high. Prices rose by 9.3% last year and are expected to grow further in 2014. As it stands, the equivalent of £600,000 would buy you an apartment of about 449 square feet – that’s rather on the cramped size of cosy.
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Not only is New York one of the most expensive cities in the world, but prices are rising at a heady pace lately – they went up by 10.4% last year. A budget of £600,000 buys you a 433-square-foot apartment – barely enough room to fit in that double American-style fridge-freezer!
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With property prices dropping by 8% in 12 months, Geneva property is a bargain compared to a year ago – but you’ll still need very deep pockets to buy a decent sized home there. A budget of £600,000 will only get you 34.7 square metres, roughly the size of a small one-bedroom flat.
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Named the world’s most expensive city to live in by The Economist Intelligence Unit, it is also one of the priciest to buy in. A budget of $1 million would get you about 351 square feet – basically a smallish one-bedroom flat.
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The world’s wealthy all want a piece of London and even though price growth has become more moderate in recent months, property remains prohibitively expensive. Knight Frank estate agents estimate that a budget of £600,000 will buy you 271.25 square feet. And if you think that’s expensive, think again – residential funds and asset management company London Central Portfolio believes that an average flat in prime London areas could be worth a staggering £36 million by 2050.
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With many ultra rich residents crammed in a small area, it’s hardly surprising that property prices in Asia’s financial powerhouse are sky high. £600,000 will buy you 222 square feet – essentially the size of a living room.
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Monaco is thought to be the world’s most expensive place to buy a property. The principality is tiny – its total area is about 1/6 of London’s smallest borough, Kensington and Chelsea – so space is at premium. According to Knight Frank, a budget of about £600,000 will get you just 161.4 square feet – tight, when you think that a double bed alone takes up about 52 square feet!
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