Disparities in the cost of properties in different parts of the world can be considered a commonplace fact of modern economics. Yet a simple comparison of what a given sum of money can procure for you in different cities serves to truly highlight the extent to which real estate markets vary in the modern era, despite rising globalisation and teeming international trade.
One million US dollars, for example, will procure a vast range of different properties, depending solely on the location in which it’s spent.
In the most expensive cities in first world nations, a million dollars is unlikely to obtain much more than a modest-sized apartment, albeit in a pleasant and convenient part of the city.
In New York, it will net you a 640 square foot apartment in the West Village with just a single bedroom. While this dwelling is surprisingly modest given the outlay it entails, the building in which it is located features luxuries including a 24-hour doorman, a modest gym, a laundry and a private rooftop terrace.
The situation is similar in Paris, with one million dollars netting a one-bedroom apartment with an area of around 635 square feet, which compensates partially for its modest size with its location near Avenue Victor Hugo.
Despite being an equally iconic world metropolis, in London one million dollars goes much further than it does in either Paris or New York, procuring the buyer a three-bedoom, three-bathroom, 909 square foot apartment with a balcony, as well as a little cash left over.
As a sign of its rising status as an international city, Sydney offers similar options, with one million dollars procuring a 990 square-foot apartment in the CBD, located just a stone’s throw from the Royal Botanical Gardens.
Although Tokyo was long renowned for its sky-high real estate market, one million dollars can today obtain a multi-storey home with an area of around 1,357 square feet, with a modern style and open ceiling space.
While a million dollars will buy little more than a modest though comfortable domicile in the leading cities of the first world, in the capital cities of developing economies, it still translates into lavish homes with luxury extras.
In the Ukrainian capital of Kiev, US$1 million buys a 2,153 square foot three-bedroom, two-bathroom apartment, which also features heated floors and its own home cinema.
In the Brazilian mega city of, Sao Paolo, for US$1,127,500 a prospective home-owner can obtain a 4,090 square foot house with five-bedrooms and six bathrooms, located on a leafy, tree-lined avenue. The home also caters to seasonal variation, coming equipped with both a swimming pool and a fireplace.
In the South African coastal metropolis of Cape Town, US$981,510 can buy a 10,000 square foot home next to the mountains equipped with five bedrooms, as well as its own bar and private theatre.