If you were handed $1 million (R11.86 million) to buy a property – where would you look?
Knight Frank has compiled a brief snapshot of just how many square metres of prime property your money would buy you in the most desirable locations across the globe.
Knight Frank‘s research is based on a Prime International Residential Index (PIRI), which tracks the value of luxury homes in 100 key locations worldwide.
Similar to last year’s ranking, Cape Town just sneaks into the top 20 list of most expensive prime properties – with Capetonians able to purchase around 157 square metres of prime property for $1 million.
For the same amount of money you can buy just 16 square metres in Monaco, 22 square metres in Hong Kong, and 25 square metres in New York.
Cape Town prices increased by 19.9% over the last year. “In 2017, Cape Town’s luxury residential market outperformed the city’s wider mainstream market by some margin,” Knight Frank said.
“The area near Table Mountain, including the Atlantic Seaboard and City Bowl, attracted strong inward migration from other parts of South Africa, to add to already significant foreign buying activity.
“Against a backdrop of constrained supply – landlocked between the mountain and the coastline, development opportunities are scarce – prime prices increased by almost 20% year on year,” it said.
According to the PIRI, only the Chinese city of Guangzhou saw a greater increase in value (27.4%) – primarily driven by high property prices elsewhere in China.