{"id":231019,"date":"2018-03-13T18:00:03","date_gmt":"2018-03-13T16:00:03","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=231019"},"modified":"2018-03-13T17:49:16","modified_gmt":"2018-03-13T15:49:16","slug":"what-1-million-buys-you-in-cape-town-paris-london-and-new-york","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/wealth\/231019\/what-1-million-buys-you-in-cape-town-paris-london-and-new-york\/","title":{"rendered":"What $1 million buys you in Cape Town, Paris, London, and New York"},"content":{"rendered":"

If you were handed $1 million (R11.86 million) to buy a property \u2013 where would you look?<\/p>\n

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.<\/p>\n

Knight Frank<\/a><\/strong>\u2018s research is based on a\u00a0Prime International Residential Index (PIRI)<\/strong>, which tracks the value of luxury homes in 100 key locations worldwide.<\/p>\n

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.<\/p>\n

For the same amount of money you can buy just\u00a016 square metres in Monaco, 22 square metres in Hong Kong, and 25 square metres in New York.<\/p>\n

Cape Town prices increased by 19.9% over the last year. “In 2017, Cape Town\u2019s luxury residential market outperformed the city\u2019s wider mainstream market by some margin,” Knight Frank said.<\/p>\n

“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.<\/p>\n

“Against a backdrop of constrained supply \u2013 landlocked between the mountain and the coastline, development opportunities are scarce \u2013 prime prices increased by almost 20% year on year,” it said.<\/p>\n

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.<\/p>\n

\"\"<\/a><\/p>\n

\n

Read:\u00a0How long it would take South Africa\u2019s billionaires to spend all their money<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

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.<\/p>\n","protected":false},"author":10,"featured_media":171437,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9880],"tags":[26,7585],"class_list":["post-231019","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-wealth","tag-headline","tag-knight-frank"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/231019","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=231019"}],"version-history":[{"count":7,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/231019\/revisions"}],"predecessor-version":[{"id":231435,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/231019\/revisions\/231435"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/171437"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=231019"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=231019"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=231019"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}