What $1 Million Buys You In Global Real Estate
According to The Wealth Report 2016, Monaco remained the world’s most expensive residential real estate market on a square-meter basis, with $1 million buying only 17 square meters, or 183 square feet. That means for $1 million you can get a 12-by-15-foot room, likely overlooking a water-treatment plant rather than the marina.
Hong Kong was the second most-expensive market, with $1 million buying 20 square meters, or 215 square feet. London ranked third with 22 square meters, or 236 square feet.
The world’s most expensive luxury real estate markets, however, weren’t the ones that saw the biggest price gains. According to the report, Vancouver saw the most substantial lift, with prices up 25 percent. Sydney ranked second by this metric, with prices rising 15 percent. Shanghai ranked third, with 14 percent growth.
All three markets have at least one thing in common: Chinese buyers. Brokers and real estate experts say China’s economic slowdown has actually increased overseas property buying by wealthy Chinese, and they expect that wealth flight to continue or even accelerate in 2016.
“Demand from Chinese buyers is stronger right now than it was last year,” said Howard Lorber, chairman of New York-based Douglas Elliman.
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