NEWS & VIEWS
Are We In The Golden Age Of Real Estate?
There are numerous factors contributing to the increased interest in buying real estate and the rising prices of both housing and commercial space, from low interest rates and favourable mortgage deals, via large amounts of “ready cash” in circulation, all the way to changes on the world market. Despite expectations that prices and demand would stagnate over the course of this year, real estate experts are predicting that this will have to wait until at least mid-2023.
How Much Square Footage Can Be Bought For A Million Dollars?
Overlooking the fact that almost none of us ordinary little people will ever have a million dollars to buy real estate, analysis conducted by global real estate consultants Knight Frank shows how much square footage can be bought for that amount. Led by the notion “location is everything”, they set off from Monaco, where a million dollars will only buy you 15 square metres of living space. Only six square metres more, i.e., 21, can be bought for that amount in Hong Kong, which ranks it second, while the UK capital of London comes third because there you can buy a “whopping” 31 square metres for a million dollars. This amount can buy you 33 square metres in New York, 35 square metres in Singapore, 37 square metres in Geneva, 41 square metres in Sydney, and 42 square metres in Shanghai, Paris and Los Angeles. You can find a 56-square-metre apartment in Beijing for a million dollars, 64 sqm in Tokyo, 73 sqm in Berlin, 77 sqm in Miami, 84 sqm in Melbourne, 106 sqm in Madrid, 108 sqm in Mumbai, and as much as 137 sqm in Dubai, followed by Cape Town (220 sqm) and Sao Paulo (256 sqm). Considering that the average price of residential property in Belgrade stands at around 2,000 euros, or 2,190 dollars, per square metre, a million dollars could buy you a 456 sqm property in the Serbian capital. However, calculating on the basis of the price of the most expensive square metre in the city, which stands at around 10,000 euros, Belgrade ranks somewhere between Melbourne and Madrid. Source: knightfrank.com 12 |
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