Business & Finance
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While the high-end property market may attract a certain type of buyer wherever you are in the world, the property you can secure differs greatly from one market to the next.
High-net-worth mortgage broker Enness Global has taken a look at what €3 million can get you in the global property market across 24 cities, based on the current value of property per square metre.
If space is your primary concern, Cape Town is the place to buy. The city is home to an average property price of €2,489 per square metre (sqm) and for €3 million, you can secure 1,330 sqm of luxury real estate. It is the best value nation in terms of the size of home to money spent.
Dubai has become a popular choice for the super-rich in recent years and at €5,437 per sqm, you can purchase a property spanning 609 sqm.
Madrid is the most affordable in Europe, with €3 million buying you a 474 sqm home, while Bangkok (408 sqm) and Lisbon (386 sqm) also rank in the top five.
Miami, Amsterdam, Berlin, Mumbai and Moscow, also offer considerable value for money, with the cost per sqm meaning you can secure a property of 300 sqm or more for a €3m investment.
At the opposite end of the spectrum, Monaco remains one of the most exclusive markets where the price paid and space secure is concerned. At €49,588 per sqm, a €3 million investment will secure you an apartment-sized property of just 67 sqm.
Hong Kong isn’t far behind with €3 million securing just 77 sqm of bricks and mortar at a cost of €43,085 per sqm.
New York (137 sqm), Tokyo (153 sqm) and Geneva (171 sqm) are also amongst some of the most prestigious global property markets, with the property cost per square metre ranging between €24,184 and €19,409.
At €17,783 per sqm, London ranks just outside the top five, with a budget of €3 million securing you an apartment-sized property of just 186 square metres in size.
In Shanghai, Paris, Sydney, San Francisco, Seoul and Singapore, a budget of €3 million would also only buy you a property of 230 sqm or less.
“An air of exclusivity and reduced availability of space has seen property prices in the global playgrounds of the super-rich explode in recent years,” said Managing Director of Enness Global Mortgages, Hugh Wade-Jones. As a result, those looking for a certain size of home are required to pay a considerable sum for the pleasure.”
He added: “We’ve seen this here in Monaco more so than anywhere else in the world with property prices carrying a huge premium for what can be a pretty average-sized home. Despite this, demand from high-end buyers is yet to waver and Monaco, along with the likes of Hong Kong, New York and London, remain very desirable markets for homebuyers with the financial CV to apply.”
Photo: Madrid, source Pixabay
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Major economies continue to dominate the global ranking of the richest countries, with one nation’s private fortunes jumping by $200 billion (€177 billion) in six months alone, according to a new report released on Tuesday.
New World Wealth ranked the different countries according to the total amount of wealth, including property, cash, equities and business interests, held by all individuals as of June 2016. At least three countries from Asia appeared on the list, while four from Europe made it to the rankings.
Accumulating $48.9 trillion (€43 trillion) in wealth, the United States topped the overall list, followed by China, Japan, the United Kingdom and Germany in the top five. Rounding up the top ten are France, India, Canada, Australia and Italy.
Analysts are impressed by Australia’s showing in the top ten, considering that the country only has a population of 22 million. Australia, as well as Canada, has also overtaken Italy over the past 12 months, while China posted the fastest wealth growth over the past 15 years.
In terms of wealth held per person, European countries dominated the global rankings, with Monaco taking the number one spot. As of June 2016, the average person in Monaco owns $1.6 million (€1.42 million) in wealth, the highest in the world, reports New World Wealth, which also said the high average of wealth of Monaco’s residents can be attributed to the country's tax-free regime. (Source: Gulf News)