Real estate consultancy Knight Frank's latest 'Wealth Report 2024' on the luxury market reveals for another year what $1m can buy in the world's most expensive real estate markets. Prime housing prices remain high in Monaco, Hong Kong and Singapore, where $1m can barely buy 15 to 30 m2 of luxury property. In Spanish destinations, values change from 96 m2 in Madrid to just 50 m2 in Ibiza. $1m can buy more space in Marbella (101 m2) or Barcelona (110 m2).
When it comes to premium residential properties, the quest for value is one of the main points of interest. Among the 30 markets analysed by Knight Frank, including large economic centres and high-end tourist destinations, you can see how much luxury they offer for the amount of space in a high-end home that can be bought for $1m, currently around €921,300 at the current exchange rate.
In the most mature markets, such as Monaco, Hong Kong, London or New York, the square metre is still more inaccessible than in the main emerging destinations, such as Miami or Dubai, where despite having been appealing to millionaires, they continue to have the more affordable 'prime' square metres than the classics.
“There is significant variation in prime prices across luxury residential markets, often surprising buyers. Prime prices in Dubai may be 134% higher than at the start of the pandemic, but are still notably lower than in more mature markets,” highlights Knight Frank's 'The Wealth Report'. “In Dubai, you can now buy 91 m2 with $1m, but that barely gets you 22 m2 in Hong Kong, while in Barbados, you would get 143 m2, more than four times more luxury space than in Saint Tropez,” he highlights.
Knight Frank's PIRI 100 Index shows that eight out of ten markets analysed have recorded positive annual price growth. The highest increases have been detected in Manila (26.3%), Dubai (15.9%), Bahamas (15%) or the Portuguese Algarve (12.3%). The island of Ibiza is also among the main increases, with 12%, equal to Athens.
Other Spanish destinations in this top 100 also stand out, such as Marbella (7.2%), Mallorca (7%) and Madrid (6.4%), all of them in the top 20 with the highest increases in prime housing prices.
Barcelona has registered a slower increase of 2.7%, behind other southern European destinations such as Lake Como (6.2%), Porto (5%), Rome (4.5%), Milan (3.5%) or exceeding 2.2% in Lisbon or 2% in Lucca, in Italian Tuscany.
In Sardinia, the prices of luxury homes did not move, while there were notable price declines in Oxford (-8.4%), Cannes (-7%) or Amsterdam (-5.6%), and further softer falls in notable destinations such as London and Hong Kong (both at -2.1%), almost the same as New York (-2%).
“As expected, since last year, sun destinations continued to do better, with an average increase of 4.7%, followed closely by ski resorts (3.3%), while cities remained by 2.7%,” the study highlights.
Sales, like the rest of the residential market, have also suffered declines, according to the study, which have fallen more than prices. For example, in London, New York, Dubai, Singapore, Hong Kong and Sydney, luxury sales decreased by an average of 37% year-on-year.
How much luxury space could you buy with $1m
Once again, Monaco leads the world's most expensive 'prime' residential markets among the cities analysed. The Knight Frank report includes luxury second-home destinations between coastal areas and ski resorts.
Among the cities, Hong Kong (22 m2) and Singapore (32 m2) accompany Monaco among the most 'prime' luxury housing markets. Geneva and New York tie with 34 m2, just ahead of Los Angeles (38 m2). Paris (40 m2), Shanghai (42 m2) and Sydney (43 m2) are also in this second tier of luxury real estate.
In Miami, $1m could already purchase up to 60 m2, closely followed by Tokyo with 64 m2. Finally, in Dubai, it would reach 91 m2, while Madrid (96 m2) falls below 100 m2 for the first time, demonstrating the increase in 'prime' prices in the Spanish capital and the market's strength. Bombay completes the list with 103 m2.
Ibiza, among the 'prime' destinations for second homes
The Knight Frank report has also prepared this index of m2 invested in luxury housing in second home destinations, especially the coast and ski resorts. Aspen in the United States is almost equal to Monaco, and only 20 m2 could be purchased. Quite the opposite of the paradisiacal Phuket, in Thailand, where up to 213 m2 of luxury home can be bought.
Following the most famous ski resort in the United States is Swiss sister Verbier, with just 28 m2, and the luxury of the French Riviera of Saint-Tropez (32 m2). Not far from them is Ibiza, where $1m would buy 50 m2 on Pitiusa island, ahead of the Bahamas (62 m2), another French mountainous area such as Chamonix (63 m2) and Quinta do Lago (67 m2) in the Portuguese Algarve.
Among these select destinations for second homes of the rich and millionaires, Marbella (101 m2) or Barcelona (110 m2) also appear, where many more 'prime' square metres can be acquired, below the Italian Lake Como (91 m2), but ahead of other tourist destinations such as the Gold Coast (112 m2) or Barbados (143 m2).
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