BARNES, the international high-end residential real estate company, looked at the types of property that high-end international clientele could afford with 1 million euros or dollars, in the most sought-after cities and resorts. Here’s an overview.
Restricted market, small surfaces from 20 to 40 m².
Unsurprisingly, it’s in Hong Kong and Monaco that the $1 million properties are the smallest. In the Chinese metropolis, $1 million buys 21 m² in the Mid Levels district, 26 m² in Happy Valley and 38 m² in Kowloon. On the Rock, a 20 m² studio apartment can be purchased for 1 million euros.
New York rivals winter sports resorts (40 to 70m²)
1 million can buy a property from 45 m² (Upper East Side) to 70 m² (Financial District and Battery Park City), depending on the area. This is also the type of surface area offered at this price in Gstaad, Megève, Aspen and Lech Zürs am Arlberg. This is also the case in St Barths, where a 60 m² apartment sells for 1 million euros.
From 70 to 150 m² for the world’s major cities
Most major cities and holiday resorts offer properties from 70 to 150 m² for 1 million euros. This is particularly the case in Paris, where this price corresponds to properties of around 70 m² in the Marais and Left Bank, and 85 m² on the rest of the Right Bank. One million euros also buys a 100 m² apartment in Cannes, 120 to 150 m² in Mykonos, or a 123 m² duplex in Plan Gorret (Italian Alps).
Up-and-coming destinations: great opportunities
Some cities are increasingly attracting high-end customers, offering real investment opportunities for both primary and secondary residences. For example, a 200 m² villa with swimming pool in Marrakech’s Palmeraie, a 170 m² renovated apartment in Madrid’s Barrio Centro Palacio, a 120 to 180 m² apartment in Lisbon or Cascais, a 386 m² triplex in Budapest’s 6th arrondissement, or a 300 m² house on Evian’s golf course all sell for around 1 million euros.
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