What $1 million buys in global property markets, from Monaco to Mumbai

A million dollar budget for property may seem sizeable, but its purchasing power varies sharply across the prime locations of global markets, owing to factors like demand and land supply. While it would translate to a micro or a shoebox-sized apartment in an international fi nancial hub, one may secure signifi cantly larger or spacious property in other key global cities.

According to data by Knight Frank, a $1 million would fetch only a few square metres of prime property in Monaco, the wealthiest fi nancial hub for millionaires, and Hong Kong, refl ecting severe supply constraints and sustained global demand.

Other financial centres including Singapore, London, and New York offer marginally more room. However, other key global cities including Dubai and Melbourne offer larger homes despite rising prices, making these relatively affordable. In Mumbai, one could get 1,065 square feet of space for $1 million, which is slightly more than Dubai, Melbourne, Madrid, or Lisbon.

According to Faisal Durrani, partner–head of research, MENA, Knight Frank, property values on average inched up 10% in Dubai last year, yet it remains affordable compared to other global cities. “When you put Dubai in that global context, it is still relatively affordable despite all of the double-digit growth that we have seen so far in this cycle,” he said.