What $1 Million Buys in Luxury Property Markets 🏠

Key Takeaways

• In Monaco, $1 million will cover roughly the size of a standard U.S. parking lot in prime real estate, making it among the most exclusive markets globally.
• For prime real estate in New York, $1 million will buy the square footage of about two parking lots.
• Over the past decade, the buying power of Dubai's luxury market has dropped 59%, with Miami following closely behind at -54%, experiencing some of the sharpest declines globally.

Luxury Property is Getting Pricier

Across nearly all of the 20 luxury property markets analyzed by Knight Frank, buying power has decreased since 2014.

In Dubai, for instance, a $1 million dollar property in 2020 is worth $2.7 million today. Meanwhile, in Miami, it would be worth $1.9 million.

On the other hand, buying power has jumped significantly in London due to a falling pound against the dollar and a property market correction. Over the last decade, it has increased by 43%, the biggest jump overall.

See the data tab for measurements in square meters.