A research of consulting agency Knight Frank helps to answer these questions. The agency has analyzed the markets of elite real estate in different cities of the world and found out how many square meters of elite housing can be purchased in various locations.
Below we present 5 cities with the most affordable elite housing.
1. Cape Town
209 sq. m. for $ 1 million
Cape Town is the second most populous city in the Republic of South Africa (after Johannesburg). It is located in the south-west of the country on the Atlantic coast, near the Cape of Good Hope. Cape Town plays an important economic role not only for South Africa, but for the whole continent. Tourism is the most dynamically developing sector of the city's economy, employing about 10% of the population of the Western Cape. On average, up to 1.5 million visitors annually come to the province. The most popular among buyers of foreign real estate are the areas located in relative proximity to the Victoria and Alfred waterfront, which is located in the heart of Cape Town.
Foreigners can freely acquire property in Cape Town, there are no restrictions on foreign ownership of property in South Africa.
2. Sao Paulo
176 sq. m. for $ 1 million
São Paulo is a city in the southeast of Brazil, and the capital of the state of the same name. It is the most populated city within the country, the continent, the Portuguese-speaking community and the entire Southern Hemisphere. The architectural image of the city is created by a mixture of different epochs and styles. There are many ancient buildings, museums and churches have been preserved. At the same time, São Paulo is one of the most modern cities, most of it is built up with skyscrapers made of glass and metal, including the highest skyscraper in Brazil, Mirante do Vale.
3. Dubai
162 sq. m for $ 1 million
Dubai is the largest city of the United Arab Emirates and a deep sea port, the administrative center of the emirate of Dubai, the most important commercial and financial center of the UAE and the entire Middle East. The city hosts various international conferences, festivals, exhibitions are held, and the World Expo-2020 exhibition is planned.
4. Melbourne
110 sq. m. for $ 1 million
Melbourne is Australia's second largest city, the capital of the state of Victoria. The city is considered one of the main commercial, industrial and cultural centers of the country. Melbourne is also often called the "sports and cultural capital" of Australia, as it hosts many sports and cultural events here. The city is famous for its combination of Victorian and modern architecture, numerous parks and gardens, many-sided and multinational population.
5. Istanbul
102 sq. m. for $ 1 million
Istanbul is Turkey's largest city, the main commercial, industrial and cultural center, the main port of the country. The rapid growth in the cost of housing in Istanbul can be explained by limited land resources in the city, unabated demand (including from foreign investors) and the speculative component.
source: knightfrank.com
Below we present 5 cities with the most affordable elite housing.
1. Cape Town
209 sq. m. for $ 1 million
Cape Town is the second most populous city in the Republic of South Africa (after Johannesburg). It is located in the south-west of the country on the Atlantic coast, near the Cape of Good Hope. Cape Town plays an important economic role not only for South Africa, but for the whole continent. Tourism is the most dynamically developing sector of the city's economy, employing about 10% of the population of the Western Cape. On average, up to 1.5 million visitors annually come to the province. The most popular among buyers of foreign real estate are the areas located in relative proximity to the Victoria and Alfred waterfront, which is located in the heart of Cape Town.
Foreigners can freely acquire property in Cape Town, there are no restrictions on foreign ownership of property in South Africa.
2. Sao Paulo
176 sq. m. for $ 1 million
São Paulo is a city in the southeast of Brazil, and the capital of the state of the same name. It is the most populated city within the country, the continent, the Portuguese-speaking community and the entire Southern Hemisphere. The architectural image of the city is created by a mixture of different epochs and styles. There are many ancient buildings, museums and churches have been preserved. At the same time, São Paulo is one of the most modern cities, most of it is built up with skyscrapers made of glass and metal, including the highest skyscraper in Brazil, Mirante do Vale.
3. Dubai
162 sq. m for $ 1 million
Dubai is the largest city of the United Arab Emirates and a deep sea port, the administrative center of the emirate of Dubai, the most important commercial and financial center of the UAE and the entire Middle East. The city hosts various international conferences, festivals, exhibitions are held, and the World Expo-2020 exhibition is planned.
4. Melbourne
110 sq. m. for $ 1 million
Melbourne is Australia's second largest city, the capital of the state of Victoria. The city is considered one of the main commercial, industrial and cultural centers of the country. Melbourne is also often called the "sports and cultural capital" of Australia, as it hosts many sports and cultural events here. The city is famous for its combination of Victorian and modern architecture, numerous parks and gardens, many-sided and multinational population.
5. Istanbul
102 sq. m. for $ 1 million
Istanbul is Turkey's largest city, the main commercial, industrial and cultural center, the main port of the country. The rapid growth in the cost of housing in Istanbul can be explained by limited land resources in the city, unabated demand (including from foreign investors) and the speculative component.
source: knightfrank.com