How much prime real estate can you buy for $1 million?
This is a pressing question that remains – what with the trend of urbanization rampant in the rapidly advancing world. This type of property investment is especially attractive in the world’s best cities.
If you had $1 million, would you be curious to know how much prime property you can buy? Read on to know more!
1. What is prime real estate?
Prime real estate refers to properties that are considered to be the most desirable and valuable due to their location, size, and amenities.
These properties are typically located in prime or central areas, such as city centers, waterfronts, or exclusive neighborhoods, and offer exceptional views, access to top schools, shopping, and dining options.
The value of prime real estate tends to appreciate over time, especially due to scarcity caused by people moving in to more cities, driving property values even higher.
2. How much property can you get with $1 million?
Hong Kong with its limited residential zone only offers 21 m² of property at $1 million, making it a very expensive yet sought after city to live in.
On the contrary, Dubai is a very desirable city, and yet you can get a lot more square metres for $1 million, at 105 m². The same can be said for Mumbai, offering 113 m² of property at the same price.
The table below shows how much property you can get with $1 million:
| Country | City | Square metre (m²) of prime property at $1M USD |
| Hong Kong | Hong Kong | 21 m² |
| USA | New York | 33 m² |
| Los Angeles | 39 m² | |
| Miami | 64 m² | |
| China | Shanghai | 44 m² |
| Beijing | 58 m² | |
| UAE | Dubai | 105 m² |
| India | Mumbai | 113 m² |
| Malaysia | Kuala Lumpur | 650 m² |
Looking to invest in property in these cities?
Luckily for you, IQI has a footing in 20 countries worldwide, and we can help you with your property investment in the countries above! Scroll to the end of the article to start your investment journey with us.
3. What does this mean for investors?
Prime real estate is “the most desirable and expensive property in the area, generally defined as the top 5% of the market by value.”
Why exactly are the properties in these cities so sought after?
- Desirable location, perfect for long-term investment
- Stable income due to high demand and limited supply
- Diversification of investment portfolio
- Lifestyle benefits
Due to these reasons, these cities are highly attractive for property investment.
Want to make a property investment in the attractive cities above? Let IQI help you with that! Drop us your details and one of our global team members will get back to you as soon as possible!