How many Square Meters of Home can you get from The Largest Cities in The World for 1 Million Dollars?
One of the world’s largest real estate companies, the US-origin “Knight & Frank” announced its 2017 Global Wealth report. Accordingly, it is possible to buy a luxurious real estate of only 17 m² from Monaco, the most expensive city in the world, for 1 million dollars, while it is possible to buy 102 m² from Istanbul.
Dubai is cheaper than Istanbul
In the list of 20 metropolises, Istanbul was the 16th city where real estate was the most expensive, and succeeded to leave Dubai behind. According to the report, it is possible to buy 162 m² of luxury residences from Dubai for 1 million dollars. In the list where Monaco is at the top, Honk Kong is the second most expensive city in the world with 20 m² and New York with 26 m².
Luxury Housing Prices Drop in Istanbul and Bodrum
The 2017 Global Wealth Report also examined the increase in luxury housing prices. The top 3 major cities, where luxury housing prices increased the most in 2016, are in China. China’s rising trends Housing prices in Shanghai increased by 27.4 percent in one year, 26.6 percent in the capital Beijing, and 26.4 percent in Guangzhou. While luxury housing prices increased 3.5 percent in New York, one of the most important cities of the USA, housing prices decreased in many cities. Housing prices fell 6.3 percent in London and 2.7 percent in Miami.
The list of 100 locations measured from Turkey’s Istanbul and Bodrum. According to the report, while the luxury housing prices in Istanbul, which is at the top of the list of housing value increase, declined by 8.4 percent, the loss in Bodrum reaches 10 percent.
The cities where the housing prices decreased the most in a year are Moscow with 11.2 percent, and Lagos city with 22 percent.