Wealth Report 2024, what $1m can buy in the world’s most expensive real estate markets
Wealth Report 2024 on the luxury market reveals for another year what $1m can buy in the world’s most expensive real estate markets. Prime housing prices remain high in Monaco, Hong Kong and Singapore, where $1m can barely buy 15 to 30 m2 of luxury property. In Spanish destinations, values change from 96 m2 in Madrid to just 50 m2 in Ibiza. $1m can buy more space in Marbella (101 m2) or Barcelona (110 m2).
In the most mature markets, such as Monaco, Hong Kong, London or New York, the square metre is still more inaccessible than in the main emerging destinations, such as Miami or Dubai, where despite having been appealing to millionaires, they continue to have the more affordable ‘prime’ square metres than the classics.
PIRI 100 Index shows that eight out of ten markets analysed have recorded positive annual price growth. The highest increases have been detected in Manila (26.3%), Dubai (15.9%), Bahamas (15%) or the Portuguese Algarve (12.3%). The island of Ibiza is also among the main increases, with 12%, equal to Athens.
Other Spanish destinations in this top 100 also stand out, such as Marbella (7.2%), Mallorca (7%) and Madrid (6.4%), all of them in the top 20 with the highest increases in prime housing prices.
Barcelona has registered a slower increase of 2.7%, behind other southern European destinations such as Lake Como (6.2%), Porto (5%), Rome (4.5%), Milan (3.5%) or exceeding 2.2% in Lisbon or 2% in Lucca, in Italian Tuscany.
In Sardinia, the prices of luxury homes did not move, while there were notable price declines in Oxford (-8.4%), Cannes (-7%) or Amsterdam (-5.6%), and further softer falls in notable destinations such as London and Hong Kong (both at -2.1%), almost the same as New York (-2%).
