A property budget of $1 million may appear substantial, but its buying power varies sharply across the world’s leading real estate markets. Differences in land availability, supply constraints and investor demand mean that the same sum can secure anything from a compact apartment in a global financial hub to a comparatively spacious home in other international cities.
Data from property consultancy Knight Frank shows that in Monaco — home to the world’s highest concentration of millionaires — and in Hong Kong, $1 million buys only a few square metres of prime residential space. These markets are characterised by extreme land scarcity and sustained demand from global high-net-worth buyers, pushing prices to some of the highest levels worldwide.
Other major financial centres, including Singapore, London and New York, offer slightly more space, but affordability remains limited due to strong investor interest and tight planning regulations. In these cities, buyers often have to compromise on size, location or amenities despite the high entry cost.
By contrast, several global cities offer significantly more value for the same budget. Markets such as Dubai and Melbourne continue to attract international buyers with relatively larger homes, even as prices in these locations have risen in recent years. Southern European cities including Madrid and Lisbon also provide greater space, reflecting a more balanced supply-demand dynamic.
Mumbai presents a notable contrast among major metropolitan centres. For $1 million, buyers can secure around 1,065 square feet of prime residential space, according to Knight Frank — marginally more than what is available in Dubai, Melbourne, Madrid or Lisbon. Analysts attribute this to a combination of higher density development and varied micro-markets within the city.
Despite strong price growth, Dubai continues to stand out for its relative affordability. Faisal Durrani, Partner and Head of Research for the Middle East and North Africa at Knight Frank, said average property values in Dubai rose by about 10% last year. However, he noted that the city remains competitively priced when compared with other global hubs.
“When you put Dubai in that global context, it is still relatively affordable despite all of the double-digit growth that we have seen so far in this cycle,” Mr Durrani said.
The findings underline how location remains the decisive factor in determining real estate value in global markets.
