Three million pounds is a lot of money to spend on a property. For that sort of investment, you would be forgiven for expecting something huge for your cash. But, as new research from Enness Global reveals, it's all about location if you want the space.
While the high-end property market may attract a certain type of buyer wherever you are in the world, the property you can secure differs greatly from one market to the next.
High-net-worth mortgage broker, Enness Global, takes a look at what £3m can get you in the global property market, covering 24 cities and based on the current value of property per square metre.
If space is your primary concern, Cape Town is the place to buy. The city is home to an average property price of £2,225 per square metre and for £3m, you can secure 1,330 sqm of luxury real estate. The best value nation in terms of the size of home to money spent.
Dubai has become a popular choice for the super-rich in recent years and at £4,925 per sqm, you can purchase a property spanning 609 sqm.
Madrid is the most affordable in Europe, with £3m buying you a 474 sqm home, while Bangkok (408 sqm) and Lisbon (386 sqm) also rank in the top five.
Miami, Amsterdam, Berlin, Mumbai and Moscow, also offer considerable value for money, with the cost per sqm meaning you can secure a property of 300 sqm or more for a £3m investment.
At the opposite end of the spectrum, Monaco remains one of the most exclusive markets where the price paid and space secure is concerned. At £44,921 per sqm, a £3m investment will secure you an apartment-sized property of just 67 sqm. Hong Kong isn’t far behind with £3m securing just 77 sqm of bricks and mortar at a cost of £39,030 per sqm.
New York (137 sqm), Tokyo (153 sqm) and Geneva (171 sqm) are also amongst some of the most prestigious global property markets, with the property cost per square metre ranging between £21,908-£17,482.
At £16,109 per sqm, London ranks just outside the top five, with a budget of £3m securing you an apartment-sized property of just 186 square metres in size. In Shanghai, Paris, Sydney, San Fransisco, Seoul and Singapore, a budget of £3m would also only buy you a property of 230 sqm or less.
Hugh Wade-Jones, Managing Director of Enness Global Mortgages, commented:
“An air of exclusivity and reduced availability of space has seen property prices in the global playgrounds of the super-rich explode in recent years. As a result, those looking for a certain size of home are required to pay a considerable sum for the pleasure.
"We’ve seen this here in Monaco more so than anywhere else in the world with property prices carrying a huge premium for what can be a pretty average-sized home. Despite this, demand from high-end buyers is yet to waver and Monaco, along with the likes of Hong Kong, New York and London, remain very desirable markets for homebuyers with the financial CV to apply.”