Global Real Estate: What $1 Million Buys You

The Wealth Report 2016 was released earlier this month. The report was created by real estate firms Knight Frank and Douglas Elliman and it analyzed what $1 million can buy around the globe.

Monaco, a French speaking country in Europe remained the world's most expensive real estate market on a square-meter basis. In Monaco, $1 million can get you 17 square meters or 183 square feet.

Hong Kong came in at the world's second most expensive real estate market. In Hong Kong, $1 million can get you 20 square meters or 215 square feet.

London ranked third place. In London, $1 million can get you 22 square meters or 236 square feet.

Cape Town, South Africa and Sao Paulo, Brazil were among the least expensive cities on the list which looked at only "prime" real estate or top segment of each market. In Cape Town, $1 million can buy 255 square meters or 2,745 square feet.

According to the report, the real estate markets with the most expensive luxury homes were not the ones that experienced the biggest price gains.

Vancouver was the city that experienced substantial price gains, with prices up 25 per cent. Sydney came in at second place with prices up 15 per cent and Shanghai ranked third, with 14 per cent growth.

Reference: CNBC News

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