For most millennials, the prospects of buying a house look pretty bleak. People are renting and flat-sharing well into their 30s and the dream of the big house and backyard that once accompanied your youth is looking more distant by the day. Of course, it is not just millennials who will struggle to buy a house in the current real estate market, but they make up a hefty majority.
However, not everyone is in this position. There are a few lucky ones who have, one way or another, come into serious amounts of money. They might be young, millennial entrepreneurs or retired bankers. Whatever their situation in life, they are in the fortunate position to be able to afford to buy a house. But, why stop there? If you have serious money to blow then why not invest in a property in one of these insanely expensive real estate markets?
Monaco is good for more than just the occasional Grand Prix. For $1 million your money will get you just 15 square meters of property. Not sure how big that actually is? A 15 square meter home is described as a micro-home and is about the size of a large shed. This means that if you want something inhabitable you are going to have to dig deep into those pockets of yours. The tiny country, just south of France has a yacht-lined harbour and has typically been a haunt for royalty, celebrities and the uber-rich. No wonder property prices are sky high. While the most prominent investors in luxury property here were once the Russians, the British now seem to be dominating the market.
- Hong Kong
In Hong Kong, if you shell out $1 million on a luxury property you will be rewarded with a little over 20.6 square metres of space. Once again, that is not a whole lot of space. Hong Kong is one of the business and finance capitals of the world and nearly all international firms will have either an office or a satellite there. Hong Kong’s booming and healthy economy combined with its noticeably low interest rates make this island a highly desirable place to live. Investors in property here usually come from China, Japan and Russia.
London is perhaps one of the greatest capitals in the world. It is a centre of commerce and finance as well as a hub for arts, culture and education. People from all over the world visit London every day, and many become so enamoured with the city they decide to stay. Unfortunately, falling in love with London is far easier than buying a property there. $1 million will get you just over 25 square metres of luxury property – think Mayfair, Kensington, Chelsea etc.
Bursting at the seams with expats who have gone to seek their fortune abroad, Singapore is a prosperous nation that seems incongruous with its surroundings. With the chaos of Southeast Asia all around it, Singapore is like the calm in the storm. The only problem is, not many people can afford to set up camp here. For $1 million dollars, buyer will receive a paltry 32.6 square metres. However, the glitz and glamour of Singapore also comes with the burden of high tax rates.