Back in the days before smartphones, the housing market was fairly sensible. The average house price in 1980 was just £22,676, making it easy for most people to get on the ladder. Fast forward to 2017 and the average price has shot up to £205,000, almost 8 times the average salary of £27,000. Early last year, a garage in Chelsea sold for an eye-watering £360,000! If you’d actually like to live in Chelsea – and not sleep in the back of your car – then you’ll be lucky to find a two-bedroom flat for any less than £1m. That got us thinking, if we take that £1m and look around the world, what kind of property can we afford? Turns out, some rather nice ones!
*Please note, all figures were correct at the time of publishing.*
Let’s start with London. To be in the centre of it all you don’t get much for £1m. This rather modest 1 bedroom/1 bathroom flat is a two minute walk to Hyde Park, and is just 581 square feet.
New York has a reputation for expensive housing but you actually get far more for your money than London. This two bedroom Williamsburg apartment, for example, provides access to a swimming pool and indoor basketball court.
Recent findings put the average house price in Amsterdam at roughly £200,000. Known for its artistic heritage, the Dutch capital has felt the squeeze of property prices shooting up and supply dwindling. Just shy of the £1m mark is this luxury 2 bedroom apartment, located in a stately building, and offering 125 square metres of floor space.
This futuristic metropolis might have a shrinking population, but it certainly isn’t running short of properties for sale. A typical detached house in Tokyo’s Metropolitan Area will cost you roughly £230,000. For £1m you can overlook Tokyo’s Akaska district in this spacious, high-rise two bedroom apartment, complete with a doorman service and 24-hour security.
Low mortgage rates and increased purchasing power have made for a healthy French real estate market. In Paris, where property prices have risen 40% since 2005, £1m will fetch you one bedroom and 70 square metres of living space in this exquisite private mansion.
Over in Dubai, where 14,600 new homes were completed last year, property prices are down eight to eleven per cent, which means great news for new buyers. Previously ranked the most affordable city to purchase a home in, you really do get your money’s worth in Dubai. This 3 bedroom apartment, which offers fantastic views of Palm Jumeirah, is an absolute steal for £996,284. For the price you also get maid service and access to a fully equipped gym and pool.
Up until the fall of the Soviet Union, all properties in Moscow were actually state owned. These days, there’s plenty of real estate up for grabs and high returns to be had from investment. For the cost of a 1 bedroom apartment in London, you can have 5 bedrooms, a balcony and a large underground parking spot.
Toronto is Canada’s most populous city, and for that reason housing supply is tight. It’s also a very expensive place to live. An average home in Toronto will set you back £618,060, with prices set to rise further over the coming year. Without even breaking the £1m mark, you can live like a king in this generous 4 bedroom/2 bathroom family home in Edgehill Park.
Berlin, like most European cities, is growing rapidly. A crowded rental market means more people have taken to buying apartments in the capital, despite average wages being lower than other parts of Germany. The typical asking price for a family house sat at £1780 per square metre in Q2 of 2016. £996,000 will bag you this lovely 2 bedroom apartment, situated in a classic Berlin development. Underfloor heating and high class outdoor facilities are just a few of the luxuries.