The report highlights how global growth has lifted the fortunes of the wealthy and hiked luxury real estate prices in the top cities. “2017 was a year when the economic stars aligned and relatively healthy growth was seen across most markets,” the report said.
Indeed, almost all of the cities have become more expensive over the past year. In Monaco and New York, $1 million buys one less square meter than it did a year ago. In London, which ranked fourth, $1 million buys 28 square meters, two meters less than a year ago.
Los Angeles saw even stronger prices, with $1 million buying about 620 square feet, compared with about 657 square feet a year ago.
If you’re looking for a bargain in luxury real estate, check out São Paulo or Cape Town, South Africa. In Cape Town, $1 million buys about 1,700 square feet. In São Paulo, $1 million lands more than 1,800 square feet. But even São Paolo has become more expensive: last year $1 million could have purchased 1,900 square feet.