Bang for your buck

Seeking value or simply interested in which city is the most expensive in the world? Our PIRI pagoda calculates how far US$1 million will stretch when it comes to prime residential property

Monaco holds on to its title as the most expensive residential market globally. However, in 2022, the strong currency rewarded the US dollarbased buyer with two extra square metres for their money compared with a year ago.

New York (33 sq m) has leapfrogged London (34 sq m), again due to the strength of the greenback, making it the third priciest city, although the two cities along with Singapore (34 sq m) are pretty evenly tied.

Dubai’s 44% annual price growth may conjure up notions of lofty prices, but values are rising from a low base. Here, US$1 million buys 105 sq m, five times as much space as in Hong Kong. For real value, head to Cape Town or São Paulo where the same budget bestows more than 200 sq m.