Prime property markets across the world’s top cities continued to flourish in 2022 after a record-breaking 2021 during the pandemic. More activities were seen in the prime, super-prime and ultra-prime markets across 10 global markets in 2022, according to the latest Knight Frank Wealth Report.

As many as 1392 sales were transacted at or above $10 million (approx. Rs 82 crore) across 10 global markets. Though the 2022 prime property transaction number was lower than the record-breaking 2076 sales witnessed in 2021, it remained 49% above the 2019 levels, the report says.

The report also shared an analysis of how many square metres of prime property one can buy in some of the top cities of the world for $1 million (approx Rs 8.2 crore). As a number of Indians, are interested in investing in prime properties abroad these days, we look at how many square foot (sqft) of prime property one can buy for Rs 50 lakh in 7 cities – Dubai, Singapore, Sydney, New York, Melbourne, Mumbai and Tokyo.

Dubai

dubai property
A scene from Dubai. Image: Pixabay

According to the report, you can by 105 sqm (1130 sqft) of prime property for $1 million (approx Rs 8,19,65,500). Price per sqft of prime property in Dubai comes to Rs 72,535 (by dividing Rs 8,19,65,500 with 1130). Thus, for Rs 50 lakh, you may be able to buy only around 68.93 sqft of prime property in Dubai.

Singapore

singapore property
A scene from Singapore. Image: Pixabay

In Singapore, one can buy 34 sqm (approx 366 sqft) of prime property for $1 million (approx Rs 8,19,65,500). Price per sqft of prime property in Singapore comes to Rs 2,23,949. Thus, for Rs 50 lakh, you may be able to buy only around 23.3 sqft of prime property in Singapore.

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New York

New york property
A scene from New York. Image: Pixabay

In New York, you may be able to buy only 33 sqm (approx 355 sqft) of prime property for $1 million (approx Rs 8,19,65,500). Price per sqft of prime property in New York comes to approx Rs 2,308,89. Thus, for Rs 50 lakh, you may be able to buy only around 21.6 sqft of prime property in New York.

Sydney

Sydney property
Sydney Opera House. Image: Pixabay

In Sydney, you may be able to buy one can buy 44 sqm (approx 474 sqft) of prime property for $1 million (approx Rs 8,19,65,500). Price per sqft of prime property in Sydney comes to approx Rs 172923. Thus, for Rs 50 lakh, you may be able to buy only around 28.9 sqft of prime property in Singapore.

Melbourne

Melbourne property
Melbourne skyline. Image source: Pixabay

In Melbourne, one can buy 87 sqm (approx 936 sqft) of prime property for $1 million (approx Rs 8,19,65,500). Price per sqft of prime property in Melbourne comes to approx Rs 87,570. Thus, for Rs 50 lakh, you may be able to buy only around 57 sqft of prime property in Melbourne.

Tokyo

tokyo property
A bridge in Tokyo. Image source: Pixabay

In Tokyo, you may be able to buy 60 sqm (approx 646 sqft) of prime property for $1 million (approx Rs 8,19,65,500). Price per sqft of prime property in Tokyo comes to approx Rs 1,26,881. Thus, for Rs 50 lakh, you may be able to buy only around 29.4 sqft of prime property in Tokyo.

Mumbai

mumbai property
A scene from Mumbai. Image: Pixabay

In Mumbai, you may be able to buy 113 sqm (approx 1216 sqft) of prime property for $1 million (approx Rs 8,19,65,500). Price per sqft of prime property in Mumbai comes to Rs 67,406. Thus, for Rs 50 lakh, you may be able to buy only around 74.17 sqft of prime property in Mumbai.

(Disclaimer: The above calculations are based on average prime property prices across the above-mentioned cities as per the Knight Frank Wealth Report. Some figures have been rounded off to the nearest zero)