In the world's most expensive property markets, $1.5 million still doesn't go very far despite some softening in real estate prices
How much house can you buy for $1.5 million? Depending on where you look, it might not be very much.
Despite global economic concerns, the credit squeeze, and rising commodity prices, properties in the world's most expensive neighborhoods are still commanding ferocious premiums. While $1.5 million in Cleveland or Tampa would probably purchase a substantial house, with four bedrooms, a multicar garage, and maybe even such amenities as a swimming pool and media room, in London's Belgravia or on Manhattan's Fifth Avenue, it would buy you little more than a glorified shoebox.
Using data from London-based real estate group Knight Frank, BusinessWeek.com identified the 20 most expensive markets in the world and what you can buy in those cities' prime areas with $1.5 million. In London, where at $6,191 the average price per square foot is the highest in the world, your $1.5 million would buy only a small studio in the smartest parts of town. In Venice, on the other hand, despite limited building space, your money goes a bit further, getting you a two-bedroom apartment or more near the Grand Canal. (Of course, in less illustrious neighborhoods, your money goes further still.)