What property could you buy for US$2 million? A flat in Hong Kong, London or New York … a beachfront penthouse in Phuket or a luxury ski getaway in Niseko, Japan

Jun 24 , 2021

What kind of property can you get for US$2 million in Hong Kong, London, New York, Niseko in Japan and Phuket in Thailand? Photos: Handout

New York’s The Waldorf Astoria hosted Queen Elizabeth, Winston Churchill and Grace Kelly, and today is being turned into a collection of residences and a hotel

CBRE’s ‘Global Living Report 2020’ says Hong Kong is the world’s most expensive residential property market with flats going for US$1.25 million on average

By most people’s reckoning, US$2 million is a princely sum – unless you’re looking to buy a home in the world’s most expensive residential property market. That dubious honour goes to Hong Kong where, according to CBRE’s “Global Living Report 2020”, the average price of a flat is US$1.25 million, or US$1,987 per sq ft, the highest among 39 global cities tracked. Here’s what a budget of US$2 million will buy you in Hong Kong, and in four places elsewhere:

Hong Kong: a 756 sq ft flat in Sheung Wan

This 756 sq ft, one-bedroom unit close to Soho and Lan Kwai Fong is the sweet spot for young professionals looking to step onto the property ladder in Hong Kong. Photo: Handout

A one-bedroom unit in Hollywood Terrace, on Hollywood Road, close to Soho and Lan Kwai Fong, is the sweet spot for young professionals looking to step onto the property ladder. Kimmy Khemaney, senior director, Residential Services at Savills, says properties like this, in the US$1 million to US$2 million price bracket, represent the busiest market for sales at the moment. “Most buyers are young couples,” she says.

With US$2 million, you could also get a lovely village house in Sai Kung, but it’s relatively far from Central and the traffic is a downside, Khemaney says, plus the capital growth will be lower.

New York City: a studio in one of America’s most iconic buildings

The Towers of the Waldorf Astoria, a collection of 375 contemporary residences and a hotel arranged over 52 storeys. Photo: Handout

Originally built in 1931, the Waldorf Astoria on Park Avenue has hosted generations of global elite, including Winston Churchill, Grace Kelly and Queen Elizabeth. Today, the building is being restored as The Towers of the Waldorf Astoria, a collection of 375 contemporary residences and a hotel arranged over 52 storeys.

Dan Tubb, senior director of sales for the project reports “incredible interest” from Asian buyers. “Everyone wants to be in New York, the premier global capital of wealth, culture and entertainment,” he says.

London: a pied-à-terre on London’s iconic Portobello Road

The Auria, by Catalyst, offers a new phase of homes in London’s Portobello Square. Photo: Handout

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