So you’re startup has been acquired, or you’ve won the lottery. Either way, you’ve suddenly come into a large amount of wealth, and are ready to buy your first mansion.
Do you buy a glassy penthouse in midtown Manhattan? A sprawling villa in Rio de Janeiro?
If you really want to get the biggest bang for your buck, consult the map below, which comes from Christie’s International Real Estate’s latest Luxury Defined report.
“Based on our survey, the average starting price for a luxury home across all markets is around $US2 million, ranging from $US750,000 in markets such as Durban in South Africa, and an astounding $US8 million in Beverly Hills,” the report says.
The report goes further into the cost of “starter” mansions, breaking down average prices by home type. Generally, homes in cities and their immediate surroundings are considered to be primary residences, and those located in “global economic hubs” — major cities — have the most expensive residential properties.
“Resort” markets are smaller, and are often popular with people buying second homes. They include weekend destinations and “jet set” spots like Côte d’Azur, France, St. Barths, and Telluride, Colorado.
The graphic below show the average starting price for luxury properties based on type of home.
If you only have $US5 million to spend on your first mansion, you may want to check out this chart to see where you’ll get the most bang for your buck.