Saturday, September 25, 2021

Property: What Will £1 Million Get You In European Capital Cities?

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One million pounds. Once regarded as an enormous sum of money, new figures have revealed that there are now more than 350,000 millionaires in Britain alone. These revelations will come as quite a surprise and showcase the monumental inflation that has happened over the last 50 years. With this in mind, here is an insight into what sort of property you can buy for £1 million in some of Europe’s capital cities.

London, England

House prices in London are currently at the highest level seen since the outbreak of recession in 2007 and experts are proclaiming the city’s property market to be in a ‘superbubble’. Due to the rise in prices, a million quid may not get you as much real estate as you would have thought.

For £1 million you could buy this three bedroomed Victorian garden apartment, that includes 2 bathrooms, a kitchen/dining room and a separate home office/guest room complete with en-suite shower. With 2 off street parking spaces this desirable apartment is located on a quiet residential road, close to Richmond tube station.

Not a huge property for the price then, however, you are unlikely to get much more for your money in central London and this is a typical property you could expect to pick up for that sort of price. The owners are looking for a fee of £1 million or nearest offer.

london

 

Image and pricing obtained from zoopla.co.uk

 

Paris, France

Across the channel, things aren’t going as well for the French real estate market as they are for the UK, with house prices continue to fall, however, it is the usual narrative of a very mixed picture across the country with localised information increasingly patchy.

In Paris, for only £996,516 you can purchase a three bed apartment with an interior of 184 square metres classy exterior architecture, a directly accessible basement and a private patio. If £1 million isn’t enough, you can also purchase an adjacent apartment that is slightly smaller for an additional £900000.

Situated near Rue Ordener in the centre of Paris, this apartment is representative of how much bang you get for your buck in the French capital, not particularly large, but with three bedrooms and a desirable location, you could be doing a lot worse.

Paris

Image and pricing obtained from primelocation.com

 

Rome, Italy

Whilst the Italian property market continued to show signs of weakness in the final quarter of 2013, reports of falling prices are diminishing and it is expected that full recovery from the economic downturn is just around the corner. This is reflected by the high price of property in the centre of Rome, with £1,000,00 getting you slightly less than it would in London or Paris.

For a little over a million (£1,093,737 to be precise), you can purchase a two bed apartment in the centre of Rome with an entrance in the desirous Piazza di Spagna. The apartment is situated right next to an entrance to the Rome underground system and offers three spacious rooms not including the bathroom. Although smaller than it’s British and French counterparts, many are willing to trade size for location, and you certainly get what you pay for in regards to location with this property.

Rome

Image and pricing obtained from primelocation.com

Madrid, Spain

The dire state of the Spanish property market is well known, and it seems unnecessary for a full description of that here. However, whilst it is an unfortunate situation for those looking to sell, there are certainly benefits from a buyers point of view, especially with prices close to rock bottom and set to rise.

The real estate crash means that this five bedroom property in Madrid is on the market for £931,702, making it the cheapest property on this list, and also the biggest.

Whilst the house is around 15 minutes from the city centre, it is perfectly located near prestigious schools, popular commercial centres and reputable restaurants. There are two large living areas accompanying the 5 bedrooms, and the master bedroom has a fantastic walk in wardrobe and en-suite. Certainly, out of the cities we have covered, Madrid is the one where you will get the most real estate for your money, and with the undeniable quality of this property, it is definitely the most value for money city on the list.

“Madrid is not the first destination that comes to mind when purchasing an expensive luxury property in Spain, Marbella is usually a very popular destination for the rich and famous” says Michael Liggan from Altavista.

Madrid

Image and pricing obtained from primelocation.com

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Sourcezoopla
Peter Black
Freelance blogger, main interests being real estate, property investment and green investments. studied in London, live in London, born in London. Chelsea fan!

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