Every year, the consulting firm Knight Frank measures how much prime property — the top tier of each market — can be bought with one million U.S. dollars in the world's leading cities. It is one of the most useful comparisons for an international investor deciding where to put capital.

The March 2025 edition leaves Miami in a clear position.

Square Feet per $1 Million, City by City

  • Miami: 624 sq ft (about 58 m²)
  • Sydney: 484 sq ft (45 m²)
  • Shanghai: 474 sq ft (44 m²)
  • Los Angeles: 399 sq ft (37 m²)
  • London: 366 sq ft (34 m²)
  • New York: 355 sq ft (33 m²)
  • Geneva: 355 sq ft (33 m²)
  • Singapore: 344 sq ft (32 m²)
  • Hong Kong: 239 sq ft (22 m²)
  • Monaco: 204 sq ft (19 m²)

In other words, the same million buys 76% more space in Miami than in New York and three times as much as in Monaco.

Cheaper, but Not Standing Still

In the previous measurement, $1 million bought 689 sq ft in Miami. The drop to 624 means prime prices per square foot went up — about 10% between the two editions. Miami is not inexpensive because nobody wants it; it is still relatively accessible because it started from a lower base than the traditional global capitals, and it is closing the gap.

For an investor, that is the interesting combination: a market that is already international and liquid, with room to keep converging toward the prices of comparable cities.

How to read this data: "prime" refers to the highest segment of each city — the best buildings and locations. It is not the average price of the market. In Miami, many quality pre-construction projects sit below that segment, with lower entry points.

Why the Gap Exists

  • Available land and new supply. Miami keeps adding modern towers, while cities like Hong Kong or Monaco have almost no room to grow.
  • A younger market. Miami's consolidation as a global financial and lifestyle hub is recent compared with London or New York.
  • Competitive taxes. No state income tax for residents, which attracts the same buyers who sustain prime markets elsewhere.

What This Means for You

If you are comparing options in several countries, Miami offers a rare balance: dollar-denominated assets, a transparent legal framework and more space per dollar than almost any other global city. The key is choosing well within the market: location, building quality and payment plan.

See how this plays out in a specific project, such as Domus Brickell Center or Baccarat Residences, or ask us for a comparison based on your budget.

Source: Knight Frank, The Wealth Report (March 2025). Square meter figures are rounded conversions.