What Does $5 Million Buy in Major Cities Across the Globe?

How far does your money go around the world? In real estate, it can be difficult to tell. 

I’m a real estate broker with Coldwell Banker Warburg in New York. With the company’s worldwide presence in over 45 countries, I often represent international clients looking for luxury homes in New York City and have been very successful in closing a number of sales. 

It got me to thinking: What does $5 million get you in New York compared to other major cities around the world? I have traveled and met with Coldwell Banker colleagues in many foreign countries, so I have a good sense of other markets.

I decided to look deeper to find out. 

I picked $5 million as a price point to represent the luxury market, but not the very top of the market, where values can be skewed. I found properties available at the time of writing, but they may not be available by the time of publication. In addition, due to recent months' constant economic market fluctuations, my price comparisons were based on the current value of the dollar compared to the local currencies in each market at the time of writing (note that conversion rates from dollars may vary at any time). 

However, despite these unavoidable variables, I was able to gain a strong sense of how New York City's luxury real estate compares to some of the most desirable real estate markets globally: Los Angeles, London, Paris, Dubai, and Singapore.

Here’s what I found.

New York City

This full-floor home features four bedrooms and four full bathrooms across 3,140 square feet. Floor-to-ceiling windows afford streaming sunlight and panoramic views in three directions. The building’s amenities include a children’s playroom, a residents’ gym, and a private storage unit in the basement. Located on the Upper East Side, a desirable and quiet top residential neighborhood, the property is close to schools, hospitals and parks.

Listed Price: $5,150,000

Los Angeles

Comparing the previous property to a similar one in Los Angeles, considered another major global real market, is a bit tricky because there are far fewer apartment complexes, so I selected this home in West Hollywood as a comparably desirable residence in the price range. Covering nearly 5,000 square feet over two floors, this five-bedroom, seven-bathroom home offers a pool, terrace/deck and a two-car garage, as well as a zen garden with a waterfall.

Listing Price: $4,895,000

London

A new three-bedroom, two-bathroom apartment with a terrace on the tenth floor of a new building spans 1,170 square feet, listed here. The building is set on six landscaped acres and includes the use of a residents' gymnasium with fitness studios and treatment rooms, a residents’ lounge, two cinema rooms, private meeting rooms, and a 24-hour concierge. The neighborhood is close to the Thames River and King's Road Park.

Listed Price: $4,937,328 (£3,600,000)

Paris

This three-bedroom, three-bathroom classic apartment, comprising 2,676 square feet, features an office/den, dressing room, and a sauna, listed here. This second-floor home is located on Avenue Foche, a tree-lined, prestigious street known for its elegant, historic properties.

Listed price: $5,200,000 (€4,450,000)

Dubai

Crossing the globe, this property in Dubai, Unit 1201 in the Bluewaters Residences, covers 2,088 square feet, featuring three bedrooms and three-and-a-half bathrooms, plus a maid’s room. The apartment offers stunning water views and a large terrace. The Blue Water complex (three buildings) includes use of four pools, a large gym and landscaped grounds, with beach access close by.

Listed price: $5,120,000 (AED 18,800,000)

Singapore

Looking at Singapore, Apartment 10-03 in The Draycott is a full-floor home featuring four bedrooms and four-and-a-half bathrooms, plus a maid’s room and study covering 2,637 square feet. This building offers residents use of amenities such as a pool, gym and children’s playground. This property is located very close to the Orchard Road shopping district known for its high-end malls, hotels and restaurants.

Listed price: $4,957,000 (S$6,342,800)

Making the Comparison

To review, this is what $5 million can buy in different cities:

• 4-bedroom, 4-bathroom, 3,140 sq. foot home in New York City
• 3-bedroom, 2-bathroom, 1,170 sq. foot home in London
• 3-bedroom, 3-bathroom, 2,676 sq. foot home in Paris
• 3-bedroom, 3 1/2-bathroom, 2,088 sq. foot home in Dubai
• 4-bedroom, 4 1/2-bathroom, 2,637 sq. foot home in Singapore
• 5-bedroom, 7-bathroom, 5,000 sq. foot home in Los Angeles

The range of sizes across these properties is not vastly different, with the exception of Los Angeles, due to this being a freestanding house versus an apartment. In fact, the Manhattan, New York apartment offers the greatest amount of square footage of all the apartments, with comparable amenities. 

Of course, home prices vary according to the condition of the home, where brand-new homes with top-of-the-line appliances and state-of-the-art technology will cost more than an older home. Moreover, building amenities raise the purchase price of a home but add additional value. Location, as well, is an important pricing factor (although I picked homes in desirable neighborhoods in each city for this comparison).

I wanted to include a home in São Paulo, Brazil, in this comparison, as South American cities are also popular real estate markets. However, I could not obtain approval to include a specific property in this piece. The average cost of a luxury home in São Paulo’s top neighborhoods has sharply increased (over 6% in the first quarter of 2025), with prices continuing to rise in the growing luxury market. I’ve therefore included São Paulo in my comparisons below, but did not include a specific listing for review.

On average, the price per square foot for luxury real estate in each of these cities is as follows, in ranked order:

• NYC $1,800 - 2,200
• London $1,560 - 2,085
• Singapore $1,787
• Los Angeles $1,200 - $1,900
• Paris $1,046 (€9,601/m²)
• São Paulo $1,094 - $2,737 (6,000 BRL - 15,000 BRF)
• Dubai $902 - $1,335 (3,313 - 4,904 UAE Dirham)

Additional Cost Considerations

Other costs to consider when purchasing a home in each of these countries are ongoing homeowner association/condominium fees or other home maintenance fees and property taxes. Costs involved in the initial purchase also vary (transfer taxes, mansion taxes, and fees charged to foreign buyers, if applicable).

Stamp Duty/Transaction/Transfer Costs

Many cities charge a stamp duty or other fee for home purchases, with additional charges for foreign buyers. Singapore is the most expensive city for foreign buyers to purchase a home, with a 6% stamp duty for purchases of homes over $3 million and an additional 60% duty on residential home purchases for foreigners.

The UK charges a stamp duty on all home purchases. For homes over £1.5 million, the tax is 12%, but for foreign buyers, the rate is 14%.

Transaction fees for home purchases in Paris are 7%; for purchases in Dubai, the fee is 6%, and 5% in São Paulo.

New York City implemented a “mansion tax,” paid by the buyer, for homes costing over $1 million. For example, the graduated mansion tax payable by purchasers for homes costing between $3 million and $4,999,999 is 1.5%, while homes costing $5 million to $9,999,999 cost the buyer 2.25%. The maximum mansion tax is 3.90% for the purchase of properties costing $20 million and up.

Without going into extensive detail for each city, the following chart provides a comparison of purchase-related costs for a foreigner buying a $5 million home in each city: 

Sources for the chart numbers: São Paulo, Singapore, Dubai, London, Paris, NYC

Property Taxes

In terms of ongoing real estate taxes, New York has the highest rate, followed by Los Angeles and Singapore. London and Paris homes incur relatively low taxes, while Dubai imposes no real estate taxes. São Paulo’s tax rate falls in the middle.

Maintenance

Each apartment tower charges its own monthly or annual maintenance/homeowner’s fees, which cover the cost of staff, cleaning, building and grounds maintenance, etc. These vary from building to building, of course, depending on the size, range of amenities, etc. A house, while not incurring standard maintenance fees, requires ongoing maintenance as well. 

For example, the price for maintenance in Los Angeles for the home in West Hollywood would include: pool upkeep (maintenance, repairs, electricity and water) costing $3,000-$6,000 annually; gardening costs of approximately $1,200-$3,600 annually, and pest control costs of approximately $900 per year, as well as the cost for any necessary home repairs, etc.

A Home is More Than Bedrooms and Square Footage

In general, $5 million can buy you a beautiful home in an excellent neighborhood in any one of these cities. All of these cities are considered major financial hubs and offer notable and diverse restaurants, top medical facilities, excellent infrastructure, top-tier universities and education options, vibrant nightlife, and much more.

Each city varies in terms of its cultural offerings, with New York and London offering world-renowned theater; New York, London and Paris are home to some of the best museums in the world; and Dubai, Singapore and Sao Paulo offer year-round warm temperatures and wonderful outdoor recreational options.

The type of lifestyle you desire will ultimately inform your home purchase decision, but $5 million can make living in any of these cities an excellent option. New York City may be on the higher end when it comes to taxes and carrying costs; however, the city also offers residents a bustling and vibrant place to live, with access to anything you could need just a subway/Uber/taxi/walk away. Additionally, NYC real estate tends to be a stable investment, with the market showing resilience and growth over the long term.

Sources 

https://bestpooladviser.com/blog/how-much-is-pool-maintenance-per-month-in-california-55736f04
https://www.manta.com/cost-garden-maintenance-los-angeles-ca
https://www.brookspest.com/locations/california/los-angeles/
https://www.redfin.com/city/35948/NY/Manhattan/housing-market