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RE/MAX® STUDY
COMPARES HIGH-RISE CONDOMINIUM PRICES
ACROSS 34 GLOBAL METROPOLITAN MARKETS
New York the Most Expensive Market
Surveyed; Warsaw the Most Affordable
PARSIPPANY, N.J.,- City living brings to mind a fast-paced lifestyle, culture, fine
dining and, of course, high-rise buildings that make for gorgeous
skylines. But how much money does it take to live in the big city?
To provide some context for residential
real estate prices using a sampling of major cities worldwide, the
RE/MAX® organization has issued its first Global
Metropolitan Condominium Home Price Comparison Study (HPCS)1.
Conducted between July and October 2005, the study found that New York
City tops the list, ranking as the most expensive metropolitan city
surveyed, with an average condominium apartment price of $1,448,000. The
most affordable of the markets surveyed was Warsaw, Poland, where the
average price was USD$123,257.
The Global Metropolitan Condominium
HPCS snapshot study evaluated average prices in 34 metropolitan markets
worldwide for condominium apartments 1,400 square feet in size,
featuring two bedrooms and two and one-half bathrooms, in buildings with
at least 10 stories and a doorman.2
“Increased recreational travel and
career opportunities abroad have made the world a smaller place,” says
Jim Gillespie, president and chief executive officer, RE/MAX
Real Estate Corporation. “There is an ongoing exchange of Americans
moving overseas and vice versa. This study, which provides an
‘apples-to-apples’ comparison of metropolitan condominium apartments
globally, revealed that ownership in 15 of the markets evaluated would
cost less than USD$350,000, and that includes such major cities as
Montreal, Shanghai and Valencia, Spain.”
The top five most
expensive cities in the study include:
(Currency
exchange rate as of 11/30/05, 12:43 p.m. EST)
|
Market |
Price in U.S. Dollars
|
Price in Local Currency |
|
New York, New York
|
$1,448,000 |
|
|
Boston, Massachusetts
|
$981,250 |
|
|
San Francisco, California
|
$975,500 |
|
|
Paris, France |
$966,089 |
820,000 euros |
|
Seattle, Washington
|
$712,000 |
|
The five most
affordable cities in the study include:
|
Market |
2005 Price in U.S. Dollars
|
2005 Price in Local
Currency |
|
Warsaw, Poland |
$123,257
|
409,256 Polish zlotych |
|
Jakarta, Indonesia |
$130,537 |
1.26 billion Indonesian
rupiahs |
|
Caracas, Venezuela |
$133,656 |
287 million Venezuelan
bolivares |
|
Mexico City, Mexico |
$175,122 |
1.85 million Mexican pesos |
|
Montreal, Canada |
$176,306 |
205,890 Canadian dollars |
Key International Markets (currency
exchange rate as of 11/30/05, 12:43 p.m. EST)
|
Market |
2005 Price in U.S. Dollars
|
2005 Price in Local
Currency |
|
New York, New York
|
$1,448,000 |
|
|
Boston, Massachusetts
|
$981,250 |
|
|
San Francisco, California
|
$975,500 |
|
|
Paris, France |
$966,089 |
820,000 euros |
|
Seattle, Washington
|
$712,000 |
|
|
Los Angeles, California
|
$674,000 |
|
|
Atlanta, Georgia |
$589,750 |
|
|
Market |
2005 Price in U.S. Dollars
|
2005 Price in Local
Currency |
|
Philadelphia, Pennsylvania
|
$582,500 |
|
|
Madrid, Spain |
$582,219 |
493,908 euros |
|
Washington, D.C. |
$569,475 |
|
|
Singapore |
$569,418 |
963,000 Singapore dollars |
|
Sydney, Australia |
$512,326 |
693,000 Australian dollars |
|
Amsterdam, The Netherlands
|
$470,226 |
399,000 euros |
|
Chicago, Illinois
|
$467,375 |
|
|
Seville, Spain |
$459,548 |
389,969 euros |
|
Miami, Florida |
$443,750 |
|
|
The Hague, The Netherlands |
$419,907 |
356,330 euros |
|
Rotterdam, The Netherlands |
$385,733 |
327,330 euros |
|
Brisbane, Australia |
$364,607 |
493,125 Australian dollars |
|
Vancouver, Canada |
$351,398 * |
408,667 Canadian dollars |
|
Toronto, Canada |
$339,189 |
396,125 Canadian dollars |
|
Shanghai, China |
$321,862 |
2.6 million RMB (China yuan
Renminbi) |
|
Houston, Texas |
$321,092 |
|
|
Valencia, Spain |
$320,328 |
271,822 euro |
|
Dallas, Texas |
$302,333 |
|
|
Gdansk, Poland |
$228,633 |
758,333 Polish zlotych |
|
Krakow, Poland |
$228,633 |
758,333 Polish zlotych |
|
Mumbai, India |
$207,152 |
9.5 million Indian rupees |
|
Beijing, China |
$185,690 |
1.5 million RMB (China yuan
Renminbi) |
|
Cairo, Egypt |
$178,587 |
1.03 million Egyptian pounds
|
|
Montreal, Canada |
$176,306 |
205,890 Canadian dollars |
|
Mexico City, Mexico |
$175,122 |
1.85 million Mexican pesos |
|
Caracas, Venezuela |
$133,656 |
287 million Venezuelan
bolivares |
|
Market |
2005 Price in U.S. Dollars
|
2005 Price in Local
Currency |
|
Jakarta, Indonesia |
$130,537 |
1.26 billion Indonesian
rupiahs |
|
Warsaw,
Poland |
$123,257 |
409,256 Polish zlotych |
* Exchange rate as of 12/2/05 at 9:20
a.m. (Eastern)
Methodology
– 2005 RE/MAXÒ
Global Metropolitan Condominium Home Price Comparison Study:
RE/MAX Real Estate Corporation conducted its Global
Metropolitan Condominium Home Price Comparison Study by compiling survey
data from RE/MAX® offices throughout the
world. Companies within the RE/MAX system submitted
data based on the average sales price of sold listings from July through
October 2005. Cairo and Paris were recorded from RE/MAX
office Web site listings on Nov. 11, 2005. The criteria for the Global
Metropolitan Condominium HPCS subject home is:
condominium apartments 1,400 square
feet in size, featuring two bedrooms and two and one-half bathrooms, in
buildings with at least 10 stories and a doorman.
About RE/MAX®
Since 1906, the
RE/MAX® organization has been a premier provider
of full-service real estate. In 2005, Franchise Times magazine’s
prestigious Top 200 issue ranked the RE/MAX system
number one in real estate and number nine among all franchisors. The
RE/MAX System has more than 3,900 residential and
commercial real estate offices and 126,000 Sales Associates in 29
countries and territories. The RE/MAX System is a
leader in the industry in residential real estate, and in niche markets
such as resort, new homes and luxury properties through its
Previews International® division. It is a pioneer
in consumer services with its RE/MAX Concierge®
Service Program and award-winning Web site, www..com.
RE/MAX Mortgage is one of the largest telephone/web
based lenders in the country and the RE/MAX Commercial®
network is an industry leader in providing commercial real estate
solutions that serve the needs of tenants, landlords, sellers and buyers
in the leasing, acquisition, disposition and management of all property
types. RE/MAX Real Estate Corporation is a subsidiary of
Cendant Corporation (NYSE: CD).
ã
2005 RE/MAX Real Estate Corporation RE/MAX®
licensed to RE/MAX Real Estate Corporation. Each office is
independently owned and operated except for offices owned and operated
by NRT Incorporated.
1
The RE/MAX® Global
Metropolitan Condominium Home Price Comparison Study is not
intended and should not be deemed to be a definitive determination of
price for any particular real estate. While the
Global Metropolitan Condominium Home Price
Comparison Study offers insight into housing costs,
Real Estate Corporation recommends that potential homebuyers and
sellers conduct additional research and work with a reputable real
estate professional on their specific needs.
2
1,400
square feet was the baseline figure used as size criteria for Global
Metropolitan Condominium Home Price Comparison Study subject homes.
However, it is possible that in certain markets the size of the subject
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