WikipediaSt Tropez: Price $ 2,106 per sq.ft
WikipediaMonaco: Price $ 5,888 per sq.ft
Heinrich Kerschbaumer/ WikipediaSt Jean Cap Ferrat: Price $ 5,853 per sq.ft
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London: Price $ 6,191 per sq.ft
How much house can you buy for $1.5 million?
Despite the general economic malaise, the top markets cities such as London and Paris and resort areas like Monaco or Gstaad are still appealing to newly millionaires from Russia, China, India, the Gulf states, and elsewhere.
Whereas The US downturn have seen the dollar trading at a discount to currency such as the euro bringing buyers from Canada, Europe and South America to take advantage of the softening of Real estate in Miami.
David Michonski, CEO of Coldwell Banker Hunt Kennedy in Manhattan, says the softening of international real estate markets is a "normal correction in a major long-term bull market that started 10 years ago."
For Europeans, Miami's declining condo prices are "like Americans handing them the gift of the century," says Michonski. "The sun has not stopped shining. The beaches aren't any less white, and the whole thing costs them 30% or 40% less."
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