Ethiopia has been named the most affordable location to buy luxury real estate in the emerging markets, according to a new ranking released today by Pakistan’s best real estate website, Lamudi.pk. Purchasing luxury real estate in Ethiopia costs an average of 396.58 EUR per square meter, according to Lamudi’s data.
At the other end of the scale, luxury property for sale in Angola is priced at 3965.52 EUR per square meter on average, Lamudi data shows. In August, Mercer’s annual Cost of Living survey ranked Angola’s capital city – Luanda – as the most expensive city in the world for expatriate workers for the third year running, beating the likes of London, New York and Singapore.
The luxury real estate top 20 is based on average prices per square meter from the sales price of listings on the Lamudi website, which covers more than 30 countries in the emerging markets. The ranking considers affordability as well as the available supply of luxury real estate in each country, in order to determine the leading locations to invest in more affordable luxury real estate.
Luxury property in Africa dominates the ranking, with Ivory Coast in second place, where the price per square meter for luxury property is 427.65 EUR, on average. Tanzania claims the third spot in the ranking (486.03 EUR per square meter), followed by Mexico, which has an abundance of luxury property on offer, costing on average 675.65 EUR per square meter. Rounding off the top five is Colombia, with high-end real estate priced at 756.97 EUR per square meter.
In Asia, Indonesia boasts the most affordable luxury real estate, with an abundance of luxurious properties available on the market. Furthermore, Knight Frank’s global Wealth Report 2015 ranks Bali as the third hottest luxury property market in the world, with Jakarta following in 13th position. Lamudi’s ranking reveals that the Philippines is the second most affordable location for luxury real estate in Asia, with an average price of 1078.82 EUR per square meter.
Saad Arshed, Country Director of Lamudi.pk, commented: “When it comes to luxury property, emerging property markets in Luanda, Dubai and Doha are giving global cities like New York and London a run for their money.
In emerging markets across Asia, Africa, the Middle East and Latin America, there is now an abundance of affordable luxury real estate on offer, opening up the high-end property market to the lower-income bracket.”