Ever thought about owning a city apartment abroad? Holiday homes in the sun are an aspiration for many, but what if you prefer the vibrancy of the city, the buzz and hum of a bustling metropolis?
You may have a favourite city in mind, somewhere you’d love to be able to jet off to at a moment’s notice for a weekend break, but unless you have money to throw around (and few of us do in the current climate) you’ll need to make sure the purchase is an investment which works for you financially. For assistance in finding the ideal city destination, a new interactive guide from Residential Land looks at the various costs involved in living in certain cities around the world.
If you want to take a rental income on your city apartment, then rental values comparative to purchase costs should be considered. From this perspective, New York looks like an attractive proposition. The Residential Land guide, which takes its data from Numbeo, shows that one-bedroom apartments in the Big Apple command by far the biggest rental values of any of the major world cities measured. Yet when it comes to purchasing costs, prices in New York lag behind those found in Sydney, London, Paris, Tokyo and even Rome. This means paying for a purchase in New York by renting out the property when you’re not using it should be easier than in other cities.
At the other end of the scale is Paris, where rental values commanded for a one-bedroom apartment are moderate, yet prices are the third highest measured in the study. For an altogether cheaper option in one of the most vibrant city-break destinations (meaning there is a big market for letting to holidaymakers), Berlin is worth consideration. While rental values are relatively low, purchase costs are even lower, making property in Berlin something of a bargain.
Other costs associated with spending time in a city look favourably on New York. The cost of travelling 1km in one of those famous yellow cabs works out at around 80 pence – only Dubai, Beijing and Delhi command lower rates on the Residential Land list. The comparative cost of eating out is slightly higher, but is still less than you would pay in Sydney, London or Dublin.
So if you do want to make an investment in a city break destination, New York could be the place for you.
