£500,000 – I think we can all agree this is a lot of money! So the question is, how far will half a million pounds get you if you are searching for a property across Europe’s most sought after locations? Let’s first take a look at Paris. Paris. The city of inspiration, fashion, art and of course romance – who wouldn’t want to live there?! Well it comes at a price, €8,540 per square meter to be precise! And this is just the starting point. This can increase to €14,000/sqmtre (£1,138/sqft) for prime central Paris. A one bedroom is certainly achievable, however you would need a lot more than £500k should you wish to purchase a luxury apartment moments from world famous landmarks in Prime Central Paris!
The Spanish capital of Madrid offers huge attractions including the (often elusive in London) sunshine! It’s rich repositories of European Art and with its elegant boulevards and expansive parks, it’s certainly a very inviting city! But is it affordable for a first time buyer? According to Your Money National Blogs, houses within the central business district cost an average of €5,188 per square metre (£421/sqft). Accordingly to Zoopla, there are 68 properties on the market below £500k ranging from 2 – 5 bedrooms. The lack of new developments and modern office space means properties purchased would usually require some refurbishment works – however Spain is certainly on the rise following their economic downturn several years ago. To conclude, it is certainly more affordable than both London & Paris with the chance to secure a much larger property.
And finally let’s talk about our very own capital city – London. With the average £/square foot at a staggering £1,763 you would do well to purchase a large studio apartment let alone a one bedroom above 400sqft in the centre of London – not to say that’s it impossible, however they are very difficult to come across. In today’s market there is always the opportunity to negotiate – so who knows what you could find! According to Rightmove, there are currently 23 available properties to buy under £500k. There’s no wonder London is renowned for being one of the most expensive cities in the world! Davis Brown currently has a great 1 bedroom flat for sale in the heart of Fitzrovia, and it’s well under £500K! (you can find this property on our website.).
With each capital city offering its own unique and famous attractions and their distinctive property designs, whether modern or traditional style – where would you choose?