Property in America the cheapest in the world

Wednesday, October 05, 2011

Property in America the cheapest in the world

Property in America is the cheapest in the world, according to a new infographic from website Credit Sesame.

The diagram, which aims to put the price of US property into a global perspective, shows that American real estate is cheaper per square foot than anywhere else in the world.

Despite uncertainty throughout the American property market, buyers are still investing in the country, especially as the numbers of discounted and repossessed properties are rising, meaning cheap deals can be had. As an example, real estate in Manhattan, the most expensive US city at $1,068 per square foot, is three times cheaper than Paris, where property is priced at $3,287 per square foot.

Out of the 34 major cities which were analysed, the French capital was the most expensive place in the world to buy property. The cheapest place listed was Santiago in Chile which boasts homes costing an average of $160 per square foot. However, this was still over triple that of Houston which has an average price per square foot of just $54. London property is priced at an average of $1,590 per square foot.

Speaking to The Wall Street Journal, Credit Sesame founder Adrian Nazari, said: “A homeowner in Dubai could sell and have basically enough to buy homes in Houston, Atlanta and Phoenix.”

Read our guide to buying a property in the USA

Author

A Place In The Sun