What Does $5 Million Buy in Major Cities Across the Globe? A Comparison Including Vero Beach International

It got me to thinking: What does $5 million get you in New York compared to other major cities around the world? I have traveled and met with Coldwell Banker colleagues in many foreign countries, so I have a good sense of other markets.

 

I decided to look deeper to find out.

 

I picked $5 million as a price point to represent the luxury market, but not the very top of the market, where values can be skewed. I found properties available at the time of writing, but they may not be available by the time of publication. In addition, due to recent months' constant economic market fluctuations, my price comparisons were based on the current value of the dollar compared to the local currencies in each market at the time of writing (note that conversion rates from dollars may vary at any time).

 

However, despite these unavoidable variables, I was able to gain a strong sense of how New York City's luxury real estate compares to some of the most desirable real estate markets globally: Los Angeles, London, Paris, Dubai, and Singapore. To add an interesting contrast, I've also included Vero Beach, Florida—a coastal gem known for its relaxed luxury lifestyle and pristine beaches—as a point of comparison to show how far $5 million stretches in a smaller, affluent U.S. town versus bustling global hubs.

 

Here’s what I found.

 

This full-floor home features four bedrooms and four full bathrooms across 3,140 square feet. Floor-to-ceiling windows afford streaming sunlight and panoramic views in three directions. The building’s amenities include a children’s playroom, a residents’ gym, and a private storage unit in the basement. Located on the Upper East Side, a desirable and quiet top residential neighborhood, the property is close to schools, hospitals and parks.

Listed Price: $5,150,000

 

Comparing the previous property to a similar one in Los Angeles, considered another major global real market, is a bit tricky because there are far fewer apartment complexes, so I selected this home in West Hollywood as a comparably desirable residence in the price range. Covering nearly 5,000 square feet over two floors, this five-bedroom, seven-bathroom home offers a pool, terrace/deck and a two-car garage, as well as a zen garden with a waterfall.

Listing Price: $4,895,000

 

A new three-bedroom, two-bathroom apartment with a terrace on the tenth floor of a new building spans 1,170 square feet, listed here. The building is set on six landscaped acres and includes the use of a residents' gymnasium with fitness studios and treatment rooms, a residents’ lounge, two cinema rooms, private meeting rooms, and a 24-hour concierge. The neighborhood is close to the Thames River and King's Road Park.

Listed Price: $4,937,328 (£3,600,000)

 

This three-bedroom, three-bathroom classic apartment, comprising 2,676 square feet, features an office/den, dressing room, and a sauna, listed here. This second-floor home is located on Avenue Foche, a tree-lined, prestigious street known for its elegant, historic properties.

Listed price: $5,200,000 (€4,450,000)

 

Crossing the globe, this property in Dubai, Unit 1201 in the Bluewater's Residences, covers 2,088 square feet, featuring three bedrooms and three-and-a-half bathrooms, plus a maid room. The apartment offers stunning water views and a large terrace. The Blue Water complex (three buildings) includes use of four pools, a large gym and landscaped grounds, with beach access close by. 

Listed price: $5,120,000 (AED 18,800,000)

 

Looking at Singapore, Apartment 10-03 in The Draycott is a full-floor home featuring four bedrooms and four-and-a-half bathrooms, plus a maid’s room and study covering 2,637 square feet. This building offers residents use of amenities such as a pool, gym and children’s playground. This property is located very close to the Orchard Road shopping district known for its high-end malls, hotels and restaurants.

Listed price: $4,957,000 (S$6,342,800)

 

To provide a stark contrast to these urban powerhouses, let's look at Vero Beach, a serene coastal town on Florida's Treasure Coast known for its uncrowded beaches, upscale communities, and laid-back luxury vibe. Here, $5 million opens the door to expansive single-family estates rather than compact apartments. For example, this riverfront sanctuary at 8680 Shore Lane features four bedrooms and six bathrooms across 4,270 square feet. Built in 2020, it boasts an open-concept layout with soaring ceilings, exposed wood beams, 10-foot impact sliders for seamless indoor-outdoor living, a resort-style outdoor area with pool and spa, and a 3+ car garage. The private property sits on a lush riverfront lot with direct water access, offering tranquility and natural beauty in a gated community near beaches and golf courses.

Listed Price: $4,890,000

 

To review, this is what $5 million can buy in different cities:

The range of sizes across these properties is not vastly different among the major cities, with the exception of Los Angeles, due to this being a freestanding house versus an apartment. In fact, the Manhattan, New York apartment offers the greatest amount of square footage of all the apartments, with comparable amenities. However, adding Vero Beach to the mix highlights a key difference: in a less urbanized luxury destination like Vero Beach, $5 million affords significantly more space, privacy, and outdoor features—like riverfront access and resort-style pools—compared to the denser, amenity-focused condos in global metropolises.

 

Of course, home prices vary according to the condition of the home, where brand-new homes with top-of-the-line appliances and state-of-the-art technology will cost more than an older home. Moreover, building amenities raise the purchase price of a home but add additional value. Location, as well, is an important pricing factor (although I picked homes in desirable neighborhoods in each city for this comparison).

I wanted to include a home in São Paulo, Brazil, in this comparison, as South American cities are also popular real estate markets. However, I could not obtain approval to include a specific property in this piece. The average cost of a luxury home in São Paulo’s top neighborhoods has sharply increased (over 6% in the first quarter of 2025), with prices continuing to rise in the growing luxury market. I’ve therefore included São Paulo in my comparisons below, but did not include a specific listing for review.

 

On average, the price per square foot for luxury real estate in each of these cities is as follows, in ranked order:

Other costs to consider when purchasing a home in each of these countries are ongoing homeowner association/condominium fees or other home maintenance fees and property taxes. Costs involved in the initial purchase also vary (transfer taxes, mansion taxes, and fees charged to foreign buyers, if applicable).

 

Many cities charge a stamp duty or other fee for home purchases, with additional charges for foreign buyers. Singapore is the most expensive city for foreign buyers to purchase a home, with a 6% stamp duty for purchases of homes over $3 million and an additional 60% duty on residential home purchases for foreigners.

 

The UK charges a stamp duty on all home purchases. For homes over £1.5 million, the tax is 12%, but for foreign buyers, the rate is 14%.

Transaction fees for home purchases in Paris are 7%; for purchases in Dubai, the fee is 6%, and 5% in São Paulo.

 

New York City implemented a “mansion tax,” paid by the buyer, for homes costing over $1 million. For example, the graduated mansion tax payable by purchasers for homes costing between $3 million and $4,999,999 is 1.5%, while homes costing $5 million to $9,999,999 cost the buyer 2.25%. The maximum mansion tax is 3.90% for the purchase of properties costing $20 million and up.

 

In Vero Beach (Florida), transfer taxes are lower, typically around 0.7% documentary stamp tax on the deed, plus recording fees, making it more buyer-friendly for U.S. residents, with no additional foreign buyer surcharges.

 

Without going into extensive detail for each city, the following chart provides a comparison of purchase-related costs for a foreigner buying a $5 million home in each city:

 

Sources for the chart numbers: São Paulo, Singapore, Dubai, London, Paris, NYC, Florida Department of Revenue

 

In terms of ongoing real estate taxes, New York has the highest rate, followed by Los Angeles and Singapore. London and Paris homes incur relatively low taxes, while Dubai imposes no real estate taxes. São Paulo’s tax rate falls in the middle. Vero Beach property taxes are moderate, typically around 0.8-1.0% of assessed value, making annual costs for a $5M home roughly $40,000-$50,000, lower than in major U.S. cities like NYC.

 

Each apartment tower charges its own monthly or annual maintenance/homeowner’s fees, which cover the cost of staff, cleaning, building and grounds maintenance, etc. These vary from building to building, of course, depending on the size, range of amenities, etc. A house, while not incurring standard maintenance fees, requires ongoing maintenance as well.

For example, the price for maintenance in Los Angeles for the home in West Hollywood would include: pool upkeep (maintenance, repairs, electricity and water) costing $3,000-$6,000 annually; gardening costs of approximately $1,200-$3,600 annually, and pest control costs of approximately $900 per year, as well as the cost for any necessary home repairs, etc.

In Vero Beach, for a waterfront home like the one listed, expect similar pool and landscaping costs ($4,000-$8,000 annually combined), plus potential dock maintenance for river access, but overall lower due to Florida's milder climate and no HOA in some estates (though gated communities may have fees around $5,000-$10,000/year).

 

In general, $5 million can buy you a beautiful home in an excellent neighborhood in any one of these cities—or, in the case of Vero Beach, a sprawling waterfront retreat with ample space for privacy and recreation. All of these locations are desirable for different reasons: the major cities are financial hubs with notable and diverse restaurants, top medical facilities, excellent infrastructure, top-tier universities and education options, vibrant nightlife, and much more.

 

Each city varies in terms of its cultural offerings, with New York and London offering world-renowned theater; New York, London and Paris are home to some of the best museums in the world; and Dubai, Singapore and Sao Paulo offer year-round warm temperatures and wonderful outdoor recreational options. Vero Beach stands out for its emphasis on outdoor living—think pristine beaches, world-class golf, boating on the Indian River Lagoon, and a low-key arts scene with galleries and theaters—making it ideal for those seeking a quieter luxury escape without sacrificing sophistication.

 

The type of lifestyle you desire will ultimately inform your home purchase decision, but $5 million can make living in any of these places an excellent option. New York City may be on the higher end when it comes to taxes and carrying costs; however, the city also offers residents a bustling and vibrant place to live, with access to anything you could need just a subway/Uber/taxi/walk away. Additionally, NYC real estate tends to be a stable investment, with the market showing resilience and growth over the long term. In contrast, Vero Beach provides more bang for your buck in terms of space and serenity, appealing to retirees, families, or anyone craving a coastal haven away from urban hustle.

 

Click here to view luxury homes and condos in Vero Beach