The most expensive real estates in the world – check out how long you would need to work and to earn to buy them
Luxurious interior design, lavish equipment, huge space, works of art, fascinating history, and outstanding owners – these are the reasons why the most expensive real estates in the world stand out. With an average Polish income, you can only dream of having such estates. Let’s check how long we would need to work to afford the globally most expensive estates.
In accordance with the data of the Main Statistical Office of Poland (GUS), an average monthly salary in Polish enterprises amounted to PLN 5,805.72 gross in April 2021, which gives an increase by 9.9% YoY. Obviously, the amounts of salaries differ, depending on the industry and the place where one is employed. Salary rates are higher in Warsaw than in, for example, Kamienna Góra, even for the same positions. Another important factor is the purchasing power of money and the purchase one can afford for similar earnings. For example, if your income is at the level of an average national salary, you need to work for approximately 88 months to buy a flat of an area of 50 sq. m in Warsaw (with the current average price of PLN 10,224.21 per sq. m). And how long would you need to work to buy the globally most expensive estates?
Real estate prices worldwide – how much do they cost?
The prices of real estate in Poland and globally are increasing in spite of the coronavirus pandemic. Low-interest rates, cheap loans and the resulting high inflation rate have an influence on the prices of flats in Poland. Keeping money in deposits is usually not justified now from the economic perspective while the purchase of a flat may be a good investment and an appropriate solution to protect your capital. For this reason, the market of best mortgage is in a good condition despite the pandemic. Low interest rates, the necessary shift to work from home and organisation of home office, steps taken by governments to protect workplaces are some of the main reasons for the protection of real estate prices from the rapid decrease. In the member states of the Organisation for Economic Cooperation and Development (OECD), house prices noted an actual increase by 7% during the period from Q4 2019 and Q4 2020. However, there are estates for the purchase of which an ordinary loan will not suffice and huge wealth will be needed.
The one, or the most expensive house in the United States of a value estimated at USD 340 million
A modern, luxurious house of a huge area of 10 thousand square metres housing 21 bedrooms, 42 bathrooms, a garage for 30 cars, a cinema room, a bowling alley, and 5 swimming pools can be found in Los Angeles. Even though its value is estimated at 340 million dollars (or approx. 1.315 billion Polish zlotys), its purchaser can obviously negotiate a lower price. Assuming the maximum price of the estate and average earnings in Poland, you would need to work for 226,638 months to buy it.
Palais Bulles near Cannes, France: cost – only 385 million dollars
If you wanted to buy this huge building of an area of 1,200 square metres and non-standard architecture (with all rooms made of spheres), you would need to work for more than 256,634 months earning an average income in Poland. It should not come as a surprise as the value of the mansion amounts to almost PLN 1.5 billion based on the current exchange rate of the American dollar. The villa was once owned by Pierre Cardin, a famous Italian fashion designer. The building comprises a huge living room, a dining room, ten rooms with bathrooms and designer’s private suites. The property is also the location of an amphitheatre which can accommodate up to 500 people, a garden and three swimming pools. Although it is a private building, the villa was eagerly used for the purposes of the greatest world brands, e.g. for exclusive fashion shows, parties and banquets.
The Villa La Leopolda – a villa in the French Riviera – estimated value of approx. 400 million dollars
The Villa Les Cedres was sold in 2020 and its new owner bought it at an attractive price of 220 million dollars, or approx. 851 million Polish zlotys. Assuming average salaries in Poland, a person from Poland would need to work for 146,648 months to be able to afford this estate, even at a promotional price. In the past, the villa was owned by King Leopold II of Belgium. It combines its unique history with an immense area of more than 18 thousand square metres, a picturesque location, and luxurious interiors. The estate comprises 14 bedrooms, a bowling alley, an Olympic-size swimming pool and an incredible library with more than 3,000 books, a chapel, a cinema, and a ballroom. Not to mention the huge green areas with various species of rare plants.
Antilia, which is considered to be one of the most expensive buildings in the world with a value of approx. 1 billion dollars
Its value is estimated at an exorbitant level of approx. 3,870 billion Polish zlotys. The building is found in India. In the area of more than 37,000 sq. m, there are several gardens, a spa, a cinema, a huge car park for 168 cars, three helicopter compounds, and a Hindu temple. The staff of six hundred take care of the estate. It is owned by the richest man in India, Mukesh Ambani. With an average salary in Poland, it would take 666,583 months of work to purchase the estate.
If we look at the average salary in Poland, the prices of the most expensive estates in the world mean that Polish people can only dream of buying them. Only the people with huge wealth could afford to purchase these sensational villas. Obviously, some of these properties will never find a buyer ready to purchase them for the maximum amount despite their high value and will actually be sold at a lower price. But even then the earnings of a potential buyer must be at a definitely higher level than the earnings in Poland.