Vidya Ram
The wealthy Europeans in search of a holiday house would do well to replace the usual French Riviera with Buenos Aires, Argentina.

Here, indeed, to 1 million could afford a duplex of 350 square meters in the French style in the exclusive residential neighborhood of Palermo Chico. Each room has its own bathroom with a Jacuzzi for the master bedroom, and air conditioning. On the top floor there is even a screening room, sauna and terrace.

What house you can buy with 1 million worldwide

But this is only one of many options for those who can exploit the strength of the euro. There are similar opportunities in Sydney (Australia), Phuket (Thailand), Cape Town (South Africa), New York, Vancouver (Canada) and Dubai. This is because in recent years, the European currency has become stronger than almost all others. And then, the crisis in the housing market and falling prices recorded virtually throughout the world, who has 1 million to spend can make a good business.

Predict, for example, the emerging markets of Russia and China. The prices here continue to be significantly lower than those in London, Paris and New York. In Moscow, with 1 million can buy a big house with three bedroom residential neighborhood of tree Sparrow Hills. In Beijing, however, for the same amount it would become owners of a luxury apartment with four bedrooms in the Chaoyang area.

"These two cities are not yet international financial centers capable of attracting the wealthy from around the world," says Liam Bailey, head of the estate agency Knight Frank. "Moreover, the prices here have gone from very low levels."

Emerging markets linked to the euro
These markets are booming.

The cities of Central and Eastern Europe are attracting many foreign investors due to increased local demand for rented accommodation of high standard. "This trend pushes prices up," says Charles Weston-Baker, director of Savills, the international real estate agency based in London. For example, in Poland last year house prices rose by 28%, according to data from the Royal Institute of Chartered Surveyors, non-profit counseling agency of the United Kingdom. In Spain the increase was recorded instead of 3%.

But such high growth rates often hide the risk of sudden decline. And just in Beijing and Moscow has seen a downturn in property prices since the beginning of today.

"In markets such as China then there is always a bit 'of speculation," says Bailey. "The crisis has prompted people to analyze the elasticity of the market."

But economic downturns sometimes lead even good business. In markets such as U.S., Spanish and Irish, all through a deep crisis, investors are popping bravest exceptional conditions.

With that in April the European currency has exceeded the barrier of $ 1.60 and the U.S. housing market overwhelmed by a relentless decline, 1 million to New York are now very good figure. The price for a one bedroom apartment in the exclusive Hotel des Artistes on 67 th Street shall be reduced by $ 200,000 since the beginning of the year.

Yet, according to studio estimates Knight Frank, Manhattan continues to be the place where the buildings are more expensive: with 1 million you can buy just 30 square feet.

A city where the housing market does not suffer setbacks? London. "The high concentration of wealthy people from around the world helps to raise prices," said Bailey.

"London is arguably the most important financial center in the world. Besides, thanks to its geographical and time zone is the place where most business people want to have a pied-à-terre. "

In London, because of distance and traffic, have an apartment in the center is very expensive. With a million you can purchase a one bedroom apartment in Whitehall, but the location, not far from Trafalgar Square and Downing Street, and value as an investment will repay the commitment statement.

"Even in the rest of Europe, as, for example, in Germany, where there was the boom decade of the property market as has happened in Spain or the UK, you can find good opportunities to invest," says Bailey.

"The good news is that if the United States the most desirable properties are not immune from the problems affecting the entire industry, other markets to invest in bricks and mortar continues to be a good investment," says Weston-Baker of Savills.

"The demand for the most exclusive apartments will always be very high. If you can afford a home of your dreams, you can still do good business. "

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