In the fickle world of real estate, $1 million (£797k) stretches further in some locations than it does in others – for the same sum, you can pick up a vast property with acres of land, or a tiny apartment in a bustling city. To illustrate the difference, we've found two homes in key countries, with a similar seven-figure price tag but very different amenities and square footage. 

From a sprawling French castle to a micro apartment in London, click or scroll on to discover what a million bucks can buy you around the world...

*All prices, conversions and average prices correct at time of publication.

Australia is home to bustling cities and beautiful, rural locales, so it makes sense that its real estate prices vary greatly but in general terms prices are on the up. As of October 2024, national house prices rose for the 21st consecutive month to just under a median of AU$810,00 ($532k/£412k), according to data from property research firm CoreLogic.

New South Wales is home to the country's most expensive property market, Sydney, which has a median home value of around AU$1.2 million ($780k/£622k). Meanwhile, the most affordable region is the Northern Territory, with an average house price of AU$538,000 ($350k/$£279k) as of June 2024.

The equivalent of $1 million (£797k) doesn't go too far in the sought-after city of Sydney. Yours for AU$1.5 million ($975k/£777k), this snug but stylish apartment was recently put on the market with Village Property.

The floor plan encompasses a single bedroom, a bathroom, an open-plan living area and a balcony. While square footage may be limited, there's no shortage of luxury finishes. High-end timber floors and fixtures extend throughout, while the kitchen features stone countertops and state-of-the-art Gaggenau appliances. 

Measuring a total of 613 square feet (57sqm), the apartment is very typical of the property options for those living in the city's central business district. Sydney is facing an affordable housing crisis – the average home here costs 13 times the average income.

Still, there's no denying that the views are pretty incredible. Walls of floor-to-ceiling glass line the living area and bedroom, offering breathtaking views across the city skyline.

Beyond New South Wales, your money will stretch a whole lot further. This marvellous house in the suburbs of Darwin in the Northern Territories was listed on the market for just under AU$1.4 million, the equivalent of $910,500 ($725k). 

For less than the price of a one-bedroom apartment in Sydney, you can get a 13,562-square-foot (1,260sqm) property with a four-bedroom house, a resort-style swimming pool and spa and manicured gardens.

The main open-plan living areas are situated on the lower level, while on the home's upper level, there's a large deck that sits among the trees, ideal for entertaining alfresco.

A short walk to the beach, as well as the neighbourhood's boat clubs, the property is well-placed to make the most of the coastal lifestyle – there's even enough space on the lot to park a large boat. 

Like most countries, the United States is home to super-expensive metropolises and more affordable cities and towns. House prices continue to rise across the nation, and while there's been an increase in the inventory of new homes, there's a serious lack of affordable housing. 

According to the National Association of Realtors, the average house in America costs $404,500 (£322k) as of September 2024. Zillow data shows that Hawaii is the most expensive state at $986,352 (£786k), while West Virginia is the least expensive state, with a median house value of $167,341 (£133k). However, Manhattan's average house price of $2.7 million (£2.2m) makes it the most expensive housing market in the US.

So what do homes look like in New York City's most exclusive borough? Located in Manhattan's leafy Murray Hill neighbourhood, this one-bedroom condo was recently listed for just under $1.1 million (£876k) with Corcoran.

Space comes at a premium in the densely populated Big Apple – this petite city property has 745 square feet (69sqm) of living space, including a bedroom, an open-plan kitchen and lounge and two bathrooms.

The king-sized bedroom leads directly outside to the wraparound terrace, which features views over the East River. Outside space is something of a rarity in New York City, making this apartment a particularly desirable offering. 

You also get the benefits of living in one of Manhattan's most exclusive, full-service condominium buildings. This means that residents can make use of the state-of-the-art gym, garden, courtyard and laundry service. 

At the other end of the scale in West Virginia, the US's cheapest state for homebuyers, you can buy a sprawling, historic home for $995,000 (£792k). On the market with Old Colony, the home's stature and scale is evident from its grand, columned façade. 

This neoclassical estate, known as the Albert S. Heck Mansion, offers plenty of value for money. As well as the house itself, the property includes more than 10 acres (4ha) of landscaped gated grounds, plus a tranquil pond. 

Dating back to 1925, the mansion spans two storeys and 6,300 square feet (585sqm). There are more than 13 rooms, including five bedrooms and five bathrooms. 

The home's historic architectural features have been beautifully preserved, from the moulded archways and sweeping staircase to the beautiful herringbone wood floors. While the property's heritage takes centre stage, the bathrooms and kitchen have all been sensitively updated for modern living.

The United Kingdom is suffering from a housing crisis. Due to a huge supply and demand imbalance, decent homes are hard to come by and extremely unaffordable for many. The average UK house price increased by 2.8% in the 12 months leading up to August 2024, sitting at £293,000 ($368k), according to the Office for National Statistics.

As of 2024, County Durham in the North East of the country is one of the cheapest places to buy a house in the UK, with an average price of just £164,227 ($206k), according to Rightmove. Unsurprisingly, the London borough of Kensington and Chelsea is the most expensive area. Here, homes cost £1.2 million ($1.5m) on average.

A stone's throw from London's affluent Sloan Square in Chelsea is this recently renovated apartment, which was listed with estate agents Chestertons for $1 million (£800k). 

When you purchase real estate in the UK capital's most expensive borough, you pay for every inch of space. This one-bedroom apartment measures a compact 465 square feet (43sqm) – that makes it £1,720 ($2.2k) per square foot, the equivalent of £18,519 ($23k) per square metre. 

Crisp white walls and warm wood floors define the interiors, which include a multifunctional living area with a lounge, dining zone and kitchen, decked out with modern white cabinetry. Elsewhere, there's a sleek bathroom with a combined shower and bathtub, as well as a double bedroom.

It's a completely different story over in County Durham in the North East of the UK. In the quaint village of Haswell, this large new-build home offers five bedrooms and four bathrooms, all for £775,000 ($973k). Spanning 4,200 square feet (390sqm) of living space, it's almost 10 times the size of the Chelsea apartment. 

Along with its sizeable floor plan, the house is positioned on a 0.4-acre (0.2ha) plot and features a large, manicured garden and terrace to the rear.

The ground floor contains a large open-plan family room, which encompasses the kitchen and dining zone, along with a sitting area. A separate entertaining room, utility, pantry, study and bathroom also occupy this level. 

Upstairs are the bedrooms, including the master suite, complete with its own dressing area, ensuite bathroom and balcony. There's also a large games room fitted out with a built-in flatscreen TV and pool table – perfect for the whole family. 

A country with dramatic natural landscapes and vibrant cities, New Zealand is a sought-after place to live and is regularly named one of the best places to live in the world thanks to its stunning landscape and quality of life.

So, what about affordability? Well, real estate here is famously expensive. In September 2024, the average house costs NZ$781,000 ($457k/£364k) according to Property investment firm Opes Partners. Auckland, the country's most populous city on its North Island, is the most expensive hotspot with an average house price of NZ$970,000 ($567k/£452k). Meanwhile, some of the cheapest markets are found on the West Coast. In Grey District, for example, the median house price is NZ$390,000 ($228k/£182k).

With a median property price of just under NZ$1.8 million ($1.1m/£838k) in September 2024, Orakei Ward is the most expensive district to buy in the Auckland region. However, if you think that'll get you a sprawling mansion, think again. 

Perched on the edge of Hobson Bay, one of these humble boat sheds was put on the market for just less than NZ$1.9 million ($1.1m/£884k) with New Zealand Sotheby's International Realty. Surprisingly, the historic structures have proved to be incredibly desirable over the years – they're an iconic Auckland landmark and regularly command sizeable price tags when they come to market. In July 2023, one of the sheds sold at auction for NZ$2 million ($1.2m/£930k)! 

Boatshed 18, as it's known, is no rundown shack. Dating back to 1930, the 1,453-square-foot (135sqm) structure has been impressively overhauled for modern living. A large deck leads into a modern living and dining area with a full-sized kitchen, as well as a shower room and toilet. Upstairs, there's a lounge on the mezzanine level that benefits from views across the bay, plus a study and yoga room. 

Crucially though, there's no bedroom. Zoning rules that cover the sheds mean that owners can't stay in their units overnight or reside there full-time. Still, there's no denying that this is a pretty unique piece of real estate.

Over on New Zealand's South Island in Grey District, you can find rural retreats at more affordable prices. Nestled in the town of Greymouth on the West Coast is this contemporary seven-bedroom home listed for just under NZ$1.6 million ($935k/£745k) with Harcourts West Coast.

The house is sited over an acre (0.4ha) of beautifully landscaped grounds, featuring tropical planting, a spa pool, a storage shed and a four-car garage. The lot also benefits from breathtaking views across the bush and the Tasman Sea.

Constructed in 2004, the home is packed with state-of-the-art features, including underfloor heating, a central vacuum system and a heat pump.

Its 5,220-square-foot (485sqm) floor plan includes a modern kitchen with high-end appliances, a breakfast island and a butler's pantry. As well as an array of communal living spaces, there's also plenty of space to host friends and family thanks to the home's seven ensuite bedrooms. 

A country with vast national parks, gorgeous mountain ranges and thriving metropolises, Canada is often described as one of the best countries in the world, not just for travel, but for living too.

As of November 2024, the nation's average house price was CAD$669,630 ($479k/£381k). The province of Newfoundland and Labrador has the cheapest houses, according to data from the Canadian Real Estate Association. On average, homes here cost CAD$297,000 ($212k/£169k). British Columbia and Ontario have the country's most expensive property markets, with the average home selling for CAD$962,537 ($688k/£548k) and CAD$837,685 ($599k/£477k) respectively.

The nation's most expensive city for real estate is Vancouver, where the average price of all homes sold in July 2024 came in at just under CAD$1.2 million ($858k/£683k). 

This one-bedroom penthouse apartment in the city was put on the market with JamesEdition for just less than CAD$1.5 million ($1.1m/£853k), slightly higher than the local average. The home is situated in the city's Downtown Eastside and features an incredible rooftop terrace that overlooks the glittering waters of the Inner Vancouver Harbour.

Showcased in publications including House and Home and Western Living Magazine, the stylish apartment is decked out in a minimalist palette of black and white. The chef's kitchen features a marble splashback, a large breakfast bar and plenty of storage, while the bathroom offers a spa-style soaking tub. The floor plan has an easy, open flow – the bedroom is zoned off with Crittall-style glass doors, ensuring light permeates through the home.

As part of The Edge, an upmarket residential complex, residents also have access to state-of-the-art amenities including a gym, recording studio and workshop.

Meanwhile on the opposite side of the country on Canada's east coast, the same sum could get you a completely different kind of coastal home. The province of Newfoundland and Labrador is known for its breathtaking scenery, cliffs and waterfalls, as well as its incredibly affordable property market.

A perfect example is this magnificent five-bedroom home in the town of Paradise, a few minutes' drive from the ocean, which was put on the market with Royal LePage for just under CAD$1.3 million ($929k/£740k).

Completely renovated in 2017, the house features the latest in state-of-the-art technology, including geothermal heating, underfloor heating, surround sound and a 16-camera security system. 

The open-plan layout is designed for entertaining. The kitchen features a vast breakfast island and a dining nook that opens out onto the backyard with its terrace and swimming pool. There are five bedrooms and five bathrooms, but the master suite is the home's crowning glory. The luxurious space includes a private terrace, hot tub, gym and spa-style ensuite bathroom.

South Africa's property market is on the brink of a resurgence after interest rates were cut in September 2024. House prices have been growing at a lower rate than inflation in recent years, but experts are predicting that the cut will finally revive the market, resulting in rising home values. 

As of the first quarter of 2024, the average property price in the nation is R972,200 ($54k/£43k) according to data compiled by the real estate search website Property24. South Africa’s most expensive province, the Western Cape, has an average sale price of R1.6 million ($89k/£71k), while the least expensive areas include the provinces of Free State and North West, where homes cost an average of R800,000 ($44k/£35k). 

Homes in the country's capital of Cape Town in Western Cape are some of the most expensive in the nation, yet there are neighbourhoods in the city where prices are particularly sky-high. This apartment is located in the upscale enclave of Clifton, an area that offers four white-sand beaches and a lively restaurant scene. The average house sale price in Clifton in 2024 is R26 million ($1.4m/£1.1m).

Inside, the three-bedroom apartment features an open-plan living area, with a lounge, small dining space and galley kitchen. Yet, remarkably, it was most recently listed for R23 million ($1.3m/£1m).

According to listing agents Sotheby's International Realty, the 2,271-square-foot (211sqm) apartment is located in a "rarely for sale, hard to find and highly-desirable" neighbourhood, which is likely why it is so expensive.

Adding to its price is the fact the home comes with two parking bays, a communal swimming pool on the edge of the sea, and, of course, unbelievable views. 

At the lower end of the nation's property market, the province of Gauteng in the north of South Africa offers a lot more for your money, with an average house price of R900,000 ($50k/£40k).

Offering five times the square footage of the Cape Town apartment, this 11,840-square-foot (1,100sqm) home in the province's Sandton region was on the market with Sotheby's International Realty for just under R18 million ($998k/£793k). 

The modern family home features a high-end kitchen with a walk-in fridge, two living areas and two dining rooms, as well as six bedrooms and seven bathrooms. Meanwhile, the luxurious master suite comes complete with an ensuite with a Jacuzzi, dual dressing rooms, a lounge and a study. 

Outside, a large covered patio offers the perfect place to entertain alfresco, featuring breathtaking views across the landscaped grounds, which include a swimming pool and water feature.

With its bustling cities, glittering coastlines and picturesque mountains, Spain has plenty to offer prospective homebuyers. The country's property market is experiencing a boom, with house prices rising across its regions. In the second quarter of 2024, the average cost of a home was €176 ($184/£147) per square foot or €1,896 ($2k/£1.6k) per square metre.

According to 2024 data, one of the most expensive places to buy a home is Madrid, where the average price per square foot stands at €346 ($362/£289), or €3,722 ($3.9k/£3.1k) per square metre.

In contrast, one of the cheapest areas is the province of Castilla-La Mancha in the centre of Spain. Houses here sell for an average of €61 ($64/£51) per square foot or €661 ($693/£551) per square metre but apartments are more expensive at €1,061 ($1.1k/£885) per square metre.

So exactly how far will your money stretch in one of Spain's most expensive markets? Located on Madrid's Plaza de la Marina Española, this two-bedroom apartment is close to some of the city's most iconic sights including the Royal Palace and the Plaza de España. Proximity to such landmarks comes at a cost though – €990,000 ($1m/£827k) to be precise.

Listed with VIVA Sotheby's International Realty, heritage design touches extend throughout the carefully renovated home, from the arched doorways and wall panelling to the herringbone floors. 

The property features two bedrooms and two bathrooms across 1,528 square feet (142sqm) of living space. There's also an entrance foyer, lounge, kitchen-diner and dressing room, along with built-in wardrobes.

Meanwhile, your money will go a whole lot further in Spain's picturesque rural regions. This sprawling property is located in the town of Montoro in the province of Córdoba in the south-central region. Homes in the rural municipality cost an average of €60 ($63/£50) per square foot, or €649 ($681/£542) per square metre.

For €985,000 ($1m/£822k) – that's €5,000 ($5k/£4k) less than the Madrid apartment – you could buy this large 10-bedroom compound, listed with Luxury Estate.

A converted 18th-century olive mill, the property was formerly run as a hotel and includes a swimming pool, a 2.5-acre (1ha) olive grove and parking for up to 20 cars. 

The beautiful main house offers 10,398 square feet (966sqm) of accommodation across three floors. The floor plan features a kitchen, living room, laundry room, library, seven bedrooms and eight bathrooms, as well as an idyllic outdoor terrace. In addition, the estate's smaller house provides an additional 1,593 square feet (148sqm), comprising a living room, kitchen, two bedrooms and two bathrooms.

Germany is home to beautiful, historic cities and stunning rural wilderness, yet it's been a turbulent few years for the country's property market. Falling house prices through 2024 have left values at 14% below their peak in 2022.

According to data from real estate company Engel & Völkers, the average sale price of a home in October 2024 is just over €395,000 ($414k/£330k). Germany's most expensive market is Munich in Bavaria, where the typical home costs just under €1.4 million ($1.5m/£1.2m). Cheaper areas include the states of Thuringia, Saxony-Anhalt and Saxony. In the latter, home values stand at around €248,000 ($260k/£207k).

Brimming with ornate architecture and a cosmopolitan culture, it's no wonder that homebuyers flock to Munich. However, the high demand for property here has made the Bavarian capital the most expensive place to buy a house in the whole of Germany.

For example, this compact, three-bedroom apartment in the city borough of Hadern was on the market for €899,000 ($943k/£750k) with Engel & Völkers. Its 1,119-square-foot (104sqm) interior is tastefully decorated, yet its dimensions are rather small for such a hefty price tag.

The main level offers a modern open-plan kitchen and living room, a bathroom and two small bedrooms. A spiral staircase leads up to the master bedroom, which has two balconies and a wall of built-in wardrobes.

While house prices across Germany are generally falling, the steep cost of property in Munich still puts homeownership out of the reach of many city dwellers. 

Meanwhile, there's a marked shift in affordability in Germany's more rural areas. For around the price of the Munich apartment, you can buy a magnificent historic mansion in the state of Rheinland-Pfalz for just €998,000 ($1m/£833k) with Real Portico. Away from the hustle and bustle of the country's major cities, the grand house is shrouded by trees in the quaint town of Wassenach. 

The 18th-century mansion was built on the foundations of a medieval castle. Its ornate, Baroque architecture is still as impressive now as it was centuries ago, from the decorative columns to the ornate window surrounds. 

Space is in no shortage here. The house incorporates two wings, offering a total of 6,458 square feet (600sqm) of elegant accommodation. There are five bedrooms and three bathrooms along with multiple reception rooms, a library, a vast hall, kitchen, pantry, cellar and attic. There's even a separate English-style cottage in the grounds that's currently used as a workshop.

The impressive home was restored in the 1980s, returning its historic elements, including the stucco mouldings, original wood floors and doors, to their former glory. 

From a rural château to a romantic city pied-à-terre, French real estate is diverse – and what's more, it's currently a buyer's market thanks to falling house prices and reduced sales. According to data from international property portal Properstar, the median price for an apartment is €387 ($406/£323) per square foot or €4,162 ($4.4k/£3.5k) per square metre, while houses are €218 ($229/£182) per square foot or €2,348 ($2.5k/£2k) per square metre.

Unsurprisingly, homes cost the most in Paris, where the average price for an apartment hit €919 ($963/£767) per square foot or €9,279 ($9.7k/£7.7k) per square metre in October 2024. In contrast, the more rural regions of Central France are home to the most affordable markets.

Situated in the region of Île-de-France, Paris has long been immortalised in popular culture and was crowned the most beautiful city in the world in 2024. Consequently, it's the most desirable real estate market in France and even $1 million (£797k) won't buy you very much.

This charming one-bedroom pied-à-terre on the iconic Avenue des Champs Elysées in the city's 8th arrondissement was most recently listed with Sotheby's International Realty for €945,000 ($991k/£789k).

Situated on the fourth floor of a 1970s apartment building, the layout includes an entrance hall, a light-filled living room with a Juliet balcony, a small kitchen, a bedroom with built-in wardrobes and a bathroom. 

In total, the apartment spans 624 square feet (58sqm), which makes it €1,514 ($1.6k/£1.3k) per square foot or the equivalent of €16,301 ($17k/£13.6k) per square metre. It's no surprise that real estate in the heart of Paris is some of the most expensive in the world.

Away from the hustle and bustle of the big cities, you'll get far more square footage for your money in Central France. For example in the department of Indre, the median house price is around €153 ($160/£128) per square foot or €1,647 ($1.7k/£1.4k) per square metre.

Trading big-city living for a quieter pace of life really pays off – this beautiful château in the town of Valençay in Indre was put on the market with Cabinet Le Nail for just €995,000 ($1m/£831k). The 16th-century property includes five acres (2ha) of parkland and even a saltwater swimming pool.

The sprawling main mansion spans three floors and offers 4,844 square feet (450sqm) of living space. On the ground floor, there's a dining room, kitchen, living room and bathroom, while on the upper two floors, there are seven bedrooms, plus a multifunctional games room and home cinema.

In the grounds, an array of outbuildings offer additional square footage, including an 18th-century structure, a garage and a storage room. An escape to the country suddenly looks very tempting...

Renowned for its breathtaking mountains and historic cities, Austria is a popular location among prospective buyers and investors. The nation has a remarkably stable market that's experienced sustained growth over the past few years. According to data from Eurostat, the statistical office of the European Union, house prices in Austria have grown by 108% since 2010. A typical house in Austria is estimated to cost around €359,000 ($374k/£299k).

One of the most expensive regions to purchase property is unsurprisingly Vienna, the nation's capital, while house prices are much lower in Burgenland, Austria's least populous state in the east.

Vienna's sought-after real estate comes at a price. According to Engel & Völkers, the average price per square foot for a condominium in the city in the second quarter of 2024 was €567 ($591/£472), the equivalent of €6,100 per square metre ($6.4k/£5.1k). When it comes to detached and semi-detached houses, the average price came in at €750,000 ($782k/£624k).

Situated in a desirable spot between Vienna State Opera House and the Naschmarkt, this light-filled apartment was listed with Sotheby's International Realty for just over €1.1 million ($1.1m/£916k).

The modern, streamlined home is located on the seventh floor of an apartment building and benefits from magnificent views across Vienna's skyline. It even has a 4.9-foot-wide (1.5m) terrace that stretches the length of the living space, a rarity in the city. 

The floor plan includes a combined dining area, lounge and kitchen with a compact breakfast bar, along with a guest bathroom and a double bedroom with an ensuite complete with a shower and bath.

Head south of Vienna and you can get a lot more property for your money. For example, houses in the rural state of Burgenland cost an average of €185 ($193/£154) per square foot, or €1,989 ($2.1k/£1.7k) per square metre – significantly less than the capital.

In the quaint town of Bruck an der Leitha on the border between Burgenland and Lower Austria, this modern family home offers plenty of space to stretch out. Listed for €930,000 ($969k/£774k), it was brought to the market by RE/MAX.

Situated on a lot of just under 5,000 square feet (463sqm), the home has total of five bedrooms and four bathrooms. Clad in herringbone wood flooring, the open-plan main living areas flow seamlessly into each other, united by a neutral colour palette and sleek, contemporary finishes.

The garden is just as thoughtfully designed as the interior, featuring a saltwater swimming pool, a pavilion with an outdoor kitchen, multiple terraces, a firepit and a vegetable garden and orchard with an automated irrigation system. 

Switzerland is known for its beautiful, mountainous landscapes, booming financial centre and notoriously high cost of living – almost 39% higher than the US. Real estate is similarly extortionate across the nation, with property prices continuing to rise. The median house for sale is now just over CHF 1.3 million ($1.5m/£1.2m) according to Swiss property valuation site RealAdvisor.

Of course, markets vary between cantons, but the cities of Zug in the centre of the country and Zürich in the northeast are home to the highest median asking prices. In contrast, the canton of Jura in the northwest has some of the lowest property costs.

From its picturesque streets and waterfront to its bustling city life and cultural attractions, it's not hard to see why Zürich, Switzerland's largest city, is home to some of the world's most expensive real estate. The median asking price for houses here is CHF 2.3 million ($2.6m/£2.1m), while apartments command a median of just over CHF 1.6 million ($1.8m/£1.4m). 

Located in Zürich's Albisrieden quarter to the west of the centre, this stylish yet compact condominium was listed by Grundeigentümer Verband Schweiz for CHF 940,000 ($1.1m/£840k)

Spanning 689 square feet (64sqm) of living space, the apartment includes an open-plan living and dining area, a separate kitchen with plenty of storage space, two bedrooms and a bathroom with a combined shower and bathtub. The property also includes storage space in the attic and cellar, as well as access to a communal laundry room. 

Meanwhile, in the canton of Jura on the French border, square footage is decidedly more affordable. The median house price here stands at CHF 648,592 ($/£) and the median apartment price is CHF 487,991 ($/£) – around 70% lower than in Zürich. 

In fact, in the charming Jura village of Les Bois, this beautiful, sprawling home was put on the market for $962,900 (£769k) with La Figaro Properties. The quintessential Swiss retreat with its green shutters and characterful mansard roof, the detached home was built in 1902 and still contains many of its original architectural elements.

In more recent years, the four-storey house was divided into three apartments, though it wouldn't take much to return the building to a single-family home. As the floor plan stands, there are two apartments consisting of four-and-a-half rooms, each with a kitchen, bathroom, bedrooms and living areas, as well as a separate loft apartment. There's also a communal laundry room, cellar, storage rooms and a garage.

While the home may be a little changed from its 20th-century heyday, its heritage features have been beautifully preserved, from ceiling roses to intricate mouldings and original stonework.

From city apartments to sprawling rural villas, Mexico has a varied housing stock, however, a lack of affordable homes has led to a housing crisis across the nation. Fuelling the fire, year-on-year property prices rose by almost double the rate of inflation in June 2024, with the average cost of a home around 1.7 million Mexican pesos ($83k/£66k) according to data from Mexico's Federal Mortgage Society. 

Mexico City is the nation's most expensive property market with an average house price of just under 4 million Mexican pesos ($195k/£156k). More affordable regions include Durango and Tamaulipas in northern Mexico and Zacatecas, Aguascalientes and Guanajuato in the central Bajío region.

Mexico City's housing deficit is largely to blame for rocketing property prices in the capital. The country's Federal Mortgage Association estimates that at least 11,000 new homes a year would have to be constructed to meet the shortfall. Of the 1,701 homes built in 2023, only 12% were classed as affordable, pricing many out of the market.

The city's Nápoles neighbourhood is one of the most exclusive enclaves in Mexico City and housing costs here reflect its desirability. This light-filled two-bedroom apartment was listed for sale with Sotheby's International Realty for $975,000 (£777k). 

Situated in a landmark Art Deco building, the two-floor penthouse encompasses 1,528 square feet (142sqm) of beautifully designed living space.

The bedrooms, complete with ensuite bathrooms and walk-in wardrobes, are located on the lower level, along with a family room with swathes of glazing. On the upper level, the open-plan kitchen, dining and living areas spill out onto a large terrace, plus there's an office that could be repurposed as a third bedroom.

It's a different story in Guanajuato state in the centre of Mexico, where the average house price is just under 1.4 million pesos ($68k/£55k), 2.6 million pesos ($127k/£101k) less than in the nation's capital.

This enchanting five-bedroom mansion in the state was brought to the market for just over $1.1 million (£875k) by Sotheby's International Realty. Known as El Castillo Del Unicornio, which translates as Unicorn Castle, the estate is straight out of a storybook with its vibrant hues and whimsical architecture. 

The 8,590-square-foot (798sqm) home is a celebration of colour and traditional Mexican craftsmanship. The chef's kitchen combines vivid greens, blues, yellows and pinks and is crowned with a spectacular window-lined cupola that channels natural light down into the space.

Spread across the property's three storeys, there's a master suite on the first level, along with an additional master bedroom on the second level with a walk-in closet, Jacuzzi bathtub, fireplace and multiple balconies. On the home's lower storey, there's even a self-contained apartment with its own private entrance that's ideal for guests.

Outside, the manicured grounds include a grotto-style Jacuzzi, a brick oven, multiple terraces and a guard room. 

Data from real estate agency Knight Frank from the second quarter of 2024 shows that house prices in Colombia have increased by 10.9% compared to the previous 12 months. In fact, the South American nation ranked 6th globally for house price growth. According to figures from property listing site Properstar, the median home price across Colombia is just over 436,644 Colombian pesos per square foot ($99/£79), the equivalent of 4.7 million Colombian pesos ($1.1k/£847) per square metre.

The country's capital Bogotá is home to some of the nation's most expensive homes. Meanwhile, more affordable real estate is found in areas such as the department of Valle del Cauca on the country's southwest coast.

Located some 8,660 feet (2,640m) above sea level, property prices in Bogotá match its dizzying altitude. Properstar puts the median home price at a little over 510,967 Colombian pesos ($116/£92) per square foot or 5.5 million Colombian pesos ($1.2k/£992) per square metre.

This three-bedroom penthouse in the affluent El Refugio neighbourhood on the west side of Bogotá offers a luxurious base in the heart of the city. It was priced at just under 5 million Colombian pesos ($1.1/£902k) when Colombian realtors Dluxe S.A.S. listed it for sale. 

Featuring open, airy living spaces, the luxury home is accessed via a private elevator. The spectacular main living room is framed by wall-to-wall glass, offering a bird's eye view across the city's skyline. Meanwhile, the kitchen is fitted out with high-end appliances and a snug breakfast bar, along with a ribbon window that makes the most of the outlook. Elsewhere, there are three ensuite bedrooms and a rare roof terrace for soaking up the sunshine.

The penthouse also includes four parking spaces and access to the complex's clubhouse, which contains a swimming pool, sauna, Turkish bath, gym and squash court.

When it comes to luxury homes, there are more affordable pockets even in relatively costly departments like Cundinamarca, which encircles the capital. For example, in the picturesque town of Anapoima, around two and a half hours outside of Bogotá, median house prices are far more palatable at 315,870 Colombian pesos ($72/£57) per square foot, which is around 3.4 million Colombian pesos ($771/£613) per square metre. 

For example, this beautiful 6,681-square-foot (621sqm) home nestled among the rolling mountains was listed for just $900,000 (£716k) when Sotheby's International Realty brought it to market.

A veritable slice of paradise, the spectacular villa is set within a landscaped plot of just under 0.8 acres (0.3ha). The manicured grounds contain a large swimming pool, a Jacuzzi, a sun terrace and a barbecue, ideal for embracing the alfresco lifestyle.

The light-filled interior includes five bedrooms and six bathrooms and also offers staff accommodation. The living spaces have been designed to optimise the home's rural surroundings. In most of the communal areas, bi-folding glass doors retract to create a seamless flow between inside and out. 

It's a turbulent time for Argentina's property market. Because of sky-high inflation rates, the country has traditionally been a cash buyer's market, something that has priced all but the richest out of homeownership. However, new mortgage initiatives could see this balance shift. 

At the time of writing, the median house price in the nation is around 139,355 Argentine pesos ($139/£110) per square foot, or 1.5 million Argentine pesos ($1.5k/£1.2k) per square metre, according to Properstar. The nation's capital, Buenos Aires, is one of the most expensive markets to buy property, while the provinces of Mendoza in the far west and Córdoba in the centre offer more for your money.

Perched on Argentina's eastern coast, Buenos Aires is a sprawling, cosmopolitan city known for its eclectic European-style architecture. Property prices in the capital are steep in comparison to other regions, with the median per square foot coming in at 176,516 Argentina pesos ($176/£140), the equivalent of 1.9 million Argentine pesos ($1.9k/£1.5k) per square metre.

Palermo, the city's largest central neighbourhood, is home to botanical gardens, museums and art galleries, as well as upmarket boutiques and restaurants. Located in the heart of this bustling enclave, an apartment in this French-style building was listed for just over $1.1 million (£873k) by local realtor Covello Propiedades via Luxury Estate.

Bright and modern, the apartment has 1,808 square feet (168sqm) of living space, including three bedrooms and two bathrooms. The master bedroom benefits from its own ensuite washroom and a separate dressing room. Elsewhere, there's a living room that offers access to a balcony, plus a large modern kitchen with enough space for a dining table.

Residents of the building can also use the complex's club amenities, which include a swimming pool, gym and sauna.

Meanwhile, northwest of Buenos Aires in the province of Córdoba, space is more plentiful for your money. Nestled in the foothills of the Sierras de Córdoba mountain range, apartments in this region are around the national median, however, houses cost around 58,420 Argentine pesos ($58/£46) per square foot, or 628,827 Argentine pesos ($625/£456) per square metre – that's 52% lower than the national median for the same type of property. 

In the resort city of Villa Carlos Paz in the west of the province, $1.2 million (£953k) will buy you a beautiful luxury home on a vast, 12,486-square-foot (1,160sqm) plot of land. 

Brought to the market by Cortinez Lourenço Real Estate Consultant, the home is a stone's throw from the resort's scenic lakefront. In fact, the sale includes an additional lot with access to the lake and an underground boathouse, complete with a winch. 

The villa's sleek, modern interior spans just over 6,000 square feet (558sqm) and features five bedrooms and six bathrooms across its three levels. Standout spaces include the living room, which has a floor-to-ceiling feature fireplace and a glazed balcony, as well as the grounds, which offer a swimming pool and Jacuzzi.

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