The Empire State Building is by far New York City’s most famous building, yet it is also one of the most expensive properties you can invest your money in. So just how much cheaper would it be if the iconic skyscraper were located somewhere else?
We’ve done the math and calculated how much it would cost to rent the landmark if it were located in one of the world’s emerging property markets – including in Bangladesh.
Exactly how much cheaper is it to rent in an emerging market? We used the Empire State Building as a guide.
Spread over 102 stories, the Empire State Building has a total area of 208,879 square meters. To rent the building where it stands for one month would cost much more than $US10 million.
But assuming the iconic skyscraper was built in an emerging country, the picture starts to look very different.
You could get a Mexican copy of the Empire State Building for $US2 million every month. Or, with an average rent of $6.3 per square meter, $1.3 million would be enough to live in your own Empire State in Bangladesh.
Countries like Saudi Arabia and Ghana were found to be far more expensive: renting a building of a similar size would cost $3 million in Ghana and $9.4 million in Saudi Arabia.
However, compared to the cost it took to build the Empire State in the 1930s (about $40 million) all of those rents would quickly repay the investment.
Leading property expert Kian Moini says the comparisons show the global property hotspots where renters and buyers were most likely to get value for money.