NYC vs. London: What €1M Gets You Today

In an increasingly global real estate market, international buyers are comparing major metropolitan cities based on one essential question: where does your money stretch the furthest? For Europeans in particular, a €1 million budget represents a common benchmark for luxury, pied-à-terre, or long-term investment property.

This article examines what €1 million can purchase in today’s New York City market, comparing it to London, with additional reference points across top-tier European cities such as Paris, Berlin, and Madrid. We will examine live examples, square footage, neighborhood quality, amenities, and lifestyle access to help you make an informed investment decision.

Setting the Stage: Currency and Market Conditions

To understand value, we must first examine the foreign exchange landscape and the performance of key property markets in 2025. Currency strength and supply-demand imbalances both affect purchasing power and the type of assets available.

Euro vs. Dollar and Pound in 2025

As of July 2025, the euro is trading at:

• €1 = $1.17 USD
  
  

• €1 = £0.84 GBP
  
  

This means €1 million gives you roughly:

• $1.17 million to spend in New York
  
  

• £840,000 in London

The exchange rate differential alone creates a pricing gap that significantly affects your purchasing power in each market.

Real Estate Price Trends

• New York City: Price growth is steady, especially in Brooklyn and Upper Manhattan. The median condo price in Manhattan is about $1.2 million.
  
  

• London: Some softness remains in Prime Central London post-Brexit, but property taxes and regulatory shifts make buying more challenging.
  
  

• Paris and Berlin: These cities have maintained demand but with more supply constraints and stricter rent controls.
  
  

• Madrid and Lisbon: Offer more space per euro, though long-term capital growth is flatter.

What €1M Buys in New York City

New York’s high price per square foot and limited inventory in core areas mean options are focused on small apartments in central neighborhoods or larger homes in the outer boroughs.

1-Bedroom Condo in Manhattan

• Neighborhood: Chelsea or Upper West Side
  
  

• Size: 600–750 sq. ft.
  
  

• Price: $1.1 million
  
  

• Features: Doorman, gym, elevator, possibly a balcony

At current exchange rates, this comes to around €940,000–€990,000. Properties in this price band typically come in established postwar or boutique condo buildings. The finishes vary widely, but many buyers in this range can expect basic upgrades and clean layouts.

2-Bedroom Co-op in Upper Manhattan

• Neighborhood: Harlem or Washington Heights
  
  

• Size: 850–1,000 sq. ft.
  
  

• Price: $950,000
  
  

• Features: Renovated kitchen, historic brownstone buildings, subletting restrictions

While co-ops offer more space for less money, they are less friendly to foreign investors due to board approval processes and limitations on pied-à-terre use.

Modern Condo in Brooklyn

• Neighborhood: Williamsburg or Park Slope
  
  

• Size: 700–900 sq. ft.
  
  

• Price: $1.1 million
  
  

• Features: Elevator, shared roof deck, washer/dryer, newer construction

Brooklyn continues to attract international buyers for its lifestyle offerings and relative affordability compared to central Manhattan. You can often find larger or better-designed units in Brooklyn for the same price.

What €1M Buys in London

London’s property market is highly stratified. With £840,000 at your disposal, you are priced out of much of Prime Central London, but can still find quality options across Zones 2–3 or small flats in high-demand districts.

Studio or Small 1-Bedroom in Zone 1

• Neighborhood: South Kensington, Bloomsbury, Notting Hill
  
  

• Size: 400–550 sq. ft.
  
  

• Price: £800,000–£850,000
  
  

• Features: Period conversion, high ceilings, no lift, limited amenities

This budget gets you a small but stylish flat with good access to tube lines and cultural attractions. Many units in this range are leasehold, not freehold, which has implications for long-term ownership.

2-Bedroom Flat in Zone 2

• Neighborhood: Clapham, Islington, Battersea
  
  

• Size: 700–800 sq. ft.
  
  

• Price: £820,000–£870,000
  
  

• Features: Shared garden, mid-rise development, newer build

In exchange for a slightly longer commute, buyers gain more space and modern amenities. These units are typically popular among young professionals and offer solid rental potential.

New Build East of the City

• Neighborhood: Stratford, Royal Docks
  
  

• Size: 800–1,000 sq. ft.
  
  

• Price: £790,000–£840,000
  
  

• Features: Concierge, balcony, high-speed rail access

Developers in London’s outer districts continue to offer incentives and tax efficiencies. These locations provide better long-term value and rental yield, especially for investors priced out of more traditional neighborhoods.

Paris, Berlin, and Madrid: Comparing Continental Alternatives

While the NYC vs. London comparison dominates, other European capitals offer different types of value. For buyers considering lifestyle properties or long-term investments, the following examples help frame the options.

Paris: Classic Charm, Limited Space

• Neighborhood: Le Marais, 7th arrondissement
  
  

• Size: 500–650 sq. ft.
  
  

• Price: €950,000–€1,050,000
  
  

• Features: 18th-century building, Haussmannian style, strict HOA rules

In Paris, €1 million typically buys a small but prestigious apartment. Buildings are historic, and elevator access may be limited. While the charm is unmatched, investment returns can be dampened by heavy regulation and a relatively slow transaction process.

Berlin: Space with Regulation

• Neighborhood: Prenzlauer Berg, Mitte
  
  

• Size: 900–1,200 sq. ft.
  
  

• Price: €950,000–€1 million
  
  

• Features: Loft-style layout, shared garden, long-term rental restrictions

Berlin offers significantly more square footage and modern design at this price point. However, foreign buyers face rent control laws and often struggle to raise rents or sell properties quickly. The city's policies continue to evolve and may impact returns.

Madrid: Space, Lifestyle, and Lower Cost

• Neighborhood: Salamanca, Chamberí
  
  

• Size: 1,200–1,500 sq. ft.
  
  

• Price: €850,000–€1 million
  
  

• Features: Balcony, central location, renovated kitchen
  
  

Madrid is the most value-rich of the cities examined. For the same budget, buyers gain generous living space, premium finishes, and proximity to cultural institutions. However, appreciation potential is flatter compared to NYC or London.

Price Per Square Foot: A Data Snapshot

These numbers are illustrative and vary by micro-neighborhood, building amenities, and legal structure.

Lifestyle and Investment Implications

Square footage is only part of the equation. Buyers also consider lifestyle quality, appreciation potential, tax treatment, and ease of ownership.

New York: High Growth, High Costs

NYC provides excellent liquidity, strong rental income, and long-term price growth. Taxes are significant but predictable. Condos are preferred by international buyers due to fewer restrictions.

London: Legacy Value with Regulatory Caveats

Despite tax complications and rising stamp duty, London remains desirable for prestige and long-term asset preservation. Leasehold ownership and political fluctuations can complicate the equation.

Paris: Stable but Constrained

Paris appeals to culture-driven buyers. However, the market is less dynamic and has lower yield potential. Restrictions on Airbnb and rent caps limit short-term investment flexibility.

Berlin and Madrid: Emerging Options

Berlin and Madrid deliver more physical space, better yield, and lower costs. Investors trade off brand recognition and liquidity for affordability and potential lifestyle upside.

Which City Wins for the €1M Buyer?

There is no one-size-fits-all answer, but for each buyer profile, one city may be a better fit than others.

For Long-Term Capital Growth

• Winner: New York
  
  

• NYC’s steady price appreciation and stable legal environment favor long-term investors.

For Maximum Living Space

• Winner: Madrid or Berlin
  
  

• These cities offer spacious apartments with modern interiors, perfect for long-term living.

For Classic Prestige

• Winner: Paris
  
  

• The experience of owning in Le Marais or Saint-Germain comes with cultural and emotional returns, even if not financial.

For Balanced Lifestyle and Liquidity

• Winner: London
  
  

• London blends legacy, convenience, and strong demand, despite higher taxes and lower yields.

Ready to See How Far Your Money Goes?

If you're evaluating a €1M investment in NYC or its European counterparts, now is the time to take advantage of strong exchange rates and property discounts in select neighborhoods.

Whether you're looking for a stylish studio in South Kensington or a two-bedroom loft in Brooklyn, understanding how purchasing power translates city by city is essential for informed decision-making.