Property prices in Asia’s biggest markets are among the world’s highest, up there with the famously extravagant price tags in New York and Monaco. There are several ways to measure this, including the average price, median price, and the cost per square foot (sqm) or metre (sqm). Costing by size is perhaps the most common approach across Asia, mostly because space comes at such a premium.

In fact, property consultancy Knight Frank created a system it calls the Prime International Residential Index, which ranks cities by how many square metres of high-end apartment space can be purchased with US$1m (AU$1.3m). By its latest index, Hong Kong is the world's most expensive market, where US$1m buys just 20 sqm. The same budget will only get you 39 sqm in Singapore, 48 sqm in Shanghai and 86 sqm in Tokyo, as per the index.

Here below, we consider how far your money will go on typical apartment listings in four of Asia's busiest markets, Hong Kong, Singapore, Shanghai and Tokyo.

Shanghai

AU$1m buys 48 sqm (Knight Frank)

In Shanghai, which is home to about 23 million people, property prices mostly keep rising. Last year was another record year for the city, with increasing demand seen in the final three-quarters of the year especially, according to property consultancy Savills.

"This can be mainly attributed to a combination of factors, including monetary loosening, favourable policies, and a shift in investment focus away from the stock market and towards the property market in first-tier cities," says Savills.

Real estate services firm, Colliers says that the average sale price of apartments in Shanghai rose by 19% to CNY31,424 (AU$6,230) per sqm in the third-quarter of 2015 from a year earlier.

In short, if you're looking into Shanghai property, you've hopefully filled more than one piggy bank.

For instance, a standard three bedroom apartment of 200 sqm can be found for CYN16,000,000, or AU$3,245,911, based on recent listing from Century21. Meanwhile, a larger four bedroom apartment on 337 sqm, and in a smaller block, is available for about CYN32,000,000 or AU$6,491,822, as per Century21.

Even a smaller unit on just 137 sqm will typically be available for no less than CYN12,000,000 or AU$2,434,433, based on several online listings. These are usually neat units that are in good condition, with hard floors, full size bathrooms, and often with classic style curtains, light fittings and wallpaper.

Singapore

AU$1m buys 39 sqm (Knight Frank)

Singapore is among the world's most expensive property markets, with a median property price of SG$4m, or AU$3.8m, according to property research firm Demographia. It says that Singapore has perhaps the most land constrained geography of any major metropolitan area in the world.

It’s also one of the world’s most crowded with 7,736 people per square kilometre, according to the World Bank. As a result, a two bedroom unit with 187 sqm and in an attractive five storey complex, can go for as much as AU$3.5m, as per Knight Frank.

By contrast, you could secure a well positioned one bedroom loft on a trim 74 sqm for just under AU$1m, according to Knight Frank's online sales.

These units are often centrally located, modern in style with wooden deck balconies and sometimes with loft space, and importantly, almost always fitted with air conditioning.

Hong Kong

AU$1m buys 20 sqm (Knight Frank)

Given its equally tight supply of land and population density, it’s not surprising that the median home price in the city is as high as HK$4m, as per Demographia.

The cost per square foot varies across Hong Kong, though apartments on Hong Kong Island (HK$9,927 or AU$1,673 per square foot) and in Kowloon (HK$9,687 or AU$1,632 psf) aren’t dissimilar in pricing, while in the New Territories (HK$7,801 or AU$1,314 psf) it’s slightly cheaper, based on figures from Squarefoot.com.hk.

To put this into perspective, consider that an older small two bedroom apartment in the Mid-Levels, which is an expensive part of town that's centrally located, can typically be found for HK$8.8m, based on current listing on GoHome.com.hk. This equates to about AU$1.5m.

Meanwhile in Yuen Long in the New Territories, a similarly small unit can be found for about HK$4m or about AU$675,000. (By comparison, Hong Kong houses are rather steeply priced, sometimes up around HK$400m, as per HongKongHomes.com).

While unit spaces are usually tight, some open up to inviting outdoor patios, or are at least well lit by tall windows looking out onto the city.

Tokyo

AU$1m buys 86 sqm (Knight Frank)

Apartments in Japan can be particularly small, with the average floor area of second hand condos in Tokyo at 64.25 sqm, according to Realestate.co.jp. The average cost of such a unit is 27,890,000 yen, which converts to about AU$332,589. A quick scan of real estate websites shows there are many units on the market that are much smaller. 

And they’re pricey. For example, new apartments skyrocketed in price by 21% to JPY829,000 (AU$9,725) per square metre in the year to June 2015, according to Global Property Guide.

Furthermore, a well located but tiny high-rise unit of 57 sqm in Minamiazabu, Minato-ku, can currently be found for around 69,800,000 yen, which is equal to AU$844,880, as per sales on real-estate.co.jp. If you hoped for a little more elbow room, which a modern high rise apartment of 109 sqm could provide, the cost would likely jump to 118,000,000 yen, or AU$1.4m. While some units are new and stylish, their descriptions tend to highlight proximity to local amenities and transport over floorplans or fittings.

By Jean-Paul Pelosi

For more on Hong Kong:

New frontiers in emerging property markets

How to buy property in Hong Kong

Is the Hong Kong market really in "free fall"?