The 2006 Coldwell Banker HPCI evaluated home prices in a total of 384 markets, including, for the first time, 42 international markets outside of North America. The study found that home prices (all figures in U.S. dollars) in Amsterdam, the Netherlands ($483,513) are comparable to those in Bend, Ore. ($482,750); Dubai, United Arab Emirates ($374,332) matches up to Portland, Maine ($375,500); prices in Warsaw, Poland ($317,586) are similar to those in Atlanta, Ga. ($322,210); and Sydney, Australia ($683,109) is on par with Bellevue, Wash. ($658,000). Interestingly, Vancouver ($887,762) is the most expensive city in Canada just as the West Coast leads the U.S. charts.
Serving as a “snapshot” study, the Coldwell Banker HPCI evaluated average home values for select 2,200 square foot single-family dwellings with four bedrooms, two and one-half baths, a family room (or equivalent) and a two-car garage(1) in 384 total markets across the United States, Puerto Rico, Canada and also key international markets where Coldwell Banker has a presence.
A sampling of the most expensive and most affordable international markets3 (in U.S. dollars and local currency are):
2006 Price in U.S. Dollars
|COSTA RICA||San Jose||$322,999|
|EGYPT||Sharm El Sheikh||$121,619|
|NICARAGUA||San Juan del Sur||$320,328|
|ST. THOMAS||St. Thomas||$1,453,750|
|TURKS AND CAICOS||Turks and Caicos||$566,250|
|UNITED ARAB EMIRATES||Dubai||$374,332|
Methodology – 2006 Coldwell Banker Home Price Comparison Index:
Coldwell Banker Real Estate Corporation conducted its Home Price Comparison Index study by compiling survey data from Coldwell Banker offices throughout the United States, Puerto Rico and Canada.Â Companies within the Coldwell Banker system submitted data based on the average sales price of sold listings through July 2006 or a comparative market analysis of homes previously evaluated for the 2005 HPCI. The criteria for the HPCI subject home is: single-family dwelling, 2,200 square feet (approximately)2, four bedrooms, two and one-half baths, family room (or equivalent) and two-car garage in neighborhoods/zip codes within a market that is typical for corporate middle-management transferees.
About Coldwell Banker
Since 1906, the Coldwell Banker organization has been a premier provider of full-service real estate. In 2005, Franchise Times magazine’s prestigious Top 200 issue ranked the Coldwell Banker system number one in real estate and number nine among all franchisors. The Coldwell Banker System has more than 4,000 residential and commercial real estate offices and 127,700 Sales Associates in 30 countries and territories. The Coldwell Banker System is a leader in the industry in residential and commercial real estate, and in niche markets such as resort, new home and luxury properties through its Coldwell Banker Previews International division. It is a pioneer in consumer services with its Coldwell Banker Concierge Service Program and award-winning Web site, file://localhost/C/Temp/notesE97E9E/www.coldwellbanker.com. Coldwell Banker Mortgage is one of the largest telephone/web based lenders in the country. Coldwell Banker Real Estate Corporation is a subsidiary of Realogy Corporation (NYSE: H), the world’s largest real estate franchisor. Coldwell Banker is a registered trademark licensed to Coldwell Banker Real Estate Corporation Each office is independently owned and operated except for offices owned and operated by NRT Incorporated.
1. The Coldwell Banker Home Price Comparison Index (HPCI) is not intended and should not be deemed to be a definitive determination of price for any particular real estate. While the HPCI offers insight into housing costs, Coldwell Banker Real Estate Corporation recommends that potential homebuyers and sellers conduct additional research and work with a reputable real estate professional on their specific needs.
2. 2,200 square feet was the baseline figure used as size criteria for the HPCI subject homes. However, it is possible that in certain markets the size of the subject homes varied.
3. Currency exchange rates were calculated as of September 5, 2006 on http://www.oanda.com/.