Monaco tops the world’s most expensive luxury real estate markets
While Financial News, a London-based sister publication of The Wall Street Journal, stated lately that the properties on Hong Kong’s Severn Road cost more per square foot than those anywhere else, The Wealth Report 2011 by London-based property broker Knight Frank and Citi Private Bank has concluded that Monaco is the world’s most expensive residential location. According to the report, Monaco remains the most expensive residential location in the world, followed by London. For $1 million, a property investor can expect to buy just 15 square meters of luxury real estate in Monaco.
The average cost of a house or apartment in Monaco is $65,600 per square meter. In London, a home will set you back $56,300 a square meter. The top five most expensive luxury residential markets include Paris and two other French locations, other than Monaco and London.
• Most expensive Monaco home – La Belle Epoque penthouse
In 2010, British property developers Christian and Nick Candy have sold a Monaco penthouse for a whopping £199 million (over $300 million), making it the most expensive three-bedroom flat. The three-bedroom La Belle Epoque penthouse in Monaco, on the French Riviera, managed to sell for an outrageous amount despite the fact that the reception room of the flat has witnessed a murder.
While New York and London are believed to remain the world’s leading real estate markets over the next 10 years, emerging nation centers like Mumbai, Shanghai and Sao Paolo are catching up fast.