The luxury apartments are the most expensive in Monaco
12 June 2017
The most expensive luxury apartments would be located in Monaco according to a study. The principality thus surpassed Hong Kong in the ranking of cities where luxury apartments are the most expensive.
Monaco owns the most expensive luxury apartments in the world
41,400 euros per square meter. This is the price to put to afford a luxury apartment in Monaco. The value of a prestigious property on Le Rocher has increased by 180% during the last 10 years. Figures that make Monaco the most expensive place on the planet. But for what reason?
It must be said that Monaco presents itself as a paradise for wealthy families. A "soft" taxation, a place of recreation but also business, everything is gathered to attract the ultrariches within the Principality. As a result, the demand to reside within the walls of the Rock has increased and the price of supply increases accordingly.
Monaco seduces rich Italian, Scandinavian and South African buyers
The study of the Savills international real estate network also makes it possible to distinguish the different profiles of the residents of Monaco. The latter would be in the first place looking for security, a heritage investment and an appropriate place for business.
A demand that would emanate more from the wealthy British, Italian, Scandinavian and South African buyers. The latter are ready to spend fortunes to afford apartments whose average prices range between 36,300 euros per square meter for one-bedroom units and 48,500 euros per square meter for 4 bedrooms and more.
Savills predicts that the price of a luxury apartment in Monaco should not decline in the future. The Principality is currently carrying out new projects for the creation of new housing and new infrastructures.