According to a real estate survey, luxury homes in Monaco are the most expensive in the world, surpassing for the first time those in Hong Kong. At €41.400 per square meter, prices have increased by 180% in 10 years.
Parisians are accustomed to complaining about the increase in the price of stone but what should say the Monegasques then. According to a study by international real estate network, Savills, Monaco has become the most expensive place on the planet to afford luxury accommodation. The average resale price of a home was €41,400 per square meter. More than the level of prices is their wild growth which surprises: + 180% in 10 years, a quasi-triples. In this luxurious market, only the city of Shanghai experienced a stronger boom (+ 248% in ten years). Next door, Paris or New York could almost seem reasonable with tariffs having “only” increased by 32% and 45% respectively.
How did this little rock, which has barely 38,400 inhabitants, manage to rise to the rank of such global success? Obviously, the low tax level is not unrelated and when added to the possibility of mixing business with leisure there is, according to the study, “a particularly attractive place for the uber rich to live, work or enjoy”. The document notes that Monaco exceeds, for the third time, the €2bn bar of annual transactions to reach the record level of 2.7 billion. Depending on the size of the apartments, average prices range from €36,300 / sqm for one-bedroom units to €48,500 / sqm for 4 bedrooms and more.