Widely regarded as the grandest prize in the Formula one, the Monaco Grand Prix does much to elevate the stature of this tiny independent microstate. But it’s not as if everyone didn’t know of Monaco already. Its belle epoque casino, ornate opera house and plethora of hotels boutiques, nightclubs and fine restaurants make this the playground for the ultra wealthy.
Real estate is priced with this wealthy audience in mind. A new study by the Savills international network show that the Monaco Grand Prix circuit would be worth €3bn if its surface was converted into living space.
According to calculations by Savills, this princely sum is achieved due to the length of the course (3337 meters) and the fact that is runs through the heart of Monte Carlo and La Condemns, which are among the most desirable areas.
The figures show that a good quality apartment of two bedrooms near the circuit is would cost €8.5 million, nine times more expensive than in Singapore, another town hosting a Grand automotive price and one that is not known for its low prices either.
Whilst these heady figures are sometimes hard to fathom, by looking at the price per square metre you can really see the extraordinary levels that prices ascend to here.
One square meter of ultra-luxury real estate in Monaco costs an eye-watering €90,900. At these altitudes, only Hong Kong is higher with an untouchable €109,800 per square metre. On average though, prices for ‘just’ prime property in Monaco cost €36,000 per square metre.