Business & Finance
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The Financial Times has taken another look at the top-end of the international housing market, and once again Monaco merits more than a mention. While Christies International Real Estate defines a prime home as costing more than $1 million, there are now many houses and apartments in cities such as Hong Kong or London costing that much that are hardly large or luxurious.
According to CBRE, the property services company: “As the wealthiest investors narrow their search, there is greater pressure for super-prime properties to include panoramic views of park, river or cityscape, making only a finite number of areas capable of achieving super-prime values.”
While favoured cities such as Shanghai are rapidly becoming more expensive –property prices in the Chinese city rose by more than 27 percent over the last year – Monaco maintains top spot for super-prime properties, starting at $10 million. A king-size bed in a Monaco apartment will cost more than $250,000 in floor space, while the cost of one square metre of prime residential real estate in the Principality costs $58,859 compared to $50,701 in Hong Kong, and in third place, $38,524. London comes in a poor fourth, at $33,628.
The Hôtel de Paris Monte-Carlo has received a 5th star, the highest level, in the international rankings of the esteemed Forbes Travel Guide 2020.
AS Monaco has announced the arrival of Markus Breglec and Tyson Henly as Chief Marketing Officer and Chief Commercial Officer respectively.
Moët Hennessy has just announced they will be shifting to organic and sustainable practices, going so far as creating a ‘University of Living Soils’.
The financial markets’ focus this week will remain divided between economic fundamentals and the uncertainty around the coronavirus outbreak. On the data front, the week is due to be relatively quiet.