23 ° C
Thundery Showers
Breaking News

1 new case of Covid-19 on 19 Sept. in Monaco brings total to 192: 9 hospitalised - 3 residents, 31 home monitored, 152 healed, 1 resident death

Monaco real estate confirmed as most expensive in world

Monaco real estate confirmed as most expensive in world

By Stephanie Horsman - March 4, 2020

A new report by real estate brokerage firms Douglas Elliman and Frank Knight reveals that Monaco is still the world’s most expensive city, where US$1 million (€895,455) gets buyers only 162 square feet (15m2) of property.

The report, based on ‘prime real estate’ sold in 2019, looked at the top 5% of property market value in cities around the globe. This means that, while buyers can get less expensive properties in the Principality and elsewhere, buyers must expect pay top prices to get a hold of the most desirable ones.

After Monaco, there were no big surprises. Hong Kong ranks second where the same US$1 million fetches 226 square feet (21m2), London comes in third getting purchasers 323 square feet (30m2), followed by New York City where it gets buyers 344 square feet (32m2).  

At the other end of the spectrum, the least expensive cities for the luxury market are São Paulo, Brazil, where US$1 million procures a healthy 2,174 square feet (202m2) and Cape Town, South Africa, where a cool million buys 1,800 square feet (167m2).

When it comes to the most favoured cities of the rich and famous, there are conflicting reports. New York City and London are neck and neck. The same report saw New York as the best city for both residential and commercial investment, ensuring its place as a hub of wealth, but London is tops in the overall wealth ranking. This is due to the number of high-net worth individuals, those with a net worth of US$30 million and above, living there and the lifestyle – which refers to a city’s affordability and security.

Despite Monaco’s position as most expensive, it was not in the top 20 list of the cities where the rich choose to live.


Photo: Pixabay



Previous articleWhich events are going ahead as planned?
Next articleDecrypting the uncertainties of the world economy


September 20, 2020 | Business & Finance

New Italian Ambassador

Cassandra Tanti

Giulio Alaimo has presented his credentials as the new Ambassador of Italy to Prince Albert.

September 18, 2020 | Business & Finance

Business climate continues to decline

Stephanie Horsman

The latest survey by IMSEE has revealed that the business climate continued to weaken in July, though retail trade and the auto commerce and repair sectors saw slight improvements.

September 16, 2020 | Business & Finance

Oleg Petrov elected to LFP Board

Stephanie Horsman

AS Monaco’s Vice-President and CEO has been elected as the newest Board of Directors Member for the League of Football Professionals.

September 15, 2020 | Business & Finance

Gérald Mathieu takes up new position

Cassandra Tanti

Barclays announced on Tuesday that it has appointed Gérald Mathieu as Head of Private Bank Europe, Monaco and Switzerland, with immediate effect.