Knight Frank, the luxury real estate agency, has again placed Monaco at the top of the league table of international property prices.
The cost of one square metre of luxury real estate in the Principality stood at €53,000 in the second quarter of 2017. Hong Kong, New York and London followed. Monaco has led the Knight Frank rankings since 2008.
“Monaco remains at the top of global wish lists, with no other city in the world boasting the same wealth density,” said Kate Everett-Allen, head of international residential research at Knight Frank.
More upward pressure on prices is expected in the short term, as there are no new residential developments near to completion.
The €2 billion land reclamation project at Portier will add six hectares of new land that will accommodate 120 new high-end apartments, whose prices are expected to be in excess of €100,000 per square metre. This is a price that is already being met in the Carré d’Or area, Knight Frank said.