Do you have more money than you know what to do with? Here's an idea: go buy a home in Monaco -- it will surely relieve you of at least a couple of millions of dollars.
Monaco has taken over Hong Kong in the area of luxury homes to become the most expensive market in the globe. Prime property values in Monaco have leaped up 180 percent in a decade to €41,400 ($45,000) per square meter. This equates to more than double the 70 percent growth rate for similar London properties. In 2016, the typical sale price of a home in Monaco was €4.3 million ($4.67 million).
"British, Italian, Scandinavian and South African buyers were especially active last year…At a time when prices have adjusted in the prime residential markets of many world cities, prices in Monaco have continued to rise," Savills World Research associate director Paul Tostevin said. About 12,200 millionaires live in Monaco, whose proximity to hotspots like the Cote d'Azur, the Alps and the Italian Riviera make it a highly desirable destination among the rich.
Monaco has been attracting wealthy buyers from China, the Middle East and Russia, which have splurged on properties priced above €10 million ($11 million). British, Italian, Swiss and Northern European buyers have also been quite active, although preferring homes below the €10 million price point. Rounding out the top five most expensive cities in the world to buy a luxury home are Hong Kong ($42,500 per square meter), Tokyo ($31,700/sqm), London ($19,100/sqm) and New York City ($18,100/sqm).
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