Monaco most expensive place to purchase luxury homes
Published 07/04/2011 | 05:00
MONACO was the world's most expensive luxury residential market for the third straight year in 2010 because of demand from wealthy buyers in the Mediterranean principality, which levies no personal income tax.
The average cost of a house or apartment in Monaco was €49,950 a square metre, according to a global index of luxury home prices compiled by Knight Frank LLP, a London-based property broker.
London was the second most-expensive market at €40,200 a square metre, while Paris was fifth at €29,400.
The other three most-expensive locations were also in France.
Monaco's biggest deal last year was the purchase of La Belle Epoque, a 1,600-square-metre penthouse, for €240 millionfrom Christian and Nick Candy in September. The buyer came from the Middle East.
Liam Bailey, Knight Frank's head of residential research commented: "Tried-and-tested markets with security of infrastructure and political and legal stability will outperform in the long run."
The fastest price growth in the global luxury residential markets was registered in Shanghai, where there was a 21pc increase to €12,650 a square metre, the Knight Frank index showed.
The huge Chinese city was followed by Mumbai and Singapore. (Bloomberg)