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.