Monaco still top of the prop

monaopropertThe latest Knight Frank Prime Global Cities Index has reconfirmed Monaco as having the most expensive real estate worldwide.

The top-end agency reports that $1 million (€954,000) buys only 17 square metres in the Principality, less than in any other city. While prices continue to increase each year, with a 10 percent jump in 2015, Knight Frank says that high demand and a limited supply have caused property prices to rise by 27.8 percent over the past five years.

Largely due to a surge of buyers from Asia, Vancouver had the fastest house price growth of any city during the 12 months to September 2016, with an average increase of 32 percent. Later in the year, demand was somewhat dampened when British Columbia introduced a 15 percent transaction tax for foreign buyers. (Feature image: Photo: Tobi 87)

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