World’s most expensive residential property cities
Residential property in Monaco is now the most expensive real estate in the world, says Savills in its Spotlight on Monaco.
Residential property in Monaco is now the world’s most expensive – however, transaction volumes are falling as the market reaches a sticking point.
A record €2.7 billion of residential property was transacted in 2016. This was the third year that total transactions exceeded €2 billion, with strong demand for limited product pushing prices to new highs. Residential property in Monaco is now the most expensive in the world.
The average resale price in 2016 was €4.3 million or €41,400psm, up 180% in a decade – a growth rate largely unseen in other developed economies. By comparison, prime London prices grew by 70% over the same period according to our World Cities data. In common with other prime districts across the globe, large properties are in high demand and trade at a price premium. One-bedroom properties averaged €36,300psm, compared to €48,500psm for four-bedroom and larger properties – a 33% premium.
Monaco attracts a diverse range of international buyers seeking security, wealth preservation or a business base. British, Italian, Scandinavian and South African buyers were especially active last year. Towards the end of 2016 and into 2017, market activity slowed as buyers adopt a ‘wait and see’ approach ahead of the elections in France (a major trading partner) and wider global political events. With prices at record highs, wealthy vendors are unwilling to negotiate down and transaction volumes are now falling.
International Price league Savills World Research statistics on Prime and Ultra-Prime values/ Average sale prices /psm-euro
1- Monaco / prime values – €41,100 / ultra prime values – €100,100
2- Hong Kong / prime values – €39,100 / ultra prime values – €117,200
3- Tokyo / prime values – €29,200 / ultra prime values – €41,300
4- London / prime values – €17,600 / ultra prime values – €45,200
5- New York / prime values – €16,700 / ultra prime values – €60,900
6- Shanghai / prime values – €15,300 / ultra prime values – €25,900
7- Paris / prime values – €11,900 / ultra prime values – €33,900
8- Moscow / prime values – €11,700 / ultra prime values – €46,700
9- Singapore / prime values – €10,200 / ultra prime values – €13,900
10- Dubai / prime values – €6,100 / ultra prime values – €11,100