Monaco becomes world's most expensive property market
Monaco has overtaken London properties to become the most expensive in the world, according to new research from a leading estate agent.
Homes in the principality now cost an average of £3,762 per square foot, while in central London the figure stands at £3,291. It is the first time in five years that Monaco has overtaken the British capital, and can be put down in part to the UK's economic slowdown.
Speaking to the Telegraph, Roger Munns, founder of property and travel website Yourmonaco.com, said: "There is virtually no new supply [in Monaco]. What building is going on is the Monaco equivalent of council houses for doctors, nurses and government officials."
He added that demand for homes in the tax haven remain as strong as ever, despite the limited supply. Ambitious plans are being implemented to construct a new island off the coast of Monte Carlo, which would create 275,000 square metres of land for new homes.
Traditionally a playground for the super rich and famous, Monaco is home to the world's most expensive street, Avenue Princess Grace - where a four-bed apartment will set you back £22 million.
Overseas Property News posted on 25/09/2008 10:09:13
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