World’s most expensive residential markets
byon 4/27/2011 at 12:54 PM (3424 Views)
According to the Wealth Report 2011, a publication produced by Knight Frank in conjunction with Citi Private Bank, Monaco is the world’s most expensive residential location with homes costing on average $65,600 per square meter.
The largest-ever property transaction, registered in Monaco last year, reached more than $300 million.That’s how much the previous owners, British property developers Christian and Nick Candy, evaluated their 1.6 thousand square meters La Belle Epoque penthouse. The two-floor three-bedroom penthouse has roof terraces with trees and infinity pool, a double height library, Jacuzzi and spa, luxurious leisure room and other lavish amenities. The media reported, that the new owner of La Belle Epoque was an investor from the Middle East, whose name hasn’t been disclosed.
The previous record price on the prime real estate market got a London apartment, that was estimated at $220 million, which ranks London the second most expensive residential location with the average cost of a home $56,300 per square meter.
Besides Monaco and London, the top five most expensive luxury residential markets include Paris - $ 40,500 per square meter, and two other French locations.
As estimated by Knight Frank, last year the strongest increase in the prices for luxury properties was seen in Shanghai, where luxury apartments grew in price by 21% to $ 17,700 per square meter. The largest Chinese city is followed by Mumbai and Singapore.
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