Monaco is running out of space for luxury real estate
12.12.2022
Bei the high real estate https://propertiesbaymx.com/property_location/real-estate-tulum/ prices in Muni or Frankfurt cates the breath of many peoe in this country. Purase prices of 7,000 euros per square meter for new buildings or 12,000 euros for penthouses are unattainable for the vast majority of citizens in this country. But there is one ace where even these magnitudes seem eap.
Where the purase prices are so high that they appear to be from another anet. Or like something out of a James Bond film, in whi the multi-millionaires fly around in helicopters.
We're talking about Monaco. The principality on the Mediterranean is so in demand among the super-ri around the world that almost any price can be called up. The city-state is considered the most expensive ace to live in the world.
In a current market report, the international real estate service company Savills states: The average price per square meter is 41,300 euros. That's right: on average, per square meter. According to Savills, that is 13 percent more than in Hong Kong, the second most expensive housing market in the world.
Monte Carlo: purase prices of 44,100 euros per square meter
Savills reports that average prices in Monaco have risen by six percent over the past year. The area directly around Monte Carlo is by far the most expensive area with average values of 44,100 euros per square meter.
A total of 117 properties with an average purase price of around 5.45 million euros anged hands here in 2017. Tenants also get their money's worth in Monaco. 92 euros per square meter are paid for smaller one- to three-room apartments, and around 114 euros per square meter for four-room apartments.
"This proves once again that the price level in Monaco is resilient," says Irene Luke, Head of Savills Monaco. For many of the super-ri, the second smallest country in the world after the Vatican seems like paradise: Monaco does not levy income or inheritance taxes. And tax offenses committed abroad are not prosecuted.
But there is a problem. The principality is running out of luxury real estate. The demand for apartments with a view of the casino square, the Mediterranean Sea and the port with its luxury yats can hardly be satisfied. Because fewer and fewer properties are coming onto the market, the transaction volume fell significantly last year, from 2.7 to just two billion euros. "The decline in sales by 23 percent is due to a lack of supy," analyzes Savills.