Monaco's Residential Spaces are World's Most Expensive
April 09, 2011 - Monaco
Monaco was the world's most expensive luxury residential market last year for the third straight year because of demand from wealthy buyers in the Mediterranean principality, which levies no personal income tax.
According to a global index of luxury home prices compiled by Knight Frank, the average cost of a house or apartment in Monaco was $US65,600 a square metre.
London was the second most expensive market at $US56,300 a square metre, while Paris was fifth at $US40,500.
Monaco's biggest sale last year was of La Belle Epoque, a 1600sq m penthouse, for €240 million ($330m) by British businessmen Christian and Nick Candy in September.
The city with the "fastest price growth in the global luxury residential markets," was Shanghai. Mumbai and Singapore followed in that race.
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