Monaco – the most expensive real estate in the world
Some places are better than others when considering location, climate, industry, closeness to cities and a few other elements. That is why there are many people who want to live there, so the price for real estates goes up. People working in this field have made a top with the most expensive places to live in and they have found out that the most expensive one is Monaco, followed closely by London and New York.
Or at least that is what people who wrote The Wealth Report 2011 state. It’s all about demand and offer, as there are so few people selling and so many wanting to buy. That is why you can expect to buy only 15 square meters of real estate for $1 million in this place. After many comparisons, they estimated a cost of $65,000 per square meter in Monaco, while you would spend $56,300 in London for the same surface. So the Monaco residential area is considered top of the world and you can meet the biggest number of billionaires and stars there.
In the end I will give you a real example of price paid for some real estates in the area: a Monaco penthouse was sold for £199 million (over $300 million) in 2010, which makes it the most expensive three bedroom penthouse in the world.Also found on Bloomberg/BusinessInsider.