Monaco Tops London as World’s Most Expensive Real Estate Market

At an average price per square foot of about $6,620, Monaco now tops the list as the most expensive real estate market in the world, beating out London, where the average price per square foot is $5,792, according to an index compiled by UK property research firm Knight Frank LLP. To give you an idea of how much (or rather how little) bang you get for your buck in the new list-topping tax haven, we’ve assembled a selection of the most expensive properties on the market within the Principality, where your average 1,500 square foot apartment would theoretically run you just under $10 million.

On the high end of the spectrum in our featured properties, listed in descending order from highest to lowest total price, you’ll find a nearly 7,000 square foot townhouse selling for €27.5 million ($38 million), a 3,200 square foot apartment running €26 million ($35.9 million), and a 5,200 square foot penthouse priced at €24 million ($33.1 million).  Pulling up the rear so-to-speak, is a 2,690 square foot villa listed for €10 million ($13.8 million) and a 480 square foot apartment at just over €1.49 million ($2 million). Prices per square foot range from $4,170 to $11,200.

While Monaco does have a fair share of high-profile residents, including Formula 1 drivers and the ruling Grimaldi family, the majority of the country’s high-priced real estate belongs to foreign-born business leaders who call the world’s most densely populated sovereign country home to take advantage of its lack of personal income tax.

Even though London lost the designation as the world’s most expensive real estate market, it still managed to make second place on the list, despite its steep decline in recent weeks (due to job cuts and lower bonus expectations). The complete list follows below, followed by Monaco’s most expensive real estate:

1. Principality of Monaco
2. London, England
3. Cap Ferrat, French Riviera
4. Courcheval, French Alps
5. New York, USA
6. Moscow, Russia
7. Tokyo, Japan
8. Hong Kong, China
9. Sydney, Australia
10. Paris, France

Monaco’s Most Expensive Properties

Representative selection

1. Refurbished Townhouse

Listing price: €27.5 million ($38 million)
Square feet: 7,000
Features: 7 bedrooms, maids apartment, garage, exotic garden
Approximate price per square foot: $5,428

2. Four-Bedroom Apartment

Listing price: €26 million ($35.9 million)
Square feet: 3,200
Features: Sea views, large terrace, walk-in closet, four-car parking
Approximate price per square foot: $11,200

3. Newer Duplex Penthouse

Also shown in main article image at the top of the page
Listing price: €24 million ($33.1 million)
Square feet: 5,400
Features: 2 bedrooms, 2 baths, swimming pool, outdoor terrace with sea views, 4-car parking
Approximate price per square foot: $6,130

4. Two-level Garden Villa

Listing price: €10 million ($13.8 million)
Square feet: 2,690
Features: 2 bedrooms, large terrace, quiet residential neighborhood
Approximate price per square foot: $5,130

5. Studio Apartment Near the Beach

Listing price: €1.49 million ($2 million)
Square feet: 480
Features: building with park-like grounds and pool, guest toilet
Approximate price per square foot: $4,170

Listing information: Properties 1,2, 4, 5; Property 3

[Economic data via Janus Thinking]