Once again, Monaco confirmed its reputation of one of the most sought after regions in the world. Residential real estate in the tiny principality, where nearly one in three is a millionaire, in the past year has shown the best sales in the history.
2014 was truly hot on the Monaco real estate market: fragile position of euro brought to the region a new surge of attention of international buyers who pay in US dollars, pounds sterling and Swiss francs. In addition, a high activity was observed on the part of Russian buyers who pay cash.
As the portal ee24.ru citing consultancy Savills, total sales are of €2.4 Bln ($2.7 billion), breaking the record in 2007. Monaco is one of the world's most expensive real estate markets, but in dollar terms in 2014, it lost to Hong Kong (last year Monaco was considered the most expensive city in the world by value of real estate).
Basing on the general economic downturn, developers of Principality focused on the ultra-luxury segment, carrying fewer sales for large sums. As a result, a new record for the amount of the transaction amounted to €345 million. ($376 million), which is 2.5 times higher than the previous record of the 2013th year, and 13 times - of the 2008th.
At a cost of one square meter of real estate Monaco is now ranked second in the world after Hong Kong: $ 10,700 in Hong Kong; $9,000 in Monaco and $6,100 in New York City.
Against the backdrop of the real estate market of other countries, experts predict the Monegasque market steady and stable growth.
Based on the information of worldpropertyjournal.com и money.cnn.com
Photocredit worldpropertyjournal.com и shutterstock.com