We’ve often marveled at the opulence of life in tiny Monaco. But now we have further proof that life in the country with the most millionaires per capital comes at a price.
Monaco has the distinction of having the most expensive residential real estate in the world, running an average of $58,300 per square meter at the end of 2011, according to a new wealth report from Knight Frank and Citi Private Bank.
Even so, prices there fell by around 10 per cent from the previous year, due largely to the ongoing crisis in the eurozone, the report said.
Prices in Southern France’s Cap Ferrat, which has the second most expensive residential real estate in the world at $51,800 per square meter, fell five per cent from 2010, the report said.
The only two cities where real estate prices increased last year were London and Zurich, which, unsurprisingly, both fall outside the eurozone.
Manhattan’s real estate prices, which grew by 3.1 per cent in 2011, slowed noticeably in the second half of the year after weaker activity on Wall Street. It had the seventeenth most expensive real estate in the world, at an average of $23,300 per square meter.
These are the 25 locations with the most expensive real estate:
Photo: Knight Frank
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