And the world’s most expensive county for prime apartments is…

Maria Sergeeva
October 31, 2017

Monaco, the tiny city-state, known for yachts, tax breaks, luxury cars, casinos and wealthy residents, has been ranked the most expensive city for prime property in the third quarter, according to a report by New World Wealth. Contrary to common believe, as for the prices, the tiny region ranks significantly above London, Paris or New York.

Wealth analysts at NWW, a South African based wealth analysis firm, used prime real estate, for apartments in a typical size range suitable for high-net worth individuals. A prime apartment in the principality costs $48,000 per square meter (rounded to the nearest 1,000), the report said. Nothing but the figure has changed since last year’s third quarter when Monaco also claimed the most expensive home prices of any country in the world. Only the price has increased by $1,000 compared to last year.

Besides, the public opinion is not a simple cliché as Monaco beat out New York , which came in as the second most expensive prime residential market with prices at $37,000 per sq. meter. London came in third, where prices are now fetching US$35,000 per square meter.

“Notably, prices in New York, Sydney, Beijing and Shanghai all rose strongly over the past 12 months, whilst prices in London, Paris and Rome are all down (in US$ terms),” the report said.

As far as price decline in London is concerned, it might be seen as a direct consequence  of Brexit uncertainty. It seems that people to see what Brexit brings before buying.

The biggest price spike in the top 30 was observed in Sydney, and New York City. Sydney has been noted for a massive property boom over the past five years, while New York was stagnating until this year.