Monaco Home to World's Most Expensive Residential Property
Wealth Bulletinreports that the latest Knight Frank Prime International Residential Index shows Monaco with the most expensive prime real estate property in the world. Monaco property costs an average of 55,000 euros per square meter (about $74,000 U.S.) The study also found that most of world's prime properties are losing value because of the credit crunch.
Prime residential properties in London were placed second on the list, despite seeing a sharp fall last year. Properties in Manhattan were the third most expensive.
The index showed that just under 50% of the locations featured managed to record positive price growth on an annual basis in 2008, although by the final quarter of last year price growth had either stalled or fallen in 75% of locations.
The biggest drops in prime city residential property prices last year, according to the index, were Hong Kong and the so-called Home Counties of England – the suburban areas around London.
If you are interesting in learning more about Monaco there is a useful tourism website here. The Wikipedia entry also has a lot of information.
