London Loses World's Most Expensive Title to Monaco

by Jared Paul Stern (RSS feed)
Sep 25th 2008 at 9:02AM

The Principality of Monaco has now overtaken London as the world's most expensive luxury property market, with prices reaching approx. $7,000 per square foot. According to newly-released data, the average price of Monaco's most expensive houses and apartments rose 30% over the past year as opposed to only 1.8% in London, which has held the top spot for the last five years, Bloomberg reports. As we noted a few weeks back, Monaco is home to the world's most expensive street, Avenue Princess Grace in Monte Carlo, where apartments cost tens of millions. London meanwhile has seen a steep decline in its luxury market, which has even affected Buckingham Palace to the tune of a $100 million depreciation. The top 10 luxury property markets in the world are now ranked as follows:

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

Tags: London, Luxury real estate, LuxuryRealEstate, Monaco, Monte Carlo, MonteCarlo

Filed under: Wealth

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Reader Comments (Page 1 of 1)

Federina Oct 2nd 2008 5:19AM

So London is becoming less expensive... and it is a good time spend a weekend there.
http://www.prontohotel.com/

Brad Sep 26th 2008 8:21PM

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D-Lux Sep 25th 2008 11:32AM

Great timing with the Monaco Yacht Show this week! Now the premier mega-yacht event is hosted by the premier luxury property capital of the world. I was just reading some of the press releases about some of the boats being introduced there this week, http://www.prnewsnow.com/Public_Release/Web%20sites%20-%20Internet/233019.html,
and they are incredible. They just seem to get larger and faster in addition to more extravagant. I would like some links to some of the exlcusive luxury properties if anybody has some available...just for fun.

D-Lux