Monaco Is Tops For Expensive Property
The most expensive place to own prime real estate in the world is now Monaco which beat out London as the most expensive place to buy residential property in a recent survey. In Monaco a piece of prime property costs 50 000 euros per square meter ($68,000) versus 28,000 euros for London and 16,000 euros for Manhattan. The Wealth Report, compiled by Citi Private Bank and Knight Frank shows that property values fell 17 percent in London and 25 percent in Hong Kong. Real estate around the world is generally gloomy with prices either down or in stasis in most of the world's cities.
