Saturday, April 9, 2011

Residential Spaces

Monaco's Residential Spaces are World's Most Expensive

Breaking the record (or myth) that London was the most expensive place to reside in, Monaco turned out to be the most expensive luxury residential market in the world. According to a report compiled by Knight Frank LLP, Bloombergreported, the average cost of a house or apartment in Monaco is $65,600 (approx Rs. 29 lakh) a square metre. 

London landed in second place as the most-expensive market at $56,300 (approx Rs. 25 lakh) a square metre, whereas Paris secured fifth position at $40,500 (approx Rs. 17 lakh)a square metre.

The purchase of La Belle Epoque, a 1,600 square metre penthouse, in Monaco sold for $340 million (approx Rs. 1,500 crore), making it Monaco’s biggest deal in the last year.

While Monaco has been topping the charts in luxury residential spaces, the fastest price growth in the global luxury residential markets was registered in Shanghai. There was a 21 per cent increase to $17,700 (CONVERT) a square meter. This Chinese city was followed by Mumbai and Singapore.

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