London is No Longer the Leader for Luxury Living

Isaac Mostovicz writes...

An index complied by Knight Frank LLP revealed that London has lost its number one position of being the ‘world’s most expensive location for luxury homes’. Monaco is the successor, with the average price of its most expensive houses and apartments increasing by 30% to £3,762 per square foot in the second quarter from a year earlier. London’s increase was a mere 1.8% to £3,291 in comparison.

Liam Bailey, head of residential research for Knight Frank, highlighted that this was due to job cuts by banks and the prospect of lower bonuses, was discouraging buyers. London’s property market has been in a steep decline, with even Buckingham Palace being affected to the tune of $100 million in depreciation.

Monaco’s luxury property market has prices reaching approximately $7,000 per square foot. Monaco is also home to the world’s most expensive street, Avenue Princess Grace in Monte Carlo, where an apartment costs tens of millions.
The top 10 locations:

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

North MS Realtor says of this article...

I found your blog today and love it, keep up the good work!

You say of this article...

Bookmark and Share