Prices for prime waterfront properties around the world are on average 40% higher than comparable properties inland, new research has found.
Monaco is the most expensive property market in the world, according to a recent report by the international real estate company Savills: In 2016, the average resale price was $45,360 (or 41,400 euros) per square meter, compared with $42,840 (or €39,100) per square meter in Hong Kong and $31,994 (€29,200) in Tokyo, the next-most-expensive markets.
Ahead of the Formula One annual Grand Prix in Monaco new research shows that the price of ultra prime property per square metre is the second most expensive in the world with only Hong Kong more costly.
Last year was a strong one for Monaco with a total of €2.25 billion sales with new builds making up just 7% of total sales but 20% of total sales value.
The data from Savills World Research also shows that prime two bedroom apartments on the Grand Prix track are nearly nine times the cost of comparable properties on the Singapore race track and if the track was measured as dwelling floor space, it would be worth €3 billion
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