Monaco is Crowned as World’s Most Expensive Place to Buy a Home, Again

Around one-third of Monaco residents are millionaires, and the area’s poverty rate is zero

Monaco is preferred by rich folks who like having multiple homes. This was proven once again as the French enclave has gained the title of being the world’s most expensive place to buy a home. It is not the first time Monaco has got this crown. It has been getting this title every year since 2017. This year it won easily as the price per square meter was around AUD 73,000 (€47,600).

 

The world’s most expensive place

The ongoing COVID-19 crisis impacted even the world’s most expensive place to buy a home. Transactions reduced by 11 percent when compared on a year-on-year basis. The properties that cost AUD 7.62 million (€5 million) were the most active segment.

There are many reasons why Monaco was named the world’s most expensive place to buy a home. First, it offers many tax benefits, so a person does not need to pay any income or property taxes. Second, it is positioned on a stunning coastline that has plenty of luxury resorts. Another reason was the fact that Monaco Yacht Show and Monaco Grand Prix are also held here every year.

 

The space in the world’s most expensive place to buy a home is constraint as it is smaller than properties in Central Park of New York City. According to estimates, around one-third of Monaco residents are millionaires, and the area’s poverty rate is zero.

 

As the COVID-19 crisis ensured that global buyers were less interested in buying in the world’s most expensive place to buy a home, the locals showed much interest in purchase. New York and Hong Kong were also on the list prepared by Savills that mentioned Monaco is the world’s most expensive place to buy a home. Hong Kong was on the second spot in 2020, where the average price per square meter was about AUD 61,000 (€39,600), while New York got the third spot, and the average price per square meter price was about AUD 34,000 (€22,200). If luxuries and richness appeal to you, you might want to know what it takes to be top 1% around the world.

 

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