Monaco remains costliest place to buy a home

Country:  Monaco

11 February 2009

At an average of £32,777 per square metre, property in Monaco remains the most expensive in the world, according to a study.

Property in Moscow (£14,366sqm), Russia, is the second most expensive place to buy a home, followed by London (£14,299sqm), in third place, according to research compiled by Global Property.

The property research group said that Moscow had replaced London in second place because property prices had plummeted in the English capital throughout the course of 2008, while prices only started falling in Moscow in Q4 2008.

Furthermore, both the UK and Russia have experienced strong currency declines in recent months, which would have impacted on the research as the figures are reported in US dollars.
The study, which was based on the average price of a 120sqm, high-end apartment in the centre of 110 cities around the world, found that Tokyo, Japan, was the fourth most expensive, followed by Hong Kong.

New York, Paris, Singapore, Rome and Mumbai made up the rest of the top 10 costliest cities to buy a home.

At the other end of the spectrum, Cairo, Egypt, was ranked the cheapest city to buy a home abroad, with the average price of a high-end apartment standing at just £395sqm.

See Also:   Monaco