Monaco attracts a lot of rich “tax refugee” residents, because it is a microstate that levies no income tax on individuals. Now all those wealthy people need impressive homes, of course, and this leads to Monaco being the most expensive luxury residential market in the world. Quite simple, isn’t it?
In 2010 the average price for an apartment or a house in the country was $65,600 per square meter, according to a property broker in London, Knight Frank LLP. Second on the list is London, with $56,300 per square meter, and Paris ranked fifth with $40,500 a square meter.
The biggest sell in Monaco last year was the 17,500 square-foot La Belle Epoque penthouse that was purchased by an anonymous Middle Eastern wealthy person for €240 million (approximately $340 million). We are really curious to see what this year will bring for the estate market of the beautiful city-state.