Monaco still most expensive but Asia is catching up

Monaco has retained its title as the world’s most expensive place to buy a high-end house, although Asian cities are quickly climbing the leader board.

For an outlay of US$1 million a property investor can expect to buy just 15 sqm of luxury real estate in Monaco, according to Knight Frank and Citi Private Bank’s Annual Wealth Report.

The largest property deal recorded in Monaco last year was the €240m sale of La Belle Epoque to an unnamed Middle Eastern investor. The penthouse was sold by the Candy brothers, who also made £140m from the sale of the penthouse at One Hyde Park in London – the second most expensive city for luxury property. An investor with $1m can buy around 18 square metres of space in the complex. (May’s edition of Property Report South East Asia will feature an interview with Nick Candy).

The Asian cities of Shanghai, Mumbai and Singapore saw the biggest price rises during 2010, with prices for high-end properties in Shanghai increasing by an average of 21 per cent. The Chinese city is now the 23rd most expensive city for real estate.

New York is the most economically active and influential city according to the report, with London coming in a close second.