Premium accommodation in Monaco has become the most expensive housing in the world, as it follows from a report by Savills international real estate agency.
In 2016, the average price of premium housing in the secondary market of Monaco reached the record level of 41,400 euro per square meter. Over the past ten years, the prices have increased 2.8 times. Such a significant increase is rare for the developed economies, the report says.
According to the company, last year, the amount of transactions in Monaco in terms of cost reached 2.7 billion euro. For the third year in a row, the total cost of the entire sold premium housing in Monaco exceeds 2 billion euro, which is a consequence of the high demand and limited supply.
