Monaco has most expensive homes in the world
Wednesday, 28 March 2012 11:26 AM
By Phil Scullion Follow philscullion
Monaco is the most expensive residential location in the world, with one square metre now worth $58,300 (£36,600), according to Knight Frank.
The property firm's Wealth Report 2012 says the next most expensive places are Cap Ferrat in France, London and Hong Kong.
London, New York, Hong Kong and Paris are seen as the most important world cities for high-net worth individuals with London and New York set to hold their positions for another ten years.
However, Beijing and Shanghai are showing the most rapid growth in importance.
Other preferences vary by region. The super-rich from the Middle East and Africa see Dubai as the location that has grown most rapidly in importance while those from Latin America look to Miami and Sao Paolo.
Personal security is seen as the most important factor in choosing where to live by 63 per cent of high-net worth individuals followed by economic openness and education. This has boosted prices of luxury housing in key locations.
Lifestyle and investment are the key factors in choosing a second home for the super-rich, with 16 per cent of those surveyed already owning a ski chalet and 40 per cent a beachfront property.
The report confirms that wealth distribution is shifting towards the Asia-Pacific region: there are now more centa-millionaires (those with over $100 million in assets) in China, South East Asia and Japan than in North America or Western Europe.
Meanwhile Knight Frank says wealth flows from developing economies have underpinned prices across the leading prime markets in North America and Europe, including Miami, Vancouver and London.
Andrew Shirley, author of the report, said it provided more evidence that the world's wealthy are weathering the economic storm better than the wider population. "Those markets considered 'safe-haven' locations continue to attract private investors looking for both prime residential and commercial property.
"Political and economic uncertainty across the world is only helping to exacerbate the trend."
Want to be the first to know when we break a story? Follow @AboutProperty on Twitter and subscribe to our free weekly newsletter.
