Monaco, the tiny, independent region on the French Riviera known for its yacht-lined harbors and tax breaks, commanded the highest price-per-square-meter worldwide for its prime real estate in the third quarter, according to a report by New World Wealth released Wednesday.
A prime apartment—which New World Wealth determines based on location and size—in the area now costs $48,000 per square meter (rounded to the nearest 1,000), the report said. The figure is an increase of $1,000 compared to last year’s third quarter, when Monaco also topped the list of the 30 prime property hotspots worldwide.
Hamptons’ Luxury Homes See Double-Digit Price Drop https://t.co/SeB4BDOX09 pic.twitter.com/5cr9o1iuGZ
— Mansion Global (@MansionGlobal) October 28, 2017
New World Wealth, based in Johannesburg, South Africa, is a global market research group specialized in country reports and wealth statistics.
"Notably, prices in New York, Sydney, Beijing and Shanghai all rose strongly over the past 12 months, whilst prices in London, Paris and Rome are all down (in US$ terms)," the report said.
London’s prime market in particular may be feeling the effects of Brexit uncertainty. In September, house prices in the U.K. fell 1.2%, dragged down by price drops in five out of the six most expensive London boroughs, according to property website Rightmove. Wealthy property hunters are thought to be waiting to see what Brexit brings before buying.
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The English capital dropped to third place this quarter after seeing a sharp decline from 2016’s $42,000 per square meter price to $35,000. London lost its second place position to New York City, which saw an average ask of $37,000 per square meter, up from last year’s $33,000.
The Hamptons, Milan, and Australia’s Gold Coast ranked lowest spot in the top 30, all with an average ask of $11,000 per square meter.