A lot of people (including so-called ‘experts’) believe that Monaco’s property prices are the highest in the world. I’ve said for a long time that this simply isn’t true – something now confirmed by Financial News who conducted a survey of the top real estate agencies worldwide. In first place is Severn Road in Hong Kong with an average price of $70,000 per m2. Joint second place is shared by Kensington Palace Gardens in London ($65,000 per m2) and Fifth Avenue in New York.
After a massive 45% slide, prices on the most prestigious road in Monaco have slipped to fourth place worldwide. Anyone familiar with Monaco knew that things were getting wildly out of hand in the Principality, causing prices to drop nearly as much as speculative markets like Dubai and Dublin. Prices in other parts of Monaco are even cheaper.
4th: Avenue Princesse Grace, Monaco
$64,000 per m2
Change in value: -45%
The iconic Avenue Princesse Grace has tumbled to fourth place from first last year, as lacklustre demand hit the marina-front avenue. Local agent Pieter van Naeltwijck said: “The market has stopped in its tracks and there is nothing new. I foresee a rather quiet year trying to sell the existing real estate.” He said buyers could expect discounts of as much as 25% for apartments with some of the most spectacular views in the world.