The amount of money that you’ll have to shell out for truly luxurious real estate depends largely on where you happen to be. This should be a surprise for very few — as the old saying goes, location is everything when it comes to property.
For the second year in a row, the most expensive location in the world is the city of Monte Carlo. The average price for housing in the city is around $4,420 per square foot. This comes as no surprise to the publisher of globalpropertyguide.com, the firm that provided the report. Monte Carlo is a favorite location of the rich because it is one of the best tax shelters in the world. When you add in the fact that the city is small and space is limited, the exorbitant prices make much more sense.
Still, the fact that the average price of housing in Monte Carlo is more than that of the second and third cities on the list combined (an average of $1,937 per square foot for Moscow and $1,928 per square foot for London) is an impressive achievement. Also surprising is the fact that New York dropped from the second spot to the sixth spot in the course of a year. This is primarily due to growth in the Asian real estate markets.