Global Property Guide, a real estate research firm, recently issued a report ranking the most expensive flats in Europe. Currently, property value is on the rise throughout much of Europe, and real estate in locations such as the Baltic region are seeing an increase in value. Rental yields (profit yields) in several European cities are above 10%. The extremely small and distinguished principality of Monaco currently wears the crown for most expensive real estate in the Europe.
Monaco has an average price of €24,900 per sq meter, making the principality the most expensive real estate in Europe, but profit yields are low at 2.4%. A 35 sq. meter apartment of this expensive real estate yields an average return of 2.12%, while a 195 sq. meter apartment yields an average return of 2.64%.
Real estate in Central London’s exclusive neighborhoods is also quite expensive claims the location of the second most expensive real estate in Europe. Paris and Amsterdam were both noted as having some of Europe’s most expensive real estate.
Monaco still has them topped, by a wide margin actually. It makes sense that such a small wealthy geographical location would have the most expensive real estate in Europe. This makes Monaco extremely exclusive and its property in high demand for those able enough to afford it. Property prices in Monaco have steadily risen over 10% a year in the last decade.
Some of the most sought after property in Monaco is located in the area known as Carre D’Or (Square of Gold), located close to the world famous Place Du Casino. Most of the available properties in Monaco are expensive apartments. Other expensive real estate include penthouses overlooking the harbor and Formula 1 circuit. There are a number of villas and townhouses located on the hills that also boast extremely high property values.
Monaco has recently unveiled its plans to expand its borders by adding 25 acres of expensive real estate into the ocean through the construction a platform, using the same technology that off-shore oil rigs utilize. The new district will boast upmarket shops and reportedly about €3.7 billion ($4.9 billion) worth of luxury residences.
Patrice Cellario, Monaco’s director of planning was quoted in a recent article saying:
“We hope this extension will be a self-contained area with a complex mix of people. We’re not looking to create a residential area for the rich, though of course we want to welcome well-off foreigners to Monaco.”
