$97,505
Monaco stands as the unrivaled titan of the global real estate domain, commanding the highest prices worldwide. Within this opulent European principality, renowned for its allure to the elite, a mere million dollars secures a mere 172 square feet (16 square meters) of prime property, marking the pinnacle of exclusivity. Surpassing all contenders, Monaco epitomizes luxury living on a restricted scale.
Despite a global downturn in luxury real estate transactions fueled by elevated interest rates, prices in these esteemed markets have shown unwavering resilience. The scarcity of available properties continues to uphold the lofty valuations.
In the realm of premier real estate, defined as the top 5% of the market, $1 million falls disappointingly short. In New York, it translates to a mere 366 square feet, while in Paris and Shanghai, it stretches marginally further to 431 and 452 square feet, respectively.
Monaco’s crown as the most covetable locale remains unchallenged, as affluent buyers flock to indulge in its lavish amenities, including casinos, extravagant lifestyles, and favorable tax regimes. Consequently, the threshold to enter the top echelons of wealth now stands at a staggering $12.8 million.
Dubai, amid an influx of expatriates, has witnessed a surge in demand for million-dollar residences, triggering queues of eager buyers. However, despite this newfound popularity, more established prime markets continue to offer unparalleled prestige per square foot. For instance, a million-dollar investment in Dubai yields three times the space compared to London, highlighting the enduring allure of these mature markets.
Kate Everett-Allen, the esteemed head of international residential and country research at Knight Frank, notes that although prime prices in Dubai have soared by 134% since the onset of the pandemic, they remain markedly lower than those in established counterparts, reinforcing the enduring appeal of these venerable markets.