Estate Net France - Luxury Property Index: “Monaco’s €1.7bn Property Market“
The EstateNetFrance.com Research Luxury Property Index offers a unique and independent view of the French Riviera and Monaco’s luxury property market.
The monthly index reflects the evolving prime market, and for the first time provides authoritative data for the world’s most exclusive holiday home destination. It segments the upper end of the market for apartments and villas within the Alpes-Maritimes department and Monaco, in groups of €1million to €3million, €3million to €5million, €5million to €10million, €10million to €20million and €20million and up.
May 2011 Property Report
With the Cannes Film Festival and the Monaco F1 Grand Prix the French Riviera and Monaco is at its absolute busiest. These events draw the rich and famous to the region and with them the desire to buy a holiday home, this marks the start of the high-season for luxury property sales. The increased demand for event and seasonal property rentals sees the return of the buy-to-let property investors, pushing the sales figures up by 2.45% since April. The average price for a luxury property is up by 0.11% since April and is widely expected to continue to grow over the summer.
- The average price for a luxury property up by 0.11% since April
- Property sales up by 2.45% since April
- Monaco’s 177 properties for sale has a collected value of over €1.7bn, with an average price of €9.7m
Featured Area: MONACO
Monaco is a unique micro-market when it comes to property, and any property would be considered a luxury asset. In addition to being a tax-haven for the rich and famous it is a part of the French Riviera with all it has to offer. Today there are 177 properties offered for sale in Monaco over €1m which gives a total market value of €1.73bn. A luxury property, almost exclusively apartments, will cost an average of €9.7 million.
*The luxury property market is considered in this monthly index to be any house or apartment priced to sell on the open market for a minimum of €1.000.000.