Friday, September 26, 2008
If you're pissed that your once million-dollar condo is now worth half as much as it did just a few years ago, feel worse when you find out that a similar pad in Monaco would have probably appreciated in value. According to a Bloomberg report, the Principality of Monaco is now the most expensive luxury real estate market in the world, with prices nearing $7,000 per square foot. That's right, almost seven grand for a patch of space smaller than your rear end. Monaco took over the top spot from London, which saw its luxury properties decline in value with the shellacking that is taking place in the financial sector. Rounding out the top ten list of luxury home markets include Cap Ferrat (French Riviera), Courcheval (French Alps), New York, Moscow, Tokyo, Hong Kong, Sydney, and Paris.