Research by high-net-worth mortgage broker Enness Global revealed the areas of the global prime market which present the best option for high-end homebuyers
When it comes to the most number of properties that cost £3m or more for sale per square kilometre in one city, Monaco ranks as the world’s top hotspot for super-rich homebuyers, with Paris, New York and London ranking next.
Research by high-net-worth mortgage broker Enness Global revealed the areas of the global prime market which present the best option for high-end homebuyers.
Enness analysed the market across 15 “property playgrounds of the super-rich” and found that with 216 £3m+ homes listed for sale and an approximate size of just 2.02 sq km, there are 107 high-end homes for sale per square kilometre in Monaco.
Buyers at the very top of the global property market want exclusivity and when it comes to property, exclusivity is very much a result of high demand and a restricted level of stock availability, noted Hugh Wade-Jones, managing director of Enness.
Nowhere breeds this air of exclusivity quite like Monaco, with a consistent level of demand focussed around a very small geographical area. As a result, prime properties account for half of all housing stock currently for sale across Monaco and you’d struggle to kick a stone and fail to hit a home worth upward of £3m, he added.
Monaco is followed by Paris on the list, with nearly 586 homes listed for sale at £3m or more. With an estimated size of 105.4 square kilometres, there are currently 5.6 prime homes listed for sale per square kilometre.
This huge disparity between the first and second place destinations demonstrates just why Monaco is the most exclusive property market in the world, the report said.
New York is just ahead of London with 2.4 prime homes for sale per square kilometre.
London is home to the largest level of prime stock for sale in the current market, with 2,689 homes listed at £3m or more. However, with this stock spread across a city of 1,572 square kilometres, it equates to just 1.7 prime properties per square kilometre.
It’s interesting that while London remains a popular option amongst the world’s wealthiest homebuyers, France and New York actually present a greater level of stock per square kilometre, said Wade-Jones.
Despite this, London continues to rank as a global prime property superpower and we’re now seeing signs of the high-end London market starting to accelerate through the gears, just as the regular market begins to tail off as the stamp duty holiday approaches, he added.
Mykonos rounds up the top five in the rankings, with 1.6 prime homes for sale per square kilometre, while Venice and Aspen rank at the bottom of the chart.
The articles are for information purposes only and Invest for Property shall not be held responsible for any errors, omissions or inaccuracies within it. Any rules or regulations mentioned within the website are those relevant at the time of publication and may not be the most up-to-date.
Invest for Property does not endorse any of the products or services that appear on it or are linked to it and are not liable for any action that you may take as a result of the content of this website, or losses or damage you may incur doing so.
There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.
Please remember that investments of any type may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.