The Real Riviera

Monaco ranks as the “hottest” high-net-worth property hotspot

By Sabuhi Gard

Contributing Editor

Monaco has the highest density of prime properties on the market, according to the latest research by high-net-worth mortgage broker Enness Global 

It has 216, £3 million-plus homes listed for sale in the current market and approximate size of just 2.02 square km, there are 107 high-end homes for sale per square km in Monaco.

Enness analysed the market across 15 property playgrounds of the super-rich, looking at the number of homes listed for sale at £3 million.

Other prime property hotspots mentioned after Monaco, include Paris, New York, London, and Mykonos. Paris falls in second place after Monaco. 

The city currently has some 586 homes listed for sale at £3 million or more. With an estimated size of 105.40 square km, there are currently 5.6 prime homes listed for sale per square km. 

New York is just ahead of London with 2.4 prime homes for sale per square km. 

With 2,689 homes listed at £3m or more, London is home to the largest level of prime stock for sale in the current market. However, with this stock spread across a city of 1,572 square km, it equates to just 1.7 prime properties per square km.

Mykonos also ranks high, with 1.6 prime homes for sale per square km, while at the other end of the Aspen (0.01 per square km) and Venice (0.02) had the lowest level of prime homes for sale based on the size of the area.

“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, said Hugh Wade-Jones, managing director of Enness Global Mortgages.

“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 £3 million.

“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 km.

“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.”

Location All homes for sale Homes for sale at £3m and above £3m as a % of all stock Approx. area of location (sq. km) £3m+ property for sale per sq. km
Monaco 439 216 49.2% 2.02 106.9
Paris, France 17,665 586 3.3% 105.40 5.6
New York, United States 28,858 1887 6.5% 783.80 2.4
London, United Kingdom 74,580 2,689 3.6% 1,572.00 1.7
Mykonos, Greece 1,305 141 10.8% 85.50 1.6
Los Angeles, United States 8,107 737 9.1% 1,302.00 0.6
Barbados 1,424 174 12.2% 431.00 0.4
Ibiza, Spain 3,645 217 6.0% 572.60 0.4
Mallorca, Spain 27,999 1,307 4.7% 3,640.00 0.4
Dubai, UAE 29,035 822 2.8% 4,114.00 0.2
Valais, Switzerland 5852 479 8.2% 5,224.00 0.1
Cape Town, South Africa 9,600 35 0.4% 400.30 0.1
Provence-Alpes-Côte d’Azur, France 12,857 2,266 17.6% 31,400.00 0.1
Venice, Italy 2,471 9 0.4% 414.60 0.02
Aspen, United States 339 139 41.0% 9,971.00 0.01
           

Source: Data collected across various national sourced and stock levels were correct as of 18th February 2021 

 

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