Dublin luxury property prices lowest in world
Prices rose by the most in Shanghai at 21%, followed by Mumbai at 20% and Singapore at 18%. Closest to Dublin’s 25% drop was Frankfurt, which saw prices fall by 19%.
Monaco was the world’s most expensive luxury residential market for the third year running in 2010, according to a global index of luxury home prices compiled by property broker, Knight Frank.
The average cost of a house or apartment in Monaco was $65,600 (€45,888) per square metre. London was the second most expensive market at $56,300 per square metre, while Paris was fifth at $40,500. The other three most-expensive locations were also in France.
Dublin does not feature on the price list.
New York and London are expected to remain the world’s leading hubs over the next 10 years, but emerging nation centres are fast catching up, such as Mumbai, Shanghai and Sao Paolo.
Almost 40% of the world’s most exclusive residential property markets increased in value during 2010 — six of the 10 biggest increases were in Asia.
On average, property accounts for 35% of the investment portfolios of ultra-high net-worth individuals.
Monaco’s biggest deal last year was the sale of La Belle Epoque, a 17,500-sq-ft penthouse apartment for €240 million in September. The buyer, whose name was not disclosed, came from the Middle East.
Senior political analyst with Citi private bank, Tina Fordham, said: “When it comes to the impact of politics on the global investment environment, 2011 has so far proved to be the ‘year of living dangerously’.”
She said over half of the individuals surveyed for this report said they were “more concerned” about global political instability than in the past five years.
Knight Frank’s head of residential research, Liam Bailey, said in cities as diverse as Dublin, Chicago, Los Angeles, Hanoi and Abu Dhabi, oversupply and falling prices underline the readjustment for “once- booming markets”.
Price per square metre of property:
* Monaco — €45,888
* London — €39,396
* Cap Ferrat — €38,206
* St Tropez — €28,553
* Paris — €28,343
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