According to a Knight Frank report, for $1 million in Monaco you can buy about 16 square meters of housing. This is less than the area of a standard hotel room and only slightly larger than the size of a parking space.
For comparison, in Hong Kong for the same amount of money available about 23 square meters, and in Geneva and Singapore – about 28 square meters. m.
Against this background, the Principality recorded the largest known residential real estate transaction in history. According to Prian, Ukrainian businessman Rinat Akhmetov purchased a five-story residence for more than $550 million. The object is located in the luxury complex Le Renzo, part of the new coastal project Mareterra – one of the most ambitious and exclusive development projects in the Principality. The apartments cover approximately 2,500 square meters and include 21 rooms. Amenities include a private pool, Jacuzzi and at least eight parking spaces.
The previous record belonged to London, where luxury real estate was sold for about $356 million.
Experts note that the unique combination of limited land supply, strict building regulations and a high concentration of ultra-wealthy residents continues to keep prices in Monaco at a level unattainable in other markets.
