Monaco Is the World’s Most Expensive Place to Buy Luxury Homes
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Monaco was the world’s most expensive luxury residential market for the third straight year in 2010 because of demand from wealthy buyers in the Mediterranean principality, which levies no personal income tax.
The average cost of a house or apartment in Monaco was $65,600 a square meter, according to a global index of luxury home prices compiled by Knight Frank LLP, a London-based property broker. London was the second most-expensive market at $56,300 a square meter, while Paris was fifth at $40,500. The other three most-expensive locations were also in France.