According to Bloomberg report, The principality of Monaco has surpassed London as the world's most expensive property market with a $ 7,000 per square foot.
As the prime residential market is weakening across the world due to the fallout from the credit crunch, cities like Monaco on the French Riviera and chalets in the French Alps continue to see the value climbing.
The average price of Monaco's luxury market rose 30% over last year as opposed to 1.8 % in London.
Top 10 luxury property markets in the world:
1. Monaco 30%
2. London- U.K. 1.8 %
3. Cap Ferrat- France 2.0 %
4. Courcheval- France - 2.0 %
5. New York- USA 12.3 %
6. Moscow- Russia 18.4 %
7. Tokyo- Japan - 9.4 %
8. Hong Kong- China 27.2 %
9. Sydney- Australia 4.0 %
10. Paris- France 0.0 %
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