Where is the most expensive luxury real estate in Europe?


The definition of “luxury real estate” in Europe can be applied to various residential properties: apartments, penthouses, villas, chalets, castles and detached houses, but they must meet a number of conditions. These conditions primarily include:


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  • advantageous location (city center, prestigious quarter, view of the sea or mountains from the window);

  • proximity to all necessary infrastructure (banks, shops, restaurants, etc.);

  • large footage and convenient layout (spacious rooms – usually 4 or more, living room-salon, several bathrooms, terrace or balcony);

  • high-quality and modern finishing – both external and internal;

  • ensuring security at the proper level (closed area, constant presence of a concierge or security);

  • the presence on the territory – private or public – of green spaces, a garage, a swimming pool, a tennis court, a gym, a children’s playground, etc.

This set of factors may vary depending on the city, climate or reputation of a particular region. You can buy luxury real estate in Europe in almost any country, and in some of them (Spain, Portugal, Greece, Malta and Cyprus) there are programs that imply the issuance of a residence permit under the Golden Visa program for buyers of expensive housing.


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On the other hand, in countries such as Monaco, whose total area is only 2.02 sq. km with the highest population density in the world – almost 19 thousand people per 1 sq. km, almost any property is a priori considered elite due to the shortage of land plots for development and, accordingly, their high cost. At the end of 2019, it was in Monaco that the highest prices for luxury housing were recorded. So, for the amount of one million dollars you can buy only 16 square meters there – apartments of such an area do not exist in Monaco in principle.


The most expensive luxury real estate in Europe at the beginning of 2020.












City

Number of sq.m. for $1 million
Monte Carlo (Monaco) 16.4
London, England) 30.4
Geneva, Switzerland) 37.5
Paris, France) 44.6
Moscow, Russia) 76
Berlin, Germany) 77.5
Istanbul, Turkey) 115.1

At the same time, prices for luxury real estate in Europe are not growing everywhere, which is influenced not only by objective circumstances (in some places prices have already reached their ceiling), but also by subjective ones. For example, the spread of coronavirus in the northern regions of Italy – in particular in Tuscany and Liguria, where the largest number of such properties are concentrated – has forced many potential buyers to abandon their plans in the short term.


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In 2019, luxury housing rose in price the most in Frankfurt, which has gained a reputation as the German business capital. The increase in prices in Lisbon is largely due to a decrease in the number of properties that meet all the basic requirements, with a steady increase in demand from foreign investors – primarily from Brazil and China.

In Moscow, the increase in the cost of luxury housing against the backdrop of a deepening financial and economic crisis is largely due to the fact that the number of wealthy citizens whose wealth exceeds $30 million remains virtually unchanged. And such buyers are interested in real estate with high quality finishing, located exclusively in prestigious areas or individual residential complexes.


The most significant increase in prices for luxury real estate in Europe at the end of 2019










City

Growth over the year in %
Frankfurt (Germany) 10.3%
Lisbon (Portugal) 9.6%
Athens, Greece) 7.0%
Berlin, Germany) 6.5%
Moscow, Russia) 4.7%



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