Europe’s Wealthiest Housing Market Just Got Wealthier

 

The Principality of Monaco might be among Europe’s tiniest countries, but it leads the continent as the most successful when it comes to residential real estate sales.

CNN, citing a new study from the property consulting group Savills, reports that total residential real estate sales in Monaco during 2014 reached the $2.7 billion, a new record high.

Granted, Monaco has several advantages that other European markets lack, most notably a history of attracting elite residents and a zero rate of income tax. Not surprisingly, an estimated one out of three Monaco residents is a millionaire, and the principality boasts, according to CNN, “the highest concentration of ultra-wealthy individuals.”

Read the entire article at NMP.