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.