What is Lux class real estate: distinguishing features

As a rule, when they are talking about a luxury class, London or New York comes to mind. However, in fact, Monaco, an incredibly rich principality, beats all the records of real estate prices. It’s all about the attractiveness of this place. Of course, Monaco is the very heart of Riviera, this is an amazingly beautiful place – a real paradise, how it is drawn by commercials and booklets. But it’s not only that. After all, Monaco is not just a resort for wealthy people, it is the most important business center (mainly providing financial services), which has worldwide significance. In combination with a rather limited supply volume, this serves as a prerequisite for the growth of real estate prices, which are about 90 thousand. euro for 1 sq. m, and thereby ahead even Hong Kong. Why is the market supply limited? The fact is that the principality of Monaco has a very small territory. Its area is about 3% of the territory of Hong Kong and only 6% of the island of Manhattan. Moreover, there are not many premium real estate objects on this area, while the demand for it from wealthy citizens of other states is very large. Well, the real estate agency St. Petersburg will offer you the best real estate in St. Petersburg at a reasonable price and without overpayments. In the period 2007-2010. In all European countries, sales in the secondary housing market fell by 50-55%. The situation worsened in Monaco. But, despite this, most of the owners of such housing survived the fall in demand in the hope of the onset of better times and were in no hurry to sell their homes. And when by 2013 demand from investors who were looking for a quiet harbor for their capital again grew up, the volume of real estate transactions quickly returned to the pre-crisis level, and in the premium segment they grew by more than 20% even compared to 2007. Who buys real estate in Monaco? These are mainly foreigners, citizens of 128 countries, including Italians, Belgians, British, Russians and other immigrants from Eastern Europe. Monaco’s economy is developing, and the market is quite stable. Each year, several new real estate objects appear here. Experts consider it a promising direction and reconstruction of buildings from the old fund. Given the overall economic situation, analysts believe that the increase in real estate prices of Monaco will reach his peak only by 2015.