The latest research from high-net-worth mortgage broker, Enness Global, has found that Monaco takes pole position in the Property Price Grand Prix when compared to the other host nations in the F1 schedule.
Enness Global analysed the current property price per square metre in each grand prix location. The research found that with an average cost of £43,069 per square metre (sq m), property prices in Monaco are 178% higher than second-place Singapore, 908% more than the UK and a huge 4,376% more expensive than last place Mexico.
Singapore is the only other F1 calendar location to see property prices enter into five figures, with a property cost of £15,476 per sq m placing it second on the podium.
Japan takes the last podium place, with a property price per sq m of £6,999, with France also home to a property cost of more than £6,000 per sq m.
China (£5,691), Germany (£4,686), Austria (£4,625) and Australia (£4,598) also place ahead of the UK (£4,271) and Canada takes the final points on offer in tenth place (£3,577).
Along with Mexico (£964), Russia is the only other location to see property prices per sq m fall below £1,000 (£985).
Hugh Wade-Jones, managing director of Enness Global Mortgages, commented:
“Monaco is arguably the jewel in the crown of the Formula One calendar and the same could be said in terms of its position in the global property market.
While the likes of London and New York hold their own, the property market in Monaco is shrouded by a thick fog of exclusivity and this carries huge appeal for homebuyers at the very top levels of the market.
When you couple this with the much higher cost of buying, there’s no denying that Monaco ranks as the most prestigious pocket of the worldwide property market and this looks set to continue with the eagerly anticipated extension of the coastline.”