Monaco remains the most expensive residential real estate market in the world, with luxury homes costing anywhere from $5,350 to $5,920 per square foot, according to a new wealth report from Knight Frank.
While real estate prices in the tiny country are consistently high, Monaco saw a bump this year as buyers shied away from French hotspots in reaction to President Hollande’s wealth tax proposals, the Knight Frank report said.
And Monaco, which does not charge a personal income tax, was particularly popular with Russian buyers over French markets, according to the report.
Luxury real estate prices there increased 2 percent year over year. Prices in 2012 jumped the most in Indonesia, where they increased 38 percent in Jakarta and 20 percent in Bali.
The number of wealthy people in the world is also growing, and set to increase quickly in the next decade, according to the report.
The number of people worldwide worth $30 million or more increased by almost 8,700, or 5 percent, in 2012, and their number is set to increase 50 percent in the next 10 years, according to Knight Frank's forecasts.
Here are the 20 most expensive places to buy luxury residential properties, according to the report (click to enlarge):
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