Monaco, Sardinia and London boast the most expensive homes in Europe and possibly the world, new research has found. This is according to German overseas property agency Engel and Volkers' global home ranking list.
Christian Volkers, chief executive officer of the firm, told Overseas Property Professional that "the highest prices are in those locations where extreme exclusivity meets a severe shortage of properties on the market."
He noted that these tend to be smaller, more exclusive locations and they are "in such high demand that the level of interest cannot possibly be met, driving prices up to levels far beyond the average."
The research found that the road with the highest-priced private properties in Europe is located in the principality of Monaco. Here, investors have paid as much as EUR 148,000 per square metre.
Engel and Volkers noted that residential real estate on Sardinia ranks in second place. The bay of Romazzino commands property prices of up to EUR 100,000 per square metre.
London came in third place on the league table, with the districts of Knightsbridge and Kensington leading the way. Sale prices here can reach as much as EUR 76,000 per square metre, the consultancy said.