The most expensive place in the world to live is again Monte Carlo

New York - According to Forbes magazine, Monte Carlo is once again the city with the most expensive real estate in the world. However, it offers its residents the beaches of the French Riviera, a fascinating nightlife, and the status of a tax haven. Compared to Moscow in second place and London in third, Monte Carlo is more than twice as expensive. Prague ranked 34th.
    According to the magazine, the luxurious resort area of Monte Carlo maintained its first place in the ranking with an average price of $4,420 per square foot. This translates to approximately 9,225 CZK per square meter.
    "The main reasons for such high prices are a lack of space and low taxes," stated Matthew Montagu-Pollock, the author of the survey, the results of which were published at globalpropertyguide.com.
    Moscow, with $1,937 per square foot, came in second, and London was in third place with $1,928. Moscow improved by one place due to strong economic growth from last year, further supported by previously high oil prices. Last year, the country's gross domestic product increased by six percent according to the CIA World Factbook.
    A surprising change affected New York, which dropped from second to sixth place. The growth of Asian markets propelled Hong Kong and Tokyo into the top five. According to last year's survey, the prices of residential space in Hong Kong and Tokyo were $1,373 and $1,103 per square foot (0.09 square meters), respectively.
    In New York, the average was $1,384. The top ten is rounded out by Indian Mumbai at $851. The authors of the study note that such prices are surprisingly high during a global economic crisis. However, they also reflect historically unprecedented wealth and the result of previous global growth.