Spotlight: Monaco – 2024
"While not immune from global events and trends outside its borders, Monaco continues to punch above its weight, maintaining its position as the world’s most expensive prime property market in 2023"
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"While not immune from global events and trends outside its borders, Monaco continues to punch above its weight, maintaining its position as the world’s most expensive prime property market in 2023"
"In the face of economic uncertainty, prime residential pricing proved resilient in 2023, though at lower levels of price growth than seen in the immediate aftermath of the pandemic, with average increases of 2.2% across the index"
"Rents outpaced capital values in 2023, with 28 of the 30 cities tracked in the World Cities index experiencing positive rental growth. Rents increased by an average of 5.1% compared to the average capital value growth of 2.2% for 2023"
"Savills Prime Residential Index: World Cities monitors the performance of prime residential property across 30 global cities; tracking capital, rental and yield values. Average growth in 2023 was 2.2% for capital values, while rents grew at 5.1% on average"
"Will rents continue to outperform capital values? Which cities have continued to perform? And what do we expect to see for the remainder of 2023?"
"Average rental growth across the 30 cities increased by four times the average capital value growth, at 2.8% and 0.7%, respectively, in H2 2022"
"While cities are still in vogue, global capital value growth slowed during the second half of 2022. The prime rental markets, however, told a different, more positive story"
"Following two years of staggering growth, the prime residential markets are set to slow in 2023. Of the 30 major global cities in the index, 17 will record slower capital value growth than in 2022. However, 13 cities are forecast equal or even slightly enhanced growth in 2023, and rental markets will remain a bright spot"
"Rents outpaced capital values last year, increasing by an average of 5.9% in 2022, and bringing total growth to 10% in the last two years"
"For the prime residential markets around the world, soaring demand for urban living against constrained supply has caused capital values to continue rising and rental values to excel"