Monaco has been ranked as the world's most expensive market for luxury housing, with $1 million equivalent to just 205 square feet of prime property. This scarcity is due to the microstate's small size (510 acres) and high population density. Despite being a tax haven that attracts millionaires, the high demand coupled with limited supply has driven prices to extremes. Notably, renting a modest two-bedroom apartment can exceed $30,000 monthly. In response to space limitations, Monaco has been reclaiming land from the sea to expand its real estate options.
A million dollars will only buy you about as much space as a parking spot in Monaco.
Monaco remains a magnet for the superrich due to its lack of income or capital gains taxes.
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