For the third year running, Monaco remains the world’s most expensive residential location.

According to The Wealthy Report 2011 by leading property brokers Knight and Frank, and wealth management specialists Citi Private Bank, Monaco boasts the most expensive luxury homes in the world.

The report acts as the global index of luxury home prices, and it estimates that $65,600 per square metre is the average price of a house or apartment in Monaco. The small European ‘microstate’ is in high demand from wealthy buyers in the Principality, and is popular amongst residents with ‘no personal income tax’ levy.

Monaco’s biggest property deal last year was the purchase of La Belle Epoque, a 17,500 square foot penthouse. It was bought by an unnamed Middle Eastern investor for 240 Euros ($340 million).

The penthouse takes up the 2 top floors of a block of flats. Each suite inside it has its own cinema, kitchen, dressing room and 2 bathrooms. The penthouse also has a spa, library and its own gardens. This historic building is one of the best known in the Principality, and dates back to pre-war days.

According to the same report, several locations saw significant falls in prime property prices. Most notably was Dublin, falling by 25%, and Dubai, which also fell by 10%.

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