Monaco May be Home to the World’s Most Expensive Apartment

Monaco Travel Destination

Seven years ago when the American economy took a turn for the worse, the housing market also began to struggle; there were an increased number of foreclosures across the country, and houses were becoming harder to sell.  However, Monaco, known as a favored destination for millionaires and billionaires around the world, is currently experiencing a housing boom and will soon be home to the world’s most expensive apartment.  The Sky Penthouse, which is slated to hit the housing market next year, and is projected to sell for least $400 million and will feature an array of luxuries in line with its high price tag. This fancy living space is being built in the Odeon Tower, which will be the first highrise built in Monaco’s since the 1980s another factor in the property’s price.  The large tower will be home to 70 penthouse apartments and will also house a movie theater, a wellness center, a gym, and a sauna.

According to sources, the 35,000 square-foot Sky Penthouse will come with a private chauffeur and 24/7 concierge service; the unit will also spread over five floors and have five bedrooms.  Although the Sky Penthouse has yet to hit the market, the property’s developers say that they have already received buyers for some of the tower’s other units.

The fact that Monaco will be home to the world’s most expensive apartment comes as no surprise; according to a recent study, one in three residents of Monaco are millionaires. Yolanda Barnes, Director of World Research at Savills said “Monaco is rare because it not only displays the credentials of the world’s most invested urban markets but also has the qualities of a destination and recreation location. It caricatures the supply-demand imbalances of most world cities in that it presents tiny supply against high and increasing demand.”  While the Odeon Tower’s luxury housing units may be the first of their kind in recent years, they will more than likely not be the last as Monaco will probably continue to build expensive housing options to keep  up with wealthy buyers.

The Sky Penthouse is scheduled to be completed in September 2015 and promises to provide an experience worth as much as its price.

(Photo by Sean Gallup/Getty Images)

Written by Camille Moore

Camille has a master's degree from Saint Joseph University's Writing Studies program, and she currently works as the Writing Center Assistant Director at a small university in western Pennsylvania. Camille's writing has been published on several websites, and she enjoys writing articles and short stories in her spare time. You can follow Camille on Twitter @CamealAshley.