Monaco in pole position for F1 property prices
Monaco, home to the most iconic Grand Prix in the Formula 1 calendar, also takes pole position in terms of property values, according to new research by high-net-worth mortgage broker, Enness Global Mortgages.
The research shows that property values across the 22 nations to feature in the 2021 F1 race schedule sit at GBP2,549 per square metre, on average.
However, with property values in Monaco averaging GBP40,991 per sq m, it’s by far the most prestigious F1 location from a property standpoint, coming in at 1,508 per cent more than the average across all F1 destinations.
Singapore is the only other F1 host nation to see property values hit five figures, with the average price sitting at GBP13,130 per sq m, 415 per cent above the average of all F1 locations.
Japan takes the final spot on the podium at GBP6,365 per sq m, with France, Australia, Austria, the UK, the Netherlands, Belgium and Italy also ranking within the top 10 and home to above average property prices.
In contrast, Turkey is home to the most affordable F1 house price at just GBP543 per sq m, coming in -79 per cent below the average of all F1 nations.
At GBP735 per sq m, Saudi Arabia also offers a good level of F1 house price affordability, as does Mexico (GBP861), Russia (GBP871) and Brazil (GBP938).
Managing Director of Enness Global Mortgages, Hugh Wade-Jones, says: “Although the capacity for this weekend’s race is limited, there’s always a great buzz around Monaco when the F1 comes to town. It really is the pinnacle of the Formula 1 calendar and so it comes as no surprise that Monaco also continues to dominate the global real estate grid.
"Monaco is essentially the most exclusive community in the world with only the very wealthy in a position to join. This consistent demand coupled with a limited number of opportunities to climb the Monaco property ladder means that property will always maintain it’s value and we’re unlikely to see Monaco overtaken by any other global destination, no matter how up and coming they may be.”