Monaco real estate in the news.

A penthouse flat owned by British entrepreneurs Christian and Nick Candy in Monte Carlo has been sold for 240 million euros, reaffirming the Principality's position as the most expensive place to buy property. The 3 bedroom, 1625 sq metres apartment in La Belle Epoque was previously the home of Edmond Safra who died there in a fire in 1999.

Monte Carlo dwelling sold for €240m

Earlier, a study reportedly published at the end of June claimed that avenue Princesse Grace was the most expensive road in the world. This appears to confirm the results of a study carried out by Wealth Bulletin the previous year. According to luxury estate agents Engel and Volkers, the average price for a square metre was estimated at 84,945 euros in 2009, a decrease of 35% from 2007 when it was 135,000 euros.

Princesse Grace, most expensive road in the world

Also in June, Nice Matin reported that the first apartments in the Tour Odeon would be put on the market at the September rentree. According to project leader Claudio Marzocco, more than 100 people have already expressed an interest in the 82 apartments that should be ready for 3 July 2014. Prices are not yet public, however one can make an estimate based on the 177 apartments reserved for Monegasques, which will be sold for 278 million euros, or 24,000 euros per square metre.

Tour Odeon : 82 apartments for sale at the rentree