Everyone wants a piece of Monaco's property market, and skyrocketing property values are not stopping investors from snapping up properties in this tiny country in the French Riviera, several reports said.
According to a report on Bloomberg, rich investors are flocking to Monaco to invest in properties there as London imposed new tax policies on upscale homes and the United States leads a "global crackdown on hiding assets."
Bloomberg also revealed that many of these investors hail from Switzerland, "where financial secrecy laws are crumbling," quoting Savills Plc managing director Jean Claude Caputo.
In a separate report, Savills director of world research Yolanda Barnes noted that billionaires are drawn to Monaco due to the rarity of its properties.
"So too is prominence and the importance of Monaco as a location in the billionaire real estate market," she told CNBC.
Sales of six digit-selling penthouses are driving growth to the country's real estate market. One penthouse, which was located in the Tour Odeon, is selling for an eye-popping price tag of $400,000. The penthouse, which covers 3,300 square meter, offers a breathtaking view of the Mediterranean and features a swimming pool and a dance floor, according to CNBC.
The CNBC report added that while the country's current supply of luxury properties may not be meeting the high demand for luxury properties in the area, it would remain a strong market "regardless of what happens to other kinds of billionaire properties."
Monaco is famous among the super-rich as a tax haven because it does notrequire residents to pay income taxes. However, contrary to popular belief, the country is not entirely tax-free. According to a Telegraph.co.uk report in 2010, Monaco taxes its residents 19.6 percent VAT (value added tax) for products and services.
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