Monaco is indeed a millionaire's heaven. The sophistication and class the city-state on the French Riviera offers, is unmatched. Therefore, when Monaco produced the world's most expensive apartment listing, it wasn't surprising.
Located atop the plush "Tour Odéon" building, the four-storey penthouse is a marvel. Offering panoramic views of the Mediterranean sea and the city's skyline, the luxury residence will soon hit the market for $400 million.
Experts at Knight Frank, a major property consultancy, say that the residence could sell for more than its asking. And why not!
The 32,291-square-foot designer residence is the epitome of luxury. The home spans the entire 45th to 49th floor and has a kitchen on each floor. There are five bedrooms, a private cinema and a personal slide that will take the owner directly to the private pool from the comfort of the residence's balcony.
But if the penthouse is a tad bit too expensive, then one may take a look at the 70 other units being offered for sale.
"These duplexes and the penthouse are set to catch the eye of those looking for the very best properties across the world's leading markets," James Price of Knight Frank, which has been hired to sell the apartments, was quoted by The New York Post.
Tour Odéon is set to be the tallest building of Monaco at 170 meters and is slated to complete construction by 2015. Apartments in the tower will reportedly hit the market by September 2015. Every apartment is designed by famed designer Albert Pinto and boasts of floor-to-ceiling glass windows and 360-degree views of the sea around.
Building amenities include fitness rooms, an exclusive hammam, sauna, Russian bath and 24/7 concierge services. Other facilities include lounges, movie rooms, laundry service, valet parking and even car-wash service.
Take a look at the brochure here. Also see more in the video below:
A recent study found that a third or 29.21 percent of Monaco's population comes under the "millionaire" bracket. It offers everything a millionaire would want. It is a tax haven for the rich because residents of Monaco are not liable to pay taxes on foreign income.
It is also one of the world's best places to buy luxury property in. Crime rates are also low in the area. All these factors make Monaco the most favorable city for millionaires.
But will a millionaire spend so much on a property? According to experts, Yes!
Monaco is a "honeypot for ultra-high net-worth individuals," Yolanda Barnes, director of world research at Savills, told CNBC in a telephone interview, according to Yahoo. She added that because land and property availability is scarce in the city-state, the property market of the city-state will always be in demand.
"Rarity is incredibly important (for the rich). So too is prominence and the importance of Monaco as a location in the billionaire real estate market," she added.
