World’s priciest real estate can be found in Monaco

Where are the world’s most expensive homes? Moscow, Tokyo… even New York City? Try again. The answer is one of Europe’s smallest countries: Monaco, the Wall Street Journal reported.

The average price for real estate in Monaco is $5,408 per square foot, according to a report from Citi Private Bank and Knight Frank, a London-based affiliate of Newmark Knight Frank. And a 200-square-foot home costs around $1 million, the Journal said.

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New York City was number 17 in the ranking, and the average price cited in the report was around $2,161 per square foot. The only other U.S. cities in the top 50 are Aspen, Colo. Telluride, Colo. and Miami, Florida. [WSJ]