This Sunday, Formula 1 heads to perhaps the most iconic track in the racing calendar in Monaco and research by the leading high-net-worth mortgage broker, Enness Global Mortgages, has revealed that it also takes pole position where property values are concerned.
The research by Enness shows that on average, property values across the 22 nations to feature in the 2021 F1 race schedule sit at £2,549 per square meter on average.
However, with property values in Monaco averaging £40,991 per sqm, it’s by far the most prestigious F1 location from a property standpoint, coming in at 1,508% 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 £13,130 per sqm, 415% above the average of all F1 locations.
Japan takes the final spot on the podium at £6,365 per sqm, 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 £543 per sqm, coming in -79% below the average of all F1 nations.
At £735 per sqm, Saudi Arabia also offers a good level of F1 house price affordability, as does Mexico (£861), Russia (£871) and Brazil (£938).
Managing Director of Enness Global Mortgages, Hugh Wade-Jones, commented: “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.”