With Formula 1 returning this month, research by Henry Dannell, a leading specialist in bespoke mortgage solutions, has taken a look at the cost of purchasing a property across each host circuit city, revealing which sits in pole position when it comes to the most exclusive property market.
By far the most expensive Grand Prix city is Monte Carlo, Monaco, home to the Circuit de Monaco racecourse. A home in the opulent city costs an astonishing average of £43,019 per sqm. To put this in perspective, it means that a very modest 43 sqm city-centre flat costs £1.85m, although supply is short ensuring that Monte Carlo is home to only the world’s most rich and famous residents and so the cost of buying is likely to be far higher.
Downtown Core and Kallang in Singapore is home to the Marina Bay Street Circuit where property prices average £13,909 per sqm, making it the second most exclusive F1 circuit from a house price point of view, although it remains some way off the pace set by Monaco.
The Japanese Grand Prix is hosted at the Suzuka International Racing Course in Suzuka, Mie Prefecture where homes cost an average price of £5,974 per sqm, while homes near Australia’s Melbourne Grand Prix Circuit come in at £4,972 per sqm.
A property near Circuit Paul Ricard, in Le Castellet, France, cost £4,628 per sqm, while those looking to buy around Austria’s Red Bull Ring in Spielberg, Styria, will be looking at £4,211 per sqm.
The famous Silverstone Circuit is found in England’s Northamptonshire where the average home cost £4,145 per sqm, while homes near Canada’s Circuit Gilles Villeneuve circuit in Montreal, Quebec demand a price of £3,804 per sqm.
Buying near Circuit Zandvoort in Zandvoort, Netherlands will cost £3,629 per sqm while buying in Stavelot, home to Belgium’s Circuit de Spa Francorchamps, will cost £2,756 per sqm.
The most affordable Grand Prix city to buy in is Mexico City, Mexico, home to the Autodromo Hermanos Rodriguez racecourse. Property here cost just £855 per sqm, roughly £42,000 per sqm cheaper than Monte Carlo.
Director of Henry Dannell, Geoff Garrett, commented:
“It’s not at all unusual for super-wealthy home buyers to snap up homes in multiple cities around the world and what better criteria to base these purchases on than the venues of the most prestigious racing event in the world.
Now that COVID-related travel restrictions are easing, we expect the global prime market to pick up pace after two years of pandemic paralysis. As such, these prices, some of which are already incredibly high, will likely increase further over the coming year.”