Monaco Set To Have Most Expensive Condo

Besides being a tax-haven and playground of the world's rich and famous for decades, Monaco will soon have a new title: home to the world's most expensive condo.Tour Odeon, a twin high-rise condo project built by Groupe Marzocco SAM on Monaco's Mediterranean coastline will set a new world record penthouse sales price when their 5-storey penthouse sells for an estimated $400 million plus price tag. When sold, it will easily eclipse the current world-record penthouse sales price of $237 million recorded earlier this year in London's One Hyde Park.

While the developer did confirm to Abode2 the penthouse is now on the market and available for purchase, they would not confirm the price. But based on the recent uber-luxe penthouse sale in London's One Hyde Park at less than half its size in terms of square footage (16,000 square feet) for $237 million, a $400 million to $450 million price point is possible for Monaco's 35,500 square foot penthouse. According to Groupe Marzocco, condo sales have continued to be strong in Monaco's newest and tallest residential skyscraper.

The main structure of the building was completed in late 2013. The sculpted 170 meter double tower rises over 49 stories, making it one of the tallest residential towers in Europe. Niccolo Marzocco, Director of Groupe Marzocco says, "Property in Monaco is selling well. Prices have been said to have risen by 10% in the first few months of 2014 and there is no sign of the market slowing down. The principality has been flooded by many new nationalities either looking to live in the most glamorous and sought-after location in the world or to make an investment in the booming property market in Monaco. Tour Odeon has been incredibly popular and we have seen interest from buyers from all over the world. Not all of the apartments at Tour Odeon are going to be brought to the open market so we are thrilled with the sales success to date."