According to reports by real estate company Knight Frank, the cost of homes in Europe are continuing to rise. That might not be surprising news, but what is interesting is that droves of outside luxury residential buyers are pursuing real estate in countries that are considered the more stable residential markets. At this time, London, Vienna and Geneva are coming in at the top primarily because their economy was not as rattled by the 2008 economic debacle as other neighboring countries.
It has been speculated that the property market values will continue to be skewed based on the future real estate moves made by the wealthiest in the world. For example, Monaco's real estate is very expensive and the price per square foot is astronomical compared to Spain.
London runs a close second to Monaco with per square foot prices coming in well over $35,000. Another way to look at it is that one of the most expensive streets for real estate in London (Kensington Palace Gardens) used to be called Millionaire's Row. It is now too expensive for a mere millionaire and the name has changed to Billionaire's Row.
The obvious fallout for the US is that much of our country's money is being invested in other countries, which does little to help the economy. According to the report, wealthy real estate moguls enjoy the location, history and cosmopolitan atmosphere of Europe, even though the emerging markets are now considered to be in Asia and Latin America.
Those with deep pockets seem to get the choice of the best toys, homes and opportunities. You'll see what we mean when you take a peek at the following mega-penthouses that are on the market today in some of our favorite European cities.
8 Rome Loft - $8.6 Million
The top (4th) floor of Palazzo Degli Ambasciatori (The Ambassador's Palace) in the Coppede district of Rome, is in the most prestigious area of the country's capital. The building was constructed in between 1917 to 1921 and the penthouse and is approximately 1,500-square feet inside with an additional 820-square feet on the terraces.
An elevator lifts the owner to the fourth floor entrance that leads through a spacious entry into a reception room that offers an incredible 180-degree view.
7 Vienna Penthouse - $18.2 Million
This penthouse is one of Austria's most expensive properties and was recently introduced at a private opening to distinguished guests and potential buyers. Actually, the next door penthouse was also being featured for a few million less, so we decided to present the top billing. The view of the country's most prestigious city can be enjoyed from nearly every room and the rooftop deck provides an additional vantage point.
There are floor-to-ceiling windows in many of the rooms and smaller loft-type relaxation rooms that invite the residents to curl up with a book and luxuriate. Since there are two lofts on the market, the agent was reluctant to provide specific details other than "they are worth every euro".
6 Paris - $14.7 Million
This penthouse is beautifully furnished and is located in the 16th district of Paris, which is a central location for the world's most romantic city. It includes five bedrooms, authentic 18th century wood paneling, an open floor plan, two parking spaces, a cellar and a studio bedroom area for a staff member.
The Eiffel Tower is only a few blocks away as well as other magnificent cityscape views that can be comfortably viewed from the living room areas, terrace and other rooms. The generous reception area is luxurious and makes an incredible entrance for your guests.
5 Fontvieille, Monaco Penthouse - $23 Million
The price has actually been reduced on this penthouse located on the Fontvieille marina in Monaco. It has a prime location near boutiques, restaurants, markets and the gardens. It has also been completely renovated from top to bottom with the highest quality details, materials and furnishings.
The high class, luxury condo includes a living room that opens to a marina-facing terrace, three bedrooms, four bathrooms, rooftop terrace with outdoor kitchen, solarium, Jacuzzi and beautiful garden. A penthouse in Monaco is the place to be during Grand Prix season, as all of the superyachts and wealthy tourists flock to this destination. So the owners can either join in the fun or people watch from their place high above it all.
4 Paris Penthouse - $57.3 Million
This is a 2-story penthouse that is located in the 16th district, which is in the heart of Paris overlooking the Seine and the Eiffel tower. The exact size is unknown, however suffice it to say there are eight bedrooms, eight baths, a rooftop terrace, sauna, spa and gym. Every room in the penthouse was designed with luxury materials, details and a spacious flow to the layout. The dining room seats 30 and promises to be the perfect setting for a glamorous dinner party.
The staff has their own private entrance and quarters and on the bottom floor there are three cellars and two secure spaces for vehicles. It's resplendent and one of the most spectacular luxury properties in the country.
3 London Penthouse - $90 Million
This 6 South Bank Tower penthouse will sit high on the 41st floor when the building is finished being transformed in 2015. Situated on the River Thames, overlooking the London Eye and a scenic view of the city, this magnificent penthouse will be a tri-level that includes two roof-top terraces among other luxurious amenities and features.
This will be considered one of the ten most expensive penthouses in the world and the lucky owner will tower over London while enjoying one of the best views available. Of course, it will have its own private pool, large living spaces, concierge and so much more. The details are all being crystallized and implemented for the property that will be put on the market next year.
2 London Penthouse - $227.5 Million
Some call this a "flat". We call it an amazing place to live. The location is the prestigious One Hyde Park in Knightsbridge, London, which is home to many of the priciest apartments in the world. (The least expensive runs about $7.5 million.) The building itself is filled with amenities, such as a spa that includes saunas, steam rooms, relaxation rooms and specialized treatments. Of course, it also has the "typical" gym, private exercise rooms, squash court, cinema, virtual reality golf, entertainment room, business and private meeting rooms, wine cellars, underground parking and the use of a Rolls-Royce car. Oh yes, and a 24-hour concierge service, valet, housekeeping and security are also a part of the package.
Each room is elegantly detailed with the finest in materials, fabrics and pieces. The five-bedroom masterpiece is spread out into two different sections that cover the entire floor. One end is completely devoted to the community living and entertaining rooms, while the other was developed to provide the comfort and quiet desired for sleeping and bedroom activities.
1 Monaco Penthouse - $440 Million
Monaco is at the top of the list of the world's most expensive countries, so is not a big surprise that the most expensive penthouse would be found there. The Tour Odeon has so many features, we wish there was time and space to show everything.
This project has been in development for a couple of years and is expected to be complete this year. Architect Alexander Giraldi created the space and was inspired by early 20th century Paris.
A few of the main attractions include floor to ceiling windows and terraces, a private water slide from the dance floor into the infinity pool and is five-stories covering close to an area of 11,000-square feet. For that price, the owner will also have a private chauffeur, caterer and will have the best view in the country, as the building will be the tallest at 560-feet.
The steep price tag has increased by almost $100 million during the time the project began and now, when it will soon be finished. The must mean the offers are coming in or the project went over budget. We shall soon see.
The Odeon has already sold 26 of its other flats out of 259 units and 73 private luxury residences. The penthouse is in a category of its own, as are the lavish features.