MONACO (Kashmir English): The world’s most expensive apartment featuring jacuzzi, modern technology and panoramic views of Mediterranean, has been sold for over $550 million, approximately Rs154 billion.
A Ukrainian billionaire has purchased the property located in Monaco, Western Europe, in a building known as Renzo.
Valued at 471 million euros and $554 million, the sale has set a new world record in the history of residential property.
Media reports suggest that the residence is a luxury penthouse spread over five floors, comprising 21 rooms and a private swimming pool.
Experts link the purchase with the continued rapid growth of the ultra-luxury real estate market worldwide.
Monaco the city-state
Monaco is a sovereign city-state on the French Riviera, renowned as the world’s second-smallest country and a premier luxury destination.
It is known for high wealth concentration, the Monte Carlo Casino, Formula 1 racing, and as a major tax-haven. It is a constitutional monarchy with French as the official language.
The city-state has remained among the most expensive property markets worldwide, with this transaction surpassing all previous records.
