Monaco pushes London property price into second place

London has been pushed from the top of the world’s most expensive city list, by Monaco, where prime property is sold for £47,000 per square metre – up 2.1 per cent from 2008. London, which saw one of the biggest falls in value of any part of the world, down 17 per cent, is in second place at around £24,000, and Manhattan in third place, down 4.1 per cent to £13,000. Almost all the world’s wealthy reported a fall in the value of their property portfolios last year, however, just 5 per cent were ‘very concerned’ about the fall in value, and almost 55 per cent planned to increase their portfolios during the next two years.