Russian cash fires up Monaco real estate

Residential real estate in the European principality — where nearly one in every three people is a millionaire — had its best year on record in 2014.

Property consultancy Savills said total real estate sales hit €2.4 billion ($2.7 billion) last year, beating the previous peak in 2007.

The weaker euro helped lure investors by making Monaco more affordable to buyers paying in U.S. dollars, British pounds or Swiss francs.

Some of the cash flowing out of Russia also found its way to Monaco. Russian buyers were particularly active last year, Savills said in a report.