Marrakesh, Cairo, Vietnam Lead 'Best Value' List

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The Moroccan city of Marrakesh ranks as the best value for a second home, based on a recent study of prices in 35 markets around the world.

An apartment in Marrakesh averages £1,265 per square meter (about $1,900), beating out Cairo (£1,300 per square meter); Muscat, Oman (£1,670); Hanoi, Vietnam (£1,945) as the markets with the best values, according to the study conducted by Savills (and printed in the Daily Telegraph).

Monaco was once again named the most expensive market, posting a whopping £44,000 per square meter, twice as much as Cannes, the next most expensive. Not surprisingly, Moscow, Paris, Hong Kong and Sydney also made the most expensive list.

But some of the best values were surprises. For example, the Seychelles was the fifth best value at £2,185 per square meter, followed closely by markets like St. Lucia in the Caribbean; Sarasota, Florida; and St. Nevis in the Caribbean.

While many markets in Spain have fallen, Mallorca has actually maintained its high values, with houses selling for £7,100 a square meter, the study found.

Unlike the Brit-focused mainland, which has an over-supply of homes for sale, "Mallorca has a large gene pool of buyers," says Charles Weston-Baker, director of Savills' international department. "This gives it a very resilient market."

The study also suggests that top markets continue to hold their value, despite the downturn.

"It's not a surprise that key financial hubs such as Paris, Moscow, Hong Kong or Shanghai generates high values," Savills's researcher Rebecca Gill told the Telegraph. "But it's clear that traditional world-renowned 'lifestyle' destinations such as Cannes and Courchevel continue to attract high-spenders, as does Monaco."

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