MONACO, A FOCUS ON LUXURY
While the world of international finance continues to lick its wounds, the Principality of Monaco is apparently about to present the world’s most expensive apartment. In this micro-state, prestige is henceforth flaunted rather like a calling card. Spotlight on a market with deeply-rooted and highly specific features...
In the Principality, a sovereign territory bordered by the communes of Cap d’Ail, Beausoleil, Roquebrune-Cap-Martin and La Turbie, the population changes constantly. 35,900 people, French, Italian, British, Monégasques and nationals from other minority countries, rub shoulders in the 2 sq. kilometres that comprise its surface area. Beyond the tax benefits enjoyed by some of its residents, everyone agrees on its high living standards reflected by luxury boutiques and palatial hotels, on the Place du Casino but also in Fontvieille. It boasts the highest GNP in the world, but not only : its sound long-term property market is proven by the resistance shown by this princely state. Building on land reclaimed from the sea is nothing new for the Principality. In addition to which, this elegant little address often has its head in the clouds. As witnesssed by the Tour Odéon, a tower block comprised of 49 floors. Not content with pipping its neighbours at the post, the building is said to contain the world’s most expensive apartment, beating Hong-Kong and London. 300 M € are, in fact, required in exchange for living space of 3,300 m2 occupying five floors.
“Monaco’s property market is doing better than a few months ago and is more vigorous than those of other European cities,” says Elodie Blanc-Sardi of Miells & Partners. It’s time to buy, or at least hope to. The clientele is joined by new nationalities depending on the political and economic fortunes of the various countries. Monaco is Europe’s safe haven, a site both sound and stable, with an enviable life-style. And also an investment, even if the operation is now more of a long-term than a speculative asset. Demand ranges from 1.5 M € - the sum required for a studio in a modern residence in Saint-Roman and Fontvieille, or an older 2-bedroom apartment of 80 m2 in La Condamine, up near the Botanical Gardens or in immediate proximity to Beausoleil - to 20 M €, a budget bringing a penthouse of 300 m2 in Fontvieille, boasting a private pool. There has been significant improvement in terms of appointments offered by properties in Monaco. Previously tired and aging, they are now regularly renovated to meet the requirements of demanding buyers. The contemporary style has its fans, though there are still some fine examples which have gained charm and character over the decades, such as a master apartment of 300 m2 on Boulevard de Suisse, overlooking Port Hercule, currently up for sale at 16.5 M €.
“The most highly sought-after areas are still the Golden Square (around the Casino Gardens) and the seafront, or Fontvieille, Port Hercule and Le Larvotto,” say Eugenia Petrini and Luciana Lebon of Lacosta Properties Monaco. “A panoramic view of the Med is an absolute must. And the focus is on luxury and excellence.” Very much in evidence, East Europeans are blending in with an increasingly international clientele. Rentals often serve as a springboard to an acquisition. Demand is mainly centered on family-sized apartments with 3 bedrooms in a “town” renowned for its high security and schools. Old apartments range from 20,000 to 25,000 € per sq. metre, though top-notch appointments combined with a plunging view of the sea and a prime location send prices rocketing to 60,000 to 70,000 €/m2. The Mirabeau, Sun Tower and Park Palace residences around the Golden Square and “21 Princesse Grace” on the seafront top the popularity polls. The Tour Odéon, with apartments for sale, and the skyscraper Le Simona, with apartments to rent, are good examples of the strong inclination towards the top end of Monaco’s property market. Pegged at 55,000 €/m2, an apartment of 750 m2 in the Palazzo Leonardo (a surface area which includes a terrace of 250 m2 and comes with seven parking places) has given rise to many visits.
Arash Shams of Royal Riviera Immobilier agrees with his colleagues on the popularity of 3-bedroomed apartments near the Casino, harbour and beach, a commodity proposed at around 10 M €. “The Tour Odéon, scheduled for delivery in 2014, is a magnificent calling card for the Principality. Feedback from this particular image is ultra-positive, and certainly in keeping with the address’s orientation.” In the past, many properties were split into small units, so large surface areas with views of the Mediterranean are rare. As for houses, they hardly exist. Monaco’s natural configuration thus reinforces the exceptional character of a villa on Port Hercule, that’s to say, on the F1 Grand Prix circuit : living space of 634 m2, balconies of 41 m2, a roof-terrace of 100 m2 and a garden of 590 m2, worth 59.5 M €. In Europe, Monaco doesn’t seem to have any real competition. At worldwide level, Singapore and Dubai can possibly claim a similar rank, though basic disparities prevent any real comparison. Monaco benefits from the appeal of the Côte d’Azur and offers real prospects for integration. Infrastructures such as the Yacht Club designed by Norman Foster serve as standard-bearers, while a wide array of clubs and associations encourage socializing.
By Laetitia Rossi
