Monaco, an international address
Between Cap d’Ail, Beausoleil, Roquebrune-Cap-Martin and La Turbie, the Principality of Monaco is the second smallest state in the world after the Vatican, with a surface area of hardly 2 sq. kilometres. Though it also tops world rankings in terms of GNP per capita...
With the highest population density in the world, the Principality of Monaco is home to over 37,300 people including 6,300 school-aged children. This micro-state derives its income from services, VAT, commerce and real estate. Tourism takes third place, accounting for 25 % of its turnover.
“The property market is doing well, especially in the 3 to 12 million euro bracket,” says Angela Kleiber, owner of the Lorenza von Stein agency. Traditionally very fond of Monaco, Italians are making a comeback, with north and east Europeans as active as ever on the market. Recently, a 1-bedroomed apartment of 72 m2, refurbished as new, in the Château Périgord, a residence near the Larvotto beach, offering a panoramic sea view and a parking place, found a taker at 3.9 million euros. From eastern Europe, the new owners intend to rent it out for three years at around 7,500 € per month before occupying it themselves year-round. Belgian clients then treated themselves to an apartment of 250 m2 in need of renovation, priced at 19.2 M €, on a mid-level floor in Les Terrasses du Port, offering generous terraces and a panoramic view of the Med, facing south-west. The main trend is for perfectly renovated properties, fully fitted and furnished. Faced by high rents, many clients quickly opt for acquisition and thus prefer turnkey proposals. Penthouses are always very popular. Angela Kleiber mentions one example in the Patio Palace in the Jardin Exotique neighbourhood, offering living space of 360 m2 on three floors, a terrace of 600 m2 in Provençal style, and a private pool, pegged at 46 M €. Even at prices over 20 M €, a market sector now less active, this enchanting address still elicits calls and visits.
“The average sales price in the Principality is close on 40,000 € per sq.metre,” explains Nicolas Croesi, negotiator with Miells & Partners. He mentions a bourgeois apartment of 100 m2 on the Boulevard des Moulins which recently sold at a price between 4 and 4.5 M €. Within one and the same neighbourhood, price disparities are very frequent, depending on the residence, the floor, view, the property’s condition, and construction projects within its immediate proximity. The “Golden Square” still tops the bill. The clientele is international, though mainly European. Drawn by the appeal of the Principality, families target large apartments, a relatively rare commodity. Scheduled for delivery in 2025, the extension out at sea between the Larvotto area and Le Fairmont should provide solutions with 120 properties in a surface area of almost 15 acres, of which 55 % will be vegetalized. In a central residence, a beautiful apartment offering 3 suites, a roof-terrace, jacuzzi and summer kitchen, on offer at 9.2 M €, meets today’s search criteria.
“While 2017 saw slow demand and sluggish prices, the first quarter of 2018 has produced some impressive sales, calling for optimism on both the sales and rentals markets,” say Luciana Lebon and Eugenia Petrini of La Costa Properties. European investors are looking for properties with one or two bedrooms in the Golden Square under 50,000 € per sq.m, while others, often from Asia, target large surface areas from 300 to 700 m2 in prestigious residences, attaining up to 70,000 € per sq.m. They install their families in the Principality, motivated by the quality of its services, its high security, economic and political stability, excellent school and healthcare establishments, often after having considered other destinations such as Hong Kong, Dubai, Singapore or Miami. “Numerous new developments are being launched, including the much-awaited extension out at sea,” note our experts. “Insisting on top-notch standards, these clients expect apartments that are even more luxurious, more modern and contemporary.”
