By Elodie Blanc–Sardi, Director, Miells & Partners
The Principality of Monaco is an extremely popular destination for many of the world’s elite. For many years, this little corner of the Cote d’Azur has attracted worldwide fame, not only from its sun-soaked climate, but also from its array of super-prime property, superior amenities and unbeatable events calendar. With political stability, constant economic growth and the safest square mile in Europe, Monaco is attracting more and more residents to its shoreline.
In terms of property, recent years have seen Monaco’s realty market boom and prices explode: with prices per square metre rising from €24,538 in 2009 to €48,799 in 2018, the Monaco property market is more competitive than ever. Regardless of such high demand, more and more people are wanting to invest and live in the Principality.
What are the latest trends in the Monaco real estate market?
Today’s buyers are looking for apartments that are refurbished to an extremely high standard and are fully equipped. Gone are the days for renovating older properties; clients now seek the best and the latest; a trend we have seen in new developments, where apartments are being sold immediately, and in some cases resold before completion.
Monaco offers a mixture of architectural styles – from beautiful Belle Époque buildings to the high-rises of the 1970s and modern contemporary constructions. The latter has been at the top of buyers’ wish lists for a long time. However, working with a very restricted amount of space means that developers are increasingly on the lookout for regeneration opportunities, to try to manage the balance between preserving the country’s architectural heritage and keeping up with the demands of international property buyers.
The Monaco realty market welcomed in the famous Tour Odéon in April 2015, an ultra-modern building that captivated the attention of the world’s wealthiest. The Tour Odéon is a stunning skyscraper with numerous high-end services and facilities. Residents can enjoy their very own spa, an onsite cafe offering in-apartment catering and a state-of-the-art business-and-entertainment centre complete with meeting rooms and a private cinema, while services include a 24/7 concierge, valet parking, shuttle transport and on-request limousine hire. When the building was still under construction in 2014, its penthouse was revealed to be the world’s most expensive apartment, extending between the 45th and 49th floors and offering an infinity pool with slide, gym, steam room and panoramic views over Monaco and the Italian coast. The Tour Odéon has attracted endless attention since its completion in 2015.
Larvotto has always been one of the most popular neighbourhoods in Monaco, thanks to its incredible sea views. Larvotto will soon have a new neighbouring district too, as Monaco’s latest land extension project – Portier Cove – takes shape. As part of the project, a drastic refurbishment of the beach and promenade was announced earlier this year which will elevate this already sublime sunny corner into a Mediterranean oasis. Monte Carlo, on the other hand, has just finished its renovation work and is now in high demand, helped by its central location, which places residents a stones throw from luxury boutiques, casinos and hotels.
One building that has benefitted from this renovation is Le Mirabeau, a sought-after residence in the heart of the Carré d’Or. Formerly a luxury hotel converted in 2010 into apartments, it allows residents to enjoy 24/7 concierge services, a fully fitted fitness room and a beautiful outdoor swimming pool. The building benefits from superb views of the city, the Hotel Metropole, the mountains and the Formula One Grand Prix track. Apartments in our portfolio in Le Mirabeau, range from €8,00,000 to €14,000,000.
Fontvieille continues to be a popular, quiet residential spot, perfect for young families, with easy access to the port and commercial centre. It is also home to two of Monaco’s most desirable addresses; the Seaside Plaza and Memo Centre. Lastly, La Condamine’s desirability seems endless—this charming neighbourhood is close to Place d’Armes, Monaco’s central market, the Port and also offers many local bars and restaurants.
What have been some of the biggest changes in the realty market?
Historically, new developments in Monaco were a rarity but today the principality is glittered with buildings such as the Tour Odéon, L’Exotique, Le Stella and Villa Troglodyte, a testament to the evolution of the Monegasque market. The demand for bigger apartments has also increased in the last couple of years, with more international families looking to buy and invest in the principality.
The demand for traditional buildings is still very popular. On the eastern side of Monaco, buildings such as le Parc St Roman and Monte Carlo Sun continue to offer high end services and facilities. While on the western side, Les Ligures, one of the first all inclusive residence in Monaco, offers an outdoor swimming pool and tennis court to its residents, is still a very desirable address—especially for those on the top floor with breathtaking sea views over the Principality.
The prices of the apartments we have on offer in Les Ligures range from €3,500,000 to €5,500,000. Being located within the neighbourhood of le Jardin Exotique, Les Ligures shows to be a calm, residential and perfect residence for families to live.
With an increasing number of families looking to move to the Principality and the age of buyers lower than ever – from 45 years of age – Monaco is in high demand.
Monaco is ultra-convenient for UHNWIs (ultra-high-net-worth individuals) in Europe looking for a temperate year-round climate, safety, stability and excellent transportation links to the rest of the world.
The supply of super-prime real estate may be on the rise in one of the smallest countries in the world, but so too is demand. As the global stage looks to Monaco more and more, this Principality’s real estate market will be on every investors wishlist for the foreseeable future, making this 2.5km square stretch of land truly unique.