By Benoit Martin, Sales Director, La Costa Properties Monaco
The Monaco real-estate market recently broke the average price-per-property threshold of 50,000 euros per square metre, sealing its position as the most expensive market in the world.
The Principality of Monaco has long been a favoured destination of the world’s wealthiest, thanks to its mild tax regime, political and economic stability, and sun-drenched location along the heart of the French Riviera. In an increasingly volatile world, the Principality of Monaco offers a safe haven for investors and those who wish to reside in one of the world’s most luxurious destinations.
La Costa Properties Monaco, a real-estate agency located in the heart of the Principality, has been assisting the world’s most discerning investors with their property needs for the past 40 years. Benoit Martin is a leading Monaco agent who provides strategic advice based on industry intelligence to the world’s wealthiest. Here, Benoit shares some insights into the world’s most exclusive property market.
Monaco real-estate investments
The past decade has seen a boom in the city-state’s market, with prices increasing by 75 percent, rising from an average of 29,791 euros per square metre in 2012 to almost 52,000 euros in 2021. Despite these record-breaking prices, the market has never been more robust, with prices continuing to rise. This price rise is driven by Monaco’s extremely limited land mass (the only way to create new development space is to reclaim land from the sea) and soaring demand from the world’s most affluent investors.
Investors benefit from not only rising prices but also high rental security, with rent avoidance exceptionally rare.
European demand is fuelling Monaco’s real-estate market
Demand continues to be driven primarily by European investors seeking a mild tax system and unrivalled luxury amenities. Indeed, Monaco’s offering is unique, providing investment security and an enviable location. Residents enjoy access to award-winning restaurants, lavish resorts, designer boutiques and some of the world’s most esteemed events, such as the iconic Monaco Grand Prix and Monaco Yacht Show.
Crime is virtually non-existent in the city-state, and its favourable location along the Mediterranean Sea puts the rest of Europe and international destinations within easy reach, courtesy of the Nice Côte d’Azur Airport. Monaco residents can soak up the sun at some of the world’s most glamorous beach clubs or head to the Alps and enjoy a day skiing on unspoiled terrain.
Other destinations offer tax incentives and similar levels of luxury, but the economic security is not the same as that offered by a Monaco real-estate investment.
The race for space is easing
While COVID saw a slight softening of the market in Monaco, the most significant impact was a race for space.
During the pandemic, Monaco real-estate investors sought larger properties in the Principality and increasingly explored the surrounding areas, where people can still enjoy the Riviera’s luxury lifestyle but benefit from a more voluminous property for the same price point. This drove up prices in areas immediately outside the Principality’s borders. However, with the return to offices, there has been a swing back to pre-COVID property types and a desire to remain in Monaco.
Monaco’s property styles to suit all
Monaco offers a selection of property styles to suit all investors, from ultra-modern apartments with stunning modern designs to rare belle époque villas featuring exquisite architectural styles. La Costa Properties Monaco works across all styles of properties, including providing access to some of Monaco’s most sought-after new developments. The property styles sought by Monaco real-estate investors remain varied; however, luxury new-builds that offer the latest amenities remain popular.
Developments such as the extraordinary Mareterra, the One Monte-Carlo around the Carré d’Or and the luxurious L’Exotique in Jardin Exotique are particularly sought after for their exquisite designs and luxury amenities, including dedicated 24/7 concierge services and access to sumptuous wellness and fitness areas.
Monte Carlo remains on top
The iconic Monte Carlo, especially around the famed Carré d’Or, remains the most sought-after destination for Monaco real-estate investors seeking one of the world’s top exclusive properties. This elite enclave typically demands upwards of 65,000 euros per square metre. The district offers a central location in the heart of Monaco, with residents enjoying easy access to the Principality’s most opulent offerings.
Another favoured district with investors is Larvotto, which boasts Monaco’s only beach. The district of Larvotto recently benefited from an elegant facelift with the re-development of Larvotto Beach, which is now endowed with a sweeping seafront promenade flanked by gourmet restaurants and boutiques.
Also coveted as a Monaco real-estate investment is the district of La Condamine, one of the Principality’s oldest districts and home to the iconic Port Hercules, the port of choice for the world’s most luxurious superyachts. This elegant district showcases a desirable mix of elegant belle époque and modern-day buildings, such as Le Stella, that offer limitless levels of grandeur. La Condamine is also known for its Farmers Market, which dates back to 1880, offering a slice of traditional Monégasque life.
Monaco investment opportunities
La Costa Properties Monaco boasts an exquisite selection of properties for sale and rent, with our agents exploiting their access to the city-state’s best new developments and most sought-after residential buildings.
A luxury apartment has recently come up for sale in Panorama, a desirable residence in the heart of La Condamine, which will appeal to Grand Prix fans. Listed exclusively for sale with La Costa Properties Monaco for 10.5 million euros, the property is unlikely to remain on the market for long. This exquisite, roomy apartment boasts a large wrap-around terrace with stunning views of Port Hercules, the Mediterranean Sea, Monaco’s legendary Rocher and the Grand Prix race track, including the St. Devote Curve and the uphill slope of Avenue d’Ostende. Positioned on a high floor, the apartment benefits from sufficient height to enjoy panoramic views while still offering the feeling of being amidst all the Grand Prix action. The apartment’s many amenities include a spacious living room, a well-equipped kitchen, two bedrooms with wardrobes and two bathrooms. It also offers two parking spaces and a cellar, providing ample storage space, a rarity in Monaco.
La Costa Properties Monaco is delighted to also offer several luxury properties for rent, including a magnificent duplex in Monaco Ville. The duplex has been completely renovated with high-quality materials and is located on the top two floors of an elegant bourgeois-style villa with a private elevator. It comprises a very large living room and dining room with high ceilings and a terrace with beautiful sweeping views of the Mediterranean Sea. The duplex also boasts three bedrooms, three bathrooms, a dressing room, an office and a beautifully fitted kitchen.
Another superb property listed for rent with La Costa Properties Monaco is a spacious duplex in Parc Saint Roman. The apartment has been completely renovated and is located on the top two floors. This opulent residence offers superb amenities, including a swimming pool, sauna, fitness area and 24/7 security service. The duplex benefits from large terraces and stunning panoramic views. Other highlights include a large living-dining room, a fully equipped kitchen, two comfortable bedrooms—including a master suite with a large dressing room, two bathrooms and a guest toilet.
As Monaco continues to offer a safe haven in a volatile world, there is no question that securing a Monaco investment property remains a top priority on discerning investors’ wish lists.