“If you have ever lived in Monaco, you don’t want to live anywhere else”, says Angela Kleiber, Proprietor at Lorenza von Stein Worldwide Realty based in Monaco. As one of the world’s luxury capitals and the second most expensive location in the world after Hong Kong, Monaco has plenty of appeal to attract the interests of the ultra-high-net-worth individuals from around the globe. Accounting for 2% of global luxury real estate – a substantial number considering that Monaco is the second smallest country in the world – the country is known for the elegant, upscale lifestyle of its residents, a mild Mediterranean climate and an advantageous location close to Portofino, directly on the Italian Riviera coastline, and St. Tropez.
Having taken a hit during the global recession, the real estate market in Monaco has seen steady growth in the more recent years. Property experts agree that Monaco has been a buyer’s market since 2009/2010 due to the increasing number of properties for sale and the prices offered and accepted. Currently, the market is stabilising and the owners are getting the upper hand again, as prices are becoming more steady and negotiation margins are minimised.
“Properties peaked in 2009, but there has been a recent further increase in prices”, says Mike Braunholtz, CEO of Prestige Property Group. “The property investment in 2004 would result in a doubling or tripling of the property price”.
Widely known as a property tax haven for its residents, with fairly easy requirements to obtain residency in the principality, Monaco has maintained its status as one of the top countries to live in for the ultra-high-net-worth individuals who work in other countries, while maintaining their residence in Monaco. “There has been a very significant rise in the number of properties in Monaco since 2004/2005”, says Braunholtz. “The rise in prices has been driven by the no-tax incentive”.
Taking note of the international tastes, developers have begun to cater to the global elite by building upwards: a major amount of new builds over the last several years comprised stunning new skyscraper residential blocks that contributed to a total of EUR 345 million (USD 387.2 million) in new build sales in 2015, the highest figure since 2006. Tour Odéon, Monaco’s first skyscraper since the 1980’s, is now the country’s tallest building and home to the world’s most expensive apartment, offering fully-serviced living, hotel-style perks and breath-taking views of the Mediterranean Sea and the beautiful principality of Monaco.
A particular area of Monaco that has always drawn plenty of interest from various buyers is the prime residential real estate market of Monte Carlo. With its famous casino, built in 1863, its gardens, and business and luxury shopping enclaves, the boutique-lined area around the Casino Gardens, Carre d’Or, in the centre of Monte Carlo has been particularly popular with high net worth buyers. Kleiber says, “The price difference is amazingly different in Monaco, depending on where you buy. If you choose to buy in the Carre d’Or, it is much more expensive, but it is a perfect investment because it is the highly desirable area around the casino”.
On the market
Penthouse in Monte Carlo, Prestige property Group
In close proximity to the Exotic Garden of Monte Carlo and the Prince’s Palace of Monaco, the spacious, luxuriously appointed penthouse located at the top of a low-rise building provides a welcoming home in the heart of the city. The apartment sprawls across the seventh and the eighth floors of the building, with the seventh floor accommodating an entrance hall, double sitting room, kitchen, 3 bedrooms and 3 bathrooms and the eighth floor featuring another sitting room, a solarium and a large terrace with a Jacuzzi overlooking Monaco and the sea.
Price: EUR 11,500,000 (approx. USD 12.9 million) more info on prestigeproperty.co.uk
Villas del Sole, Lorenza von Stein Luxury Real Estate
A classically inspired 5-bedroom apartment overlooking the sea and the mountains, offers the best in Monaco living, sitting on its own floor of the exclusive Villas del Sole. Situated within walking distance of the Monte Carlo Country Club, the apartment building features a swimming pool and an exclusive, round the clock concierge service. Among its facilities and amenities, the 5-bedroom, 5 bathrooms, 2 cellar apartment’s most impressive feature is its spacious, wrap-around outdoor terrace that offers some of the most breath-taking views of Monte Carlo and the Mediterranean Sea.
Price: prices range from EUR 24,000,000 (approx. USD 27 million) more info on lorenzavonstein.com
Text by Olha Romaniuk
This story was first published in Palace Magazine