Monaco: a timeless heaven
The world's most exclusive Residential Market
The rich history of the Principality, the Grimaldi family, the allure of the French Riviera and movie stars make it one of the most glamorous places in the world.
Monaco is the most sought after and expensive residential destination - the average price can amount to almost € 50.000 euro per square metre, double that of Paris or London - and the high demand for residential solutions shows no sign of a slow -down. The average selling price in the small city-cum-state, whose surface area is slightly over 2km², has in fact increased by 31%, at a time when other residential hotspots around the world have seen a fall in prices.
The average residential value of Monaco is 237% higher than Paris, 194% than London and 10% higher than Hong Kong, the world’s second most expensive city. In addition to its prestigious and exclusive air there are also tax benefits (residents do not pay any tax on income, estate and inheritance and capital gains) its strategic position (Nice, the closest airport is only a 30 minute car drive away, and the main European capital cities a short flight away) and the Mediterranean climate.
Last but not least, the low crime rate, an important factor for those who decide to reside in Monaco.
On the podium of the luxury residential market.
The huge imbalance between supply and demand continues and the market will continue to see an upward swing on prices. Although there is a new wave of residential development, the scarce supply of new properties and the limited amount of building areas reinforce these high prices. The housing supply is dominated by modern condominiums from the 50’s and 60’s, the most glamourous periods in the Principality of Monaco’s history, where most of the apartments have a price range between 3 and 20 million, increasing up to 50 million for penthouses.
Monte Carlo is the most exclusive district in the Principality of Monaco.
The demand is so high that the offer of new real estate developments runs out several years before their completion. For recent prestigious properties, which are increasingly winning over the new generations of millionaires, the price can amount to 100,000 euro per square metre. What is striking is that the average age of the residents is low: if up until a decade ago the average age range was from 55 to over 60 years, now the new millionaires are young descendants from wealthy families with an average age range from 35 to 55 years.