“When it comes to luxury real estate, there is no place quite like Monaco. The small country off the French Riviera has long been known for its luxury and stature as international capital,” explains Michele Tecchia. Whether you are looking to buy or sell a home in the principality, you’ll find that it is not easy to find listings with the right price, location, and design. However, that doesn’t mean the market is saturated. In fact, at current rates of appreciation and growth, it looks poised to become even more exclusive in the coming years. Here is everything you need to know about the real estate market in the city.
Michelle Tecchia: “5 Reasons Why Most Real Estate Investors Love Monaco”
Monaco is a city of one million people, with an urban area nearly the size of New York City. As such, it’s no surprise that the city has a significant property market with some of the best-resourced agents in the world. The country is known for its famous casinos, clientele, and prestige, which attracts high-net-worth individuals from all over the world looking to make their presence known in the world’s premier playground for living large and high living. From residents who want to indulge in Monte Carlo’s international reputation as a showcase of luxury and elegance to investors who need land for development projects, there are plenty of reasons why wealthy families and newcomers alike are relocating to the city now more than ever before. Here are five reasons why:
1. Excellent Location
The location is one of the best in the world. The port city offers excellent access to major thoroughfares, including the Grand Prix. Sitting at a few miles from Nice, it is proximate to Monaco’s neighbor and largest city, Lyon. It is also close to Nice Airport and Provence Airport.
2. Easy Access via Air or Sea
Thanks to its location, it also has quick access via air or sea to major international hubs like London and Paris and some Mediterranean cities like Marseille and Barcelona. This makes it an ideal package deal for those who want a good lifestyle and an active resume as they bid on real estate in the city.
3. Lots of Art & Elite Culture
Though things are small, there is plenty of beautiful architecture in Monaco’s capital, Val de Grace (Old Town). The capital possesses various buildings that were designated as UNESCO world heritage sites: the Prince’s Palace, Hôtel de Paris, casino Monte-Carlo (currently undergoing renovations), Arsenal Stables, the Cours Saleya district with its park Hôtel Salé palace, and Palais Princier (Princely Palace). You can even visit its old town for some great art galleries. While you are there, be sure to check out the Cimiez district, which houses many of Europe’s most legendary art collections, such as the Picasso Museum & Musée de La Poste.
4. Lifestyle Design: Exclusive Lots & Rental Income Potential
The luxury lifestyle possibilities of the city are nearly endless when you consider the availability and price points of Palm Beach-style villas in the principality. With off-the-charts property values in the city, there’s no reason not to go for a little splurge here and there whenever you feel like it. Even if you don’t want to buy a new home, you can rent out your current place or invest in a rental property for an additional return on capital! It’s difficult to find places like this anywhere else.
5. The Luxury Market Is Red Hot and Growing
For many years, the country was renowned as Europe’s playground for the rich, both from their own countries and across the globe. One of the main reasons why Monte Carlo attracted so many wealthy Europeans overseas was because this country offered some of Europe’s best tax incentives for those who wanted to settle down here with their wealth. Given that luxury brands were willing to pay out large sums at auction for locations within seaside towns such as Florida in exchange for tax breaks from local authorities, the country made a lot of sense from an investment point of view. However, this situation has dramatically changed over the last ten years, and now many wealthy clients are staying put in Monaco since it is one of Europe’s most sought-after locations for residential and commercial property investors.
Understanding the Real Estate Resale Market in Monaco in 2021
Real estate has always been a lucrative investment, especially in cities with a booming population. As a result, more and more people are now looking to invest in real estate in the country. Real estate is one of the most stable investments you can make as it is not dependent on any other market or sector for its value.
Additionally, real estate is one of the most secure assets you can have. Properties in many cities, including Monaco, have the same resale value due to the small number of properties that are available for sale and purchase at any one time. This means that there will be very little depreciation if you choose to sell your property at a later date.
If you’re wondering what the future holds for the real estate market in the city, look no further than the country’s forthcoming fiscal changes. The principality will be transitioning from a highly-frothy market to one that is more stable and sustainable. This transition is driven by the country’s new fiscal policies, which aim to eliminate wasteful spending and reduce government debt. These measures are expected to have a profound effect on the real estate market in the city.
Michele Tecchia: “The real estate market in Monaco is booming”
From luxury properties to small flats, there are several options when it comes to buying a property in this sunny principality. The principality of the city-state offers an array of exclusive amenities, from impeccable architecture to some of the world’s most exclusive private schools. These factors, coupled with a booming economy, drive up demand and prices across the entire market. The resale value for properties and real estate in the city will hugely increase.
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