Savills Monaco Property Blog - The Tiny City-State of Monaco is Expanding

The tiny city-state of Monaco is expanding – at least in terms of the choice of luxury homes on offer in this prestigious principality by the Mediterranean Sea. There are now more new residential schemes being constructed here than ever before and, in a buoyant market that remained relatively stable during the pandemic, we are seeing demand from a new kind of buyer.

With eyes firmly focused on new build, these buyers want to live in a modern building that offers exclusive services. Below are five developments that will be completing over the coming years.

Mareterra
Neighbourhood: Larvotto

The most requested new development is the eagerly anticipated Mareterra land extension. This exciting project will have 110 apartments and 10 luxury villas, some of which will be front line to the sea with uninterrupted views over the Mediterranean. Environmental factors are central to the design. There will be green parkland and open spaces allowing residents and visitors to feel connected with nature. Eco-friendly features include a rainwater recovery system and photovoltaic energy panels. Find out more

Bay House Monaco
Neighbourhood: Larvotto

Bay House is a new development in the ultra-exclusive Larvotto district of Monaco, an area that saw an average price per square metre in 2020 of €65,000. This development delivers on the new wave of high expectations for modern and luxurious services. Benefits for residents include outstanding sea views, a luxurious pool and wellness centre, concierge, dry cleaning, valet and more. Find out more

L’Exotique
Neighbourhood: Jardin Exotique

L’Exotique takes its name from the district Jardin Exotique located in the heights of the west side of Monaco, and has been designed by award-winning French architect/engineer Rudy Ricciotti, famous for the MUCEM museum in Marseille. It’s designed to be consistent with the natural Mediterranean backdrop, incorporating stone and wood throughout. Jardin Exotique has some of the best views in the principality and the building will also have a wellness centre, a heated swimming pool and plenty of underground parking. Find out more

Villa Palazzino
Neighbourhood: Monte-Carlo

Villa Palazzino is a new development coming soon to the famous beating heart of Monaco - Monte-Carlo, an area famous for world class shopping, hotels, restaurants and casinos. The building, which stays true to the beautiful bourgeoisie architecture found throughout the principality, comprises 19 luxury apartments and four town houses. Residents will benefit from a 24/7 concierge and security. The two penthouses will have access to an exclusive rooftop swimming pool. Find out more

Villa Portofino
Neighbourhood: Condamine

Villa Portofino, a name that conjures up Italian glamour, elegance and excellence, will offer exactly that to potential buyers in Monaco. The development has a fantastic location in the vibrant Condamine district which runs parallel to the dynamic Port Hercules and is ideally located for Monte-Carlo and Fontvieille. Emmanuel Deverini is the architect who has been instructed to create a timeless, chic new development that will fit in seamlessly with the area’s architectural backdrop. Find out more

Platinum Partner Savills Monaco Showcases the Top Five Luxury Penthouses in Monaco

Penthouse living in Monaco normally means great terraces, superb views and a feeling of being on top of the world! That's why at Savills Monaco, we've compiled our five best Monaco penthouses for sale and rental. 

The Columbus Serviced Penthouse in Fontvieille

This stunning Monaco penthouse with sea views is part of the exclusive Columbus Residences. It benefits from services provided by the Columbus Hotel including; room service, swimming pool, gym, twice-weekly cleaning, concierge and porter service to name a few. The apartment also has a private plunge pool and roof terrace. €35,000 per month. Available for rental only. View more information here

The Victoria Building Monaco Penthouse

Exceptional penthouse apartment set on the two last floors of an Art Deco palace hotel converted into a residence, and situated in the centre. €10,900,000. View more information here

One Monte-Carlo Penthouse

A superb Monaco penthouse for rent in the brand new luxury "One Monte - Carlo residence, designed by the world-renowned architect Sir Richard Rodgers and the interior designer Bruno Moinard. The Residence proposes the following upmarket services: a concierge service and valet parking 24 h/24, access for residents to the pool and fitness center of the luxury Thermes Marins and room-service (household, laundry, meals...) may be provided at an extra charge. Available for rental only. View more information here

Palais de Printemps Monaco Penthouse

Co-Exclusive Rare 3 bedroom penthouse with roof terrace offering magnificent views of the Palace and the sea. Layout: Entrance hall, living room opening onto the balcony, dining room with open plan fully fitted kitchen, master bedroom with shower room, 2 further bedrooms, 1 shower room, steps leading to the roof with terrace area of 140 sq m, and summer kitchen. For sale at €12,800,000. View more information here

Duplex Penthouse in the Heart of Monaco

Magnificent luxuriously renovated penthouse duplex of 220 sq m, offers large terraces and boasts a panoramic view of the sea and the Principality. €POA. View more information here

Article by Irene Luke . Partner at Savills Monaco

Monaco – the most expensive property market in the world

Monaco’s property market is the most expensive in the world, with demand for real estate of all types remaining high.

The exclusivity of Monaco is unparalleled. One of the smallest states on earth, only Vatican City is smaller by area, Monaco is home to more millionaires as a proportion of population than any other country, according to a report from WealthInsight.

Celebrities, titans of industry, aristocrats, and other global elites call the Principality home. Monaco’s appeal is far-reaching. Fine dining, luxury shopping, a sporting calendar which seems tailor-made for the global elite, an attractive fiscal regime for residents, its location on the Mediterranean, and history, all contribute to its international standing.

These factors mean that demand for real estate of all types is high, despite the recent Covid-19 pandemic. The residential property market remains the most expensive in the world and supply of new property is scarce. There are a number of new developments in the pipeline, such as the ambitious land reclamation project, Portier Cove, although these schemes are only expected to make a dent in the supply shortage.

Monaco remains the most expensive location for residential property with an average price per square metre of over €48,000. Within Monaco itself, the district of Monte Carlo is more expensive still with an average price of €53,000 per square metre.

Only values in Hong Kong come close to competing for the title of most expensive real estate. Monaco and Hong Kong are both severely constrained by available space and bolstered by their global reputations. Prime property in New York costs half as much as Monaco, while London and Paris cost 60% and 68% less respectively.

The market in 2019

The average sale price in Monaco in 2019 was €48,151 per square metre, 1.3% below the value recorded in 2018. This small fall follows prices seeing an exceptional rise of 18.1% the previous year as prices reached a high plateau.

Transaction volumes fell by 12% in 2019 versus 2018, driven by an 18% decline in sales of properties priced under €5m. This decline was caused by a drop in the number of one- and two-bedroom properties available for sale in comparison to 2018.

OUTLOOK

Resilience

Monaco punches well above its weight on the world stage with a profile in line with top-tier global cities. The diverse demand base means the Principality will remain a sought-after destination. Additionally, Monaco has proved to be relatively immune to political and economic instability, especially in light of Covid-19, and this resilience is forecast to continue to attract buyers and renters.

Development activity and prices

The global reputation of Monaco ensures that demand levels across the Principality outstrip supply in this space-constrained location. Going forward, though there are new developments in the pipeline, the promised new units are fewer than needed. These dynamics mean that prices, although the highest in the world, are expected to remain stable.

Amenities over views

As more towers are built across Monaco, properties which once had a sea view might be obstructed in the future. To counteract this, developers are prioritising amenities like pools, gyms, cinemas, spas, and parking garages.

Rental values

The outlook for the rental market is likely to be dependent on property size, as seen in 2019. As the Monegasque government examines residency applications more closely, it could become more difficult for couples and individuals to obtain residency through renting a smaller property, causing potential rental decreases for those sizes. However, we expect demand and rental values for larger properties to continue to increase.

Article by Irene Luke, Partner at Savills Monaco