2020 is drawing to a close and we are taking stock of this extraordinary year. Monaco is still open for business though who would have imagined a year ago that we would be wearing masks outdoors and dispensing with the usual handshakes when meeting someone?
The year has been deeply troubling and 2021 may well throw up further surprises. The world is a different place for sure. What has been heartening in our line of business is to see how resilient the real estate market in Monaco has been, despite lockdowns, curfews and travel restrictions. We are still open for business and November has seen interest from all quarters.
The official stats for the first six months of 2020 came out some time ago: the third quarter’s figures are not yet published. Interestingly the number of re sales (i.e. properties over 5 years old) for the second quarter of 2020, was absolutely identical to the number completed in the second quarter of 2019, and this despite the 2020 lockdown. Pretty remarkable…
And demand continues. We are seeing a good number of requests for smaller investment properties: studios or one beds. There is quite a good selection on the market currently, possibly because previously occupants have decided to rent or buy larger properties post-lockdown. And we believe that the right smaller property can take on value even in difficult times, particularly if it can be renovated and made into a turnkey property.
The apartment we have for sale in Le Bristol is a case in point. It is located on the Grand Prix circuit and nicely refurbished, it makes a great rental property.
And if anyone out there is thinking of selling, we are very much looking for larger properties too for various clients: please do get in touch!
Article by Irene Luke . Partner at Savills Monaco
