Monte Carlo Rocks The Property World
Topics: real estate, property, Monaco, Monte Carlo, properties, New York, London
Amazing figures are being banded around of just how valuable property is in Monte Carlo, with one report indicating a 30 per cent in value while other leading areas such as London and New York’s residential property markets stall during the credit crunch.
There is no doubt that property in Monte Carlo is valuable, and that it is among the most sought after real estate in the world - but are the press reports suggesting astronomical prices for an average apartment accurate?
One company who can accurately state what is happening in Monaco is International Property Tribune, who uniquely run both leading property and travel internet sites for the tax haven.
‘The problem with Monaco property prices’, they say, ‘Is that there are no official statistics to show what is happening across the Principality. Monaco is probably unique in that the country doesn’t collate the figures. It wouldn’t be difficult to do as each sale goes through a government notary - but figures aren’t published.’
But the latest properties they have that are new to the Monaco property market suggests that prices are still, despite the recent global economic turmoil, higher than anywhere else in Europe.
On the Boulevard d’Italie, Monte Carlo, a 70m2 one bedroom apartment is available at a touch under 2 million Euros. Not too excessive for Monaco - but the apartment has no views, and doesn’t even have its own parking space. Over in Fontvieille, near the helipad that connects Monaco and Nice International Airport, is a two bedroom apartment that does have views - of the Mediterranean - and a parking space, and that is priced at 4,700,000 Euros.
But it is a studio apartment measuring just 50m2 for 4,900,000 Euros - getting on for 7 million US dollars - that makes even a casual observer appreciate that Monaco property prices really are the highest in Europe.
Clarifying further why properties for sale in Monaco are so high International Property Tribune points out that Monaco is a tax haven - and during times of recession the wealthy realise that the money they have is going to work hardest when it isn’t subject to tax and demand for tax haven property can increase as it is part of the process of gaining residency in Monaco along with having an account with one of the Monaco banks.
The supply of property in Monaco is pretty limited, with many owners keeping their properties longer than in the past - a good turnover used to happen as residents fulfilled their residency needs and then moved on, often after five years, but now keep their property as an investment instead of returning it to the market for sale.
New supply will come in the form of a new island Monaco will be building that will house apartments and infrastructure such as a university and art galleries, but the island - widely tipped to be called Princess Grace Island - is some ten years away, and until then Monaco property will continue to be in short supply.
In summary Tribune say that the current high prices for Monaco property are sustainable due to the lack of supply, but it depends upon demand continuing in the way it has in recent years.
‘The British have made up an increasing percentage of the overall number of buyers for Monaco property in recent years to the extent that it’s reached 40 per cent of the buying market originating from the UK, and if the City of London and the British banking sector continues to do hit problems as it has in recent months - then we might see overall Monte Carlo real estate prices drop in value.’
Current Monte Carlo real estate listings are at www.monacoproperty.net
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