MONACO, this rock is worth a diamond

The Principality covers less than 2 km2.

“It was known as a crossing point and a place suitable for short stays, but this is no more true today. For approximately one, more and more families have settled here,” declares Trevor Gabriel, of the Monaco Villas estate agency. The demand is “very constant” and faces “a lack of available properties”, notes Carlos Sonnino, of Monte-Carlo International Prestige.

The “vast apartments with at least 3 or 4 bedrooms are the most wanted”, says Arash Shams, of Royal Riviera Immobilier.

According to the manager of Monaco Villas, “the market has kept the same impetus for two years and even knows a slight acceleration in the very top-of-the-range.” “The prices are still rising,” confirms Carlos Sonnino, “but there are significant differences between the various districts, as well as differences related to the quality and services offered.”

The Carré d’Or district, is still the most sought-after area, and the “impossibility of building new houses pokes the prices even more,” says Trevor Gabriel. They oscillate between “€25 and 30 000 per sq. m.,” according to Carlos Sonnino. Near the port, the price is usually around €35 000/sq. m. In the center, La Condamine appears almost “cheap” with a square meter oscillating between “€15 and 20 000,” indicates Trevor Gabriel.

The classic Monaco property is the penthouse, located on the last floor of a luxurious building, with a garden and sometimes a swimming pool. The Principality being built vertically to face the lack of space, villas are extremely rare.

Monaco has just launched a new project of “urbanization on the sea” concerning a surface of 275 000 sq. m. The works should last ten years.

MONACO, this rock is worth a diamond, Luxury real estate in the world

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