Monaco continues to feature in the list of the world’s most expensive real estate. The first two quarters of 2013 saw a 6.1% increase in sale prices for Monaco real estate, illustrating that it’s still a good time to invest in property in the Principality.
The property market in Monaco is unique because of the characteristics of the Principality itself. Covering an area smaller than 2 square kilometres, the opportunities for new real estate projects are limited. The Principality’s political and economic stability continues to draw international investors and prices have continued to rise despite troubled times for other real estate markets across the world.
Despite the difficulties of creating new real estate developments in such a limited area, there is occasionally a project which grabs the attention not only of locals but foreign investors too. It’s an exciting time for new development in the Principality with two such projects underway.
In front of the Grimaldi Forum and the Japanese Garden is another proposed land expansion project.
Land reclaimation in the Principality has been conducted since the early 1960 when the Larvottos beach district was created. Later, in the 1970s the entire district of Fontvieille was constructed on land reclaimed from the sea. These projects increased the Principality’s surface area by around 20%. More recently, Port Hercules was extended to allow larger cruise ships and space for the new Yacht Club.
This new project will provide acres of new building space and a port of between 30 and 40 berths. Several companies have submitted proposals for the project which officials say will encompass residential and business structures as well as green spaces while causing as little damage to marine life as possible.
Another the highly lucrative project due for completion in 2014 is the Tour Odéon, a 50-story residential tower set to provide opportunities for elite buyers to own property in Monaco.
Equipped with a health centre, swimming pools and an in-house caterer, residents of the new luxury apartment building will also have access to 24 hour concierge services including chauffeured limousines.
In the midst of such luxury, the 5-story penthouse apartment is set to stand out and will include a slide from the balcony into the infinity pool and of course, breath-taking views.
At 170m high, the Tour Odéon will stand amongst the tallest buildings on the Mediterranean coastline.