Renowned the world over as one of the most glamorous and affluent cities to inhabit, Monaco’s property market has reported record growth in recent years.
Impressive Market Growth
High income, low taxes, and a notoriously luxurious lifestyle continue to attract buyers from all over the world, and the numbers of potential investors looking to invest in Monaco properties are only increasing. For such a tiny country, this place certainly has a strong magnetic field. Although step out onto the nearest balcony in the city and it’s immediately easy to see why.
Between 2010 and 2015, the average house price in the principality has soared by 27.8%. This robust appreciation in value has been put down to ever increasing demand, without a growth in availability to keep up (as the number of new constructions in Monaco has plateaued in recent years). Between 2014 and 2015 alone, the average property value in the city rose by approximately 10%. Couple this with the fact that the average home can expect to sell for a sizzling €4.7 million, and you’ve got a very encouraging investment proposition indeed.
On the highest rung of the ladder, investors can expect to pay nearly €100,000 per square meter in Monaco. With the astonishingly high appreciation in value showing no signs of slowing, investors can expect a very pleasing return on their purchases.
A Promising Investment
Anyone with even the most rudimentary eye for investment can see that this offers quite a unique proposition within the global property market. In fact, when it comes to investing in real estate there’s no doubt that Monaco is one of the most lucrative options on the map. It’s for this reason that the principality continues to attract the most affluent buyers from Russia, China and the Middle East, with political as well as financial stability seen as a strong pull in the face of growing global uncertainty.
An Attractive Lifestyle
It’s not just the economic and political strength of Monaco that attracts prosperous investors to the principality, however. Whereas the same might not be said for European cities such as London, a high percentage of the properties at the top end of the market are actually used for residential homes, as buyers decide to make Monaco their principal dwelling.
Niccolo Marzocco, of Groupe Marzocco, which is developing Tour Odéon, explained:
“We are seeing people from Dubai and all over Europe looking to become resident in Monaco partly for the sun, sea and lifestyle, but also for the security. With more police per person in Monaco than any other country, there is reason to feel secure. You are never alone here as Monaco is so densely populated.”
A feeling of security is clearly an enticing prospect for buyers these days, and the high police presence clearly adds to the worldwide impression of Monaco as a “safe haven”.