It was recently revealed that Monaco property for sale is the world’s most expensive, with the average price of a home increasing by roughly 180% in just 10 years. Sold properties averaged €4.3 million in 2016, which equates to €41,400/sqm. Narrowly beating Hong Kong to the top sport, property in Monaco shows no sign of dropping in price and continues to attract families from across the world, with its allure of a safe environment, access to fantastic schools, and a close proximity to the Mediterranean Sea.
A Record Year for Sales
Last year (2016) was a record year for the combined sales total of real estate in Monaco; approximately €2.7 billion worth of residential property exchanged hands. Particularly popular among British, Italian, Scandinavian, and South African citizens in 2016, the Principality’s property offers security, wealth preservation, and an economically advantageous business base. The number of properties sold did decline, however: 553 properties changed hands in the Principality in 2016.
Properties are Improving in Quality
On average, properties under construction are more valuable than existing homes. New-build property purchases comprised just 6% of transactions, but a total of 17% of the overall value. Buildings like the Odeon Tower are driving up the average cost of property in Monaco, bringing the standard of real estate to a world-class quality. Long-term construction projects, such as the land reclamation near Larvotto, ensure that the Principality will remain prosperous well into the future.
The Most Sought-After Neighbourhood
It was revealed that the most expensive area of Monaco is Larvotto – the area that surrounds the Principality’s idyllic beach. Property sales in this neighbourhood averaged €6.4 million in 2016. The area benefits from a close proximity to the golden sands of Monaco’s Larvotto beach; a selection of restaurants and bars; Monte Carlo Beach Club; Monte Carlo Country Club; and the Grimaldi Forum, a lively exhibition space.
Featured Property: 6-Room Apartment on the Seafront
La Costa Properties Monaco offers a number of luxurious properties for sale and rent in the Larvotto area of the Principality, and elsewhere. This month’s featured property is a spacious apartment that would suit a family, positioned just moments from the beach, which comprises a total of 425 sq.m. of living space.
Just a short walk from Monaco’s picturesque seafront, this spectacular 6-room apartment is set in a majestic residence with 24-hour security, a swimming pool, a pool bar, and a dedicated concierge service. Fixtures and fittings in the apartment are extremely luxurious; large double doors separate interior rooms, while oversized sliding glass doors flood the interior with light. Sophisticated wooden flooring features throughout.
Upon entrance to the apartment, visitors are greeted by a spacious entrance hall, which offers access to a double living room, a dining room, a large fully-fitted kitchen, 4 bedrooms with bathrooms and dressing rooms, a powder room, a 95 sq.m. terrace, whichoverlooks manicured gardens and the pool. By the building’s swimming pool, residents of the apartment enjoy the use of a private changing cabin. The apartment also benefits from the use of a double parking space and a cellar.
To find out more information about this property, contact the sales team at La Costa Properties Monaco – specialists in Monaco property for sale.