Monaco is one of the world’s most luxurious destinations for yachting, motor sport and gambling. A home to more millionaires than any other place on Earth, with more than 2,000 currently residing in the Principality. Ever since the global financial crisis of 2008, the world housing markets have seen a slow recovery. However, Monaco is once again enjoying record residential sales since the global recession.
Monaco luxury real estate has recently set new heights with the Tour Odeon Tower Sky Penthouse in Monaco, predicted to become one of the most expensive luxury homes in the world with an estimated price of €350 million. In fact, the tax haven boasts the most expensive real estate per square metre in the world. According to Numbeo, the average price of a central apartment per square metre is an astonishing €42,500.
Monaco is the second most densely populated country in the world, crowding almost 38,000 inhabitants in a total land mass of just over two hectares. Therefore with Monaco luxury real estate in extremely high demand, the tax haven on the French Riviera has announced exciting plans to accommodate even more millionaires. A proposal put forward by the acclaimed French construction company, Bouygues Travaux Publics, was selected by Prince Albert II, to extend the land in the Larvotto district. Many of the world’s best architectures and designers have teamed up with Bouygues to take part in the realisation of this adventurous €1 billion project.
This is not the first time Monaco has increased its territory into the Mediterranean. Since the 1950’s, the Principality has continued to expand its boundaries into the sea. Of its 202 hectares, more than 30 are in fact artificial land.
The newly proposed area will feature blocks of luxury Monaco apartments, six to 10 stories high, and a marina harbour with up to 40 berths. In addition to this proposal, there is potential to include a development of the prestigious Monaco Formula 1 Grand Prix track, designing a new sector of the course that would lead from Le Portier to a new section with a wider road, providing a much-needed overtaking spot. However, this still remains a project of the future, as the it is not expected to be finished until 2025 at the absolute earliest.
If you are interested in luxury real estate in Monaco, browse our collection of premium Monaco properties or contact La Costa Properties for further information.