Situated between the French Code d’Azur and Italian Riviera famed for its casinos, Grand Prix and royal family, Monaco appeals to its residents as a business hub and leisure destination thanks to its low-taxation and exceptional standard of living.
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Nationalities make up Monaco’s residents
Monaco’s population has grown 24% since 1990, driven by in-migration of wealthy individuals. Mon-Monégasque residents account for a huge 78% of the population.
A large proportion of Monaco’s housing stock was developed in the 1960s and 70s, and many of these properties are looking dated and ripe for renewal and refurbishment.
Work began on Project Portier in 2017 and is due to complete in 2025. The ambitious sea reclamation which will add six hectares of new land reclamation into the sea. This privately financed €2bn scheme will see Monaco grow in size by 3% and create accommodation for up to 1000 new residents but will only make a dent in the housing supply shortage.
Prices to remain at record highs.
Buyers are becomming more price sensetive, but with an onging supply-demand imbalace, Savills don’t forsee any potential for downward adjustment
Shortage of new properties for sale.
There were no new building completions in 2016 and not until Le Portier completes will there be any volume of new supply. Savills anticipate a shortage of new product in the near term.
Building a world-class destination.
Monaco is currently investing extensively in infrastructure to secure its position as a world-class business and leisure destination
Ongoing global political uncertainty.
While some are adoption a ‘wait and see’ approach, in the long term Monaco’s safe-haven credentials will underpin demand. Changes to the UK’s non-domicile rules from 2017 could see more expats choosing Monaco as a base.
Azurite has partnered with one of the most highly regarded renovation management companies in the Principality, Monaco Projects. The two founders of the companies Nigel Robertson and Rozz Marcel have built a high level of mutual respect and understanding going back over 20 years of living and working in Monaco.
Monaco Projects has managed over 100 Monaco based property renovations and has recently added interior design to its product offering. They have an in-depth understanding of Monaco's property planning requirements, resulting in fast tracking authorisations. They work with extremely talented teams of architects, builders and traders, ensuring projects are delivered on time and within budget.
Monaco Projects brings the level of experience and expertise required for Azurite to deliver positive returns on its development/refurbishment investments.www.monacoprojects.com