Six months into this first year of the 2020s, Monaco real estate agent John Taylor answers the key questions about how the Principality’s property market is likely to change over the next decade
Monaco: Still a good investment opportunity?
JT: Monaco benefits from a multitude of advantages that other markets simply don’t have, including fiscal advantages, great quality of life, a sun-soaked climate, high security and close proximity to the major European capitals. Thanks to these benefits it offers a very resilient market: in times of crisis, the sales volumes decrease, meaning that people don’t buy or sell property, but prices remain stable as there is always a high demand. So, Monaco real estate is set to stay a very good investment opportunity for the 2020s and beyond.
The rising role of technology
JT: The recent restrictions forced real estate agents to up their game on virtual tours, which should make the viewing process a lot easier for overseas investors. However, it is likely that the vast majority of investors will still want to see a property in person at least once before committing to a purchase – John Taylor does not foresee this changing over the next decade.
Blockchain technology is likely to be used more in the 2020s to speed up Monaco property transactions, however, we have not as yet received any requests for selling properties with cryptocurrencies.
The changing skyline… and shoreline
JT: The project that has received the most buzz is Portier Cove or Mareterra, a shoreline construction that will create a whole new district for the Principality by reclaiming six hectares of land from the sea. Promising 60,000 square metres of residential property and parking spaces and one hectare of park/forest, it will significantly increase the size of Monaco, which currently measures in at just 2 km2. Monegasques, plus plenty of investors from overseas, are hotly anticipating its delivery in 2025. There are many other new developments that will change the Principality’s skyline, but Portier Cove is by far the most dramatic.
JT: Mareterra is also set to be Monaco’s first completely green district, highlighting the movement in the Principality towards more environmentally-focused building. In Monaco, building firms are required to follow compulsory eco-friendly practices, something that seems certain to continue into the rest of this decade. Within John Taylor’s group of real estate agents, there is also a new tower being built, which is set to be the most ecologic tower in the Principality when completed. Today, there are plenty of eco-solutions that can be implemented to help reduce the carbon footprint of a building, even in renovations of older properties.
What will the future bring?
JT: A decade in construction is not very long at all, due to the typical length of projects from concept to delivery. What’s more, in a stable market like Monaco there are never too many surprises. However, John Taylor predicts that the next decade will be a highly exciting time in Monaco real estate, with a number of eagerly-anticipated building projects in the pipeline.