Monaco, the glamorous city-state nestled on the French Riviera, is a gem of luxury and beauty. Known as a playground for the rich and famous, this tiny principality boasts a unique blend of elegance, wealth, and stunning natural surroundings.
Despite its small size, Monaco is packed with grandeur and charm. Its most famous district, Monte Carlo, is synonymous with opulence. Here, visitors are greeted by the iconic Casino de Monte-Carlo, a magnificent architectural masterpiece that has been a symbol of extravagance for over a century. Surrounding the casino, upscale hotels, high-end boutiques, and gourmet restaurants cater to the refined tastes of its elite clientele.
While Monaco is renowned for its lavish lifestyle, it also offers a captivating blend of history and culture. The old town, known as Monaco-Ville or “Le Rocher,” is perched on a rocky outcrop and showcases medieval architecture, including the impressive Prince’s Palace. Visitors can wander through narrow streets, discover quaint shops, and soak in breathtaking panoramic views of the Mediterranean Sea.
Nature lovers will find solace in Monaco’s breathtaking landscapes. The Exotic Garden presents a stunning collection of succulent plants, while the Princess Grace Rose Garden showcases over 4,000 rose varieties. Additionally, the Larvotto Beach offers a picturesque seaside escape, where visitors can relax on pristine sands and indulge in water sports activities.
Would you have thought it? The above text we have produced with artificial intelligence. We have simply asked “openai” to write us a short text about Monaco.
The State of the Market
The reason for this introduction to the fascinating city of Monaco text is a recent article in Luxury Defined, the online magazine of Christie’s International Real Estate, about its luxury real estate market.
In this article they quote Laurent Locchi, assistant director of Mills, a Monte-Carlo-based brokerage with an extensive portfolio of luxury apartments als follows: “Monaco is known for having a highly desirable and exclusive real estate market due to its limited territory and availability.”
And the magazine continues: “Indeed, at just over three quarters of a square mile (1.9 sq km), and with a population of more than 38,000, space within Monaco is, unsurprisingly, scarce.
According to Luxury Defined there aren’t a lot of new private developments in Monaco, so, of course, there is a high demand for luxury properties. The market is still active, not only for resales but also for off-plan properties. Prices have risen by 60 percent for the last 10 years and tend to appreciate steeply over time.
“Political stability, economic growth, a favorable tax environment, and 100 percent security make the principality unique, an environment like no other.” Locchi said, also noting that the average life expectancy in Monaco is 87.01 years—the longest on earth.”
On the Market in Monaco
Giotto in Fontvieille, Monaco
Penthouse at Les Oliviers in Jardin Exotique, Monaco
Residence at Parc Saint Roman, La Rousse, Monaco
Triplex Apartment at Les Oliviers in Jardin Exotique, Monaco
Should you be searching for a luxury residence in Monaco? Explore Miells’ extensive portfolio here.