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Spotlight Monaco Residential Market 2015

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Spotlight Monaco Residential Market 2015 Savills World Research Monaco Residential Spotlight Monaco Residential Market 2015 savills.com/research Notes about the publication This document was published in April 2015. The data used in the charts and tables is the latest available at the time of going to press. Sources are included for all the charts. 2015 Spotlight Monaco Residential Market 2014 was a record year for Monaco's residential markets. A weak euro offers buyer opportunities. EXECUTIVE SUmmARY elcome to our unique position as a hybrid centre second in- that incorporates not only commerce depth look at and ultra-wealth in a low-tax the residential jurisdiction but also a Mediterranean Prices are stable and Monaco remains property playground for the world’s wealthy. one of the world’s most expensive real Wmarket in Monaco. In this report estate markets. However, in US dollar we show how market activity and Aside from the clear parallels pricing is at an all-time high while with other world centres, Monaco terms the Principality has slipped to extraordinarily constrained land is a premier destination for gambling, second place behind Hong Kong, due supply means newly built property motor sport, yachting, recreation and to a weak euro. See page 5 is extremely rare and at a premium relaxation. This combination, right on so only the ultra prime market and Europe’s doorstep, sets it apart from the world’s wealthiest are now almost any other city or state. Only catered for in the Principality. Macau, on the doorstep of China is beginning to come close but the Monaco has the highest GDP per attractions of the South China Sea are For the global super rich, Monaco head of any population in the world. not the same as the Mediterranean. operates as part of a network of city It is one of a handful of global elite In the longer term, Gibraltar has the city-states and, in this respect, has potential perhaps to be a regional property holdings. Homes in Monaco more in common with Macau and rival but will need huge amounts are most commonly paired with London, Singapore than almost anywhere of investment and infrastructure to else in Europe. Monaco’s wealth and approach Monaco’s prestige. followed by New York and Moscow. status, Nevertheless, goes hand in See page 5 hand with some of the world’s major The unique offering of Monaco’s urban centres where many Monaco global appeal and its extremely residents will also spend some of limited land supply will all combine their time. The lives of the ultra-rich to keep Monaco’s real estate prices in London, New York and Moscow high with few or no mechanisms are often intertwined with Monaco. for them to fall. We anticipate they 2014 was a record year for the Monaco are at, or near, a high plateau, in To classify Monaco solely as another common with many other ultra prime residential market. The number of world-class urban conurbation markets globally and will be for some residential sales exceeded their 2007 misses the point. It occupies a time to come. n peak for the first time in 2014, with a combined value of €2.4bn. See page 6 New build development is characterised by well appointed schemes offering large units to appeal to the world’s wealthy. Developers are aligning products with those offered in the major world cities. See page 8 savills.com/research 03 Spotlight | Monaco Residential Market MONACO AT FIGURE 1 Monaco fact file A GLANCE Monaco is governed under a constitutional A sovereign monarchy, of which the Sovereign Prince of Monaco city-state Monaco is the second smallest – Albert II – is head of state. independent state in the world, and home to the world’s highest The Principality is home to residents from over 100 concentration of ultra wealthy Global nations. French is the official language of Monaco, individuals. A global hotspot with a hotspot but Monégasque, Italian, and importantly, English are widely spoken. distinctly Mediterranean character, Monaco offers its residents a Just 2.2km in area, Monaco is 6% the size of cosmopolitan city environment Manhattan but home to the world’s highest Supply in a low tax, business friendly concentration of wealthy and super-wealthy constrained jurisdiction. A busy annual calendar individuals. Prime property is in high demand with of high profile events ranging from price tags to match. the Monaco Grand Prix to the Tennis Masters keeps the global gaze Sitting outside the EU, Monaco does not levy Low tax firmly on the tiny Principality, and income tax, wealth tax or capital gains taxes. ensures it punches well above its weight on the global stage. Financial Monaco ranks 6th in the Y/Zen European Global centre Financial Centres Index. The Monaco Grand Prix and Monte Carlo Rally are Motor sport widely considered to be the most prestigious events “Monaco's low taxes and in the motorsports calendar. The iconic Monte Carlo Casino is integral to Monaco’s appealing living environment Monte Carlo economy, tourist industry and global profile. It Casino have made it a centre of incorporates an opera house and ballet company. global wealth” Source: Savills World Research Economy and employees, and VAT payable on Monaco enjoys a buoyant and goods and services, to raise income. diversified local economy. GDP Corporations are exempt from tax, surpassed pre-crisis levels as early as except where more than 25% of 2012, and the economy has performed turnover is generated outside Monaco, well since, driven by wage growth and in which case a rate of 33.33% applies. expansion in the economy generally – notably real estate. Centre of global wealth Monaco’s low taxes and appealing Finance remains the city-state’s major living environment have made it a long- industry, accounting for 16.7% of standing centre for the global super- GDP. Monaco ranks 6th in the Y/Zen rich. One reason it bounced back so European Global Financial Centres rapidly from the global financial crisis Index, having leapfrogged Vienna was due to a weight of international since last year’s poll. Other important capital seeking safe-haven investment sectors include sciences (including in the Principality’s real estate. biometrics), tourism and public services and administration. The number of global UHNWI individuals (those with assets of at Monaco is an important centre of least US$30m) exceeded 211,000 in employment in the region, and a net 2014, with a combined wealth of $29.7 importer of labour, with more than billion. Their numbers are forecast 50,000 jobs to its 36,950 inhabitants. to pass 250,000 by 2019, with a Employment grew by 3.8% in 2014. combined wealth of $40bn, according Unsurprisingly, the unemployment rate to Wealth X. Asia, Africa and the is close to zero. Middle East are set to see the fastest growth in their wealthy populations. The Principality does not levy any income tax, wealth tax or capital This is important for Monaco as new gains tax. Instead, it uses social wealth created in emerging economies insurance, payable by both employers seeks stable economies of Europe and 04 2015 FIGURE 2 Super commuters: the top city pairs where UHNWI hold homes LONDON MOSCOW NEW YORK LOS ANGELES BEIJING MONACO SHENZHEN DELHI HONG KONG MIAMI MUMBAI SINGAPORE JAKARTA SYDNEY Source: Savills World Research, Wealth X FIGURE 3 North America, into key world cities Moscow are also frequently paired and centres including Monaco. with Monaco, in smaller volume. It is Ultra-prime prices: per square foot/metre no surprise that the neighbouring Nice We have observed that real estate airport is one of the most important 2014 price movement investment among the world’s super- bases for private jet traffic. City USD psft Euro psm rich – particularly among emerging in local wealth – is overwhelmingly an urban Monaco’s status as a must-have currency phenomenon. Just under half of global address has pushed prices to Hong Kong $10,700 € 92,500 UHNWI investment has flowed into the global highs (Figure 3). The price of major cities of the world. An important ultra-prime property in Monaco stands urban centre in its own right, Monaco at €90,900 psm ($9,000 psft). While Monaco $9,000 € 90,900 benefited from this flow of capital the prices were static in 2014, a weak years immediately following the global euro has seen it drop down the global New York $6,100 € 52,700 financial crisis. league table and is now second to Hong Kong in US dollar terms, purely London $5,900 € 51,300 For the global super rich, Monaco on currency movements. Monaco operates as part of a network of city looks increasingly affordable to US Tokyo $5,900 € 51,300 property holdings. Figure 2 above dollar, British pound and Swiss Franc shows the top city pairs where UHNWI buyers (see p8). n hold homes and divide the majority Paris $4,400 € 38,400 of their time. While London is at the nexus of these city hubs, it is one of Moscow $4,500 € 38,600 a dozen globally important locations. Monaco, is one of these important Singapore $2,500 € 23,100 centres, in league with major world 29% Almost one in three of centres for this group. Shanghai $2,400 € 20,800 Monaco’s residents are For homeowners the London-Monaco Dubai $1,200 € 10,600 link is especially strong, the major classified as millionaires world city complementing the Source: WealthInsight low-tax Principality. New York and Source: Savills World Research savills.com/research 05 Spotlight | Monaco Residential Market RESIDENTIAL Investors have been active in the FIGURE 5 €1-10m bracket, seeking easy to Monaco district by district MARKET manage properties to feed into the rental market.
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