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Monaco Insight 2017 Analysis of Monaco’S Prime Residential Market

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Monaco Insight 2017 Analysis of Monaco’S Prime Residential Market RESIDENTIAL RESEARCH MONACO INSIGHT 2017 ANALYSIS OF MONACO’S PRIME RESIDENTIAL MARKET SALES BY NEIGHBOURHOOD PRICE ANALYSIS FUTURE INVESTMENT MONACO INSIGHT 2017 RESEARCH Hot property Monaco remains at the top of global wish lists. By 2026 the Principality will be home to 16,100 millionaires and 1,450 ultra high net worth individuals. No other city in the world boasts the same work as the lack of supply starts Not only does Monaco play host to to reduce traffic congestion around wealth density as Monaco. to pinch. Many of these buyers are more than 850,000 overnight tourists Jardin Exotique. long-established Monaco residents per annum, but more than 50,000 Work has also recommenced on employees commute into Monaco By Kate Everett-Allen looking for an investment, aware Le Portier project, but perhaps most from France and Italy each day. To that new arrivals often prefer to significant is the new Ilot Pasteur keep pace with this influx, public rent before deciding where to buy. regeneration project which, by 2021, investment is being ploughed into Monaco has led our annual global Shrewd investors are also aware will deliver a new home for Charles III Monaco’s infrastructure, leisure and comparison of residential values of the lack of market liquidity in College, a media library and concert since 2008 and prices continue MONACO IN NUMBERS retail facilities. Monaco – the wealthy remain hall. The €220m scheme will provide to drift higher. Luxury residential discretionary vendors – meaning Aside from the 2014 upgrade of better links between Condamine and prices in Monaco reached 53,000 € such investors can rely on Monaco’s Yacht Club, the new €107m Fontvieille and add a new funicular per sq m in the second quarter of long-term tenants. Albert II Tunnel opened in 2016 helping cable car to improve access. 2017, although super-prime values, such as those for the most exclusive Monaco: Residential sales by neighbourhood properties in Monte Carlo’s Carre d’Or, can extend beyond €100,000 37,550 0 16,100 202.7 50,000 LA CONDAMINE Which area hasLARVOTTO seen the highest number LA CONDAMINE LARVOTTO per sq m. Number of residents, Number of Number of Hectares Number of commuters 200 of residential200 sales in the last decade? 200 200 Dec 2016 residential units millionaires (size of Monaco) that travel into In last year’s report we highlighted 150 150 LA CONDAMINE 150 150 completed in 2016 in 2026 Monaco each day 8.1% the widening gap between the price 100 100 FONTVIEILLE 100 100 of resales and new build property 11.4% 50 50 50 50 as well as what, at first glance, Knight Frank Research, IMSEE JARDIN La Rousse 0 MONTE-CARLO0 0 0 EXOTIQUE 2013 2014 2015 2016 2013 2014 2015 2016 2013 2014 2015 2016 36.92013% 2014NUMBER2015 OF SALES2016 6.2% Larvotto appeared to be a strong pipeline of the creation and maintenance of their 2006-2016 new residential development. wealth over the next five years. Monaco on top FONTVIEILLE LES MONEGHETTI FONTVIEILLE LES MONEGHETTI Prime prices as at June 2017 200 200 200 200 However, most of this new stock Perhaps surprisingly, Monaco is home MONACO-VILLE LA ROUSSE 23.7% remains a long way from breaking to a large volume of old residential stock 2.6% 150 Avenue 150 MONACO 150 150 Princesse LES MONEGHETTI LARVOTTO Grace ground. Indeed, IMSEE, Monaco’s in need of refurbishment. However, 8.9% HONG KONG 100 100 2.1% 100 100 Statistics Office, reported that in 2016 in recent years buyers are displaying NEW YORK 50 50 not one new residential property was a greater propensity to undertake this 50 50 LONDON Monte completed. This is likely to put further 0 0 Carlo0 0 GENEVA 2013 2014 2015 2016 2013 2014 2015 2016 2013 2014 2015 2016 2013 2014 2015 2016 pressure on prices in the short to SHANGHAI medium term. How strongly do you agree that the following Carré d’Or CasinoJARDIN EXOTIQUE MONACO-VILLE SINGAPORE are threats to your UHNW clients’ ability to JARDIN EXOTIQUE MONACO-VILLE 200 200 200 200 VIENNA The tail end of 2016 saw sales activity create and maintain wealth? France Les Moneghetti PARIS soften; however, Macron’s victory in 150 150 150 150 SYDNEY May 2017 brought with it a new sense POLITICAL 100 100 100 100 UNCERTAINTY ZURICH of optimism. Port Hercule 50 50 50 50 Ilot Pasteur La Condamine BEIJING For Monaco, the flow of wealth across POTENTIAL FALL project IN ASSET VALUES 0 0 0 0 LOS ANGELES its borders is as much to do with the 2013 2014 2015 2016 Jardin2013 Exotique2014 2015 2016 2013 2014 2015 2016 2013 2014 2015 2016 MIAMI ebb and flow of foreign government’s RISING TAXES Monaco Ville BERLIN tax and economic policy as it is to do LA ROUSSE MONTE-CARLO LA ROUSSE MONTE-CARLO Louis II Port of 200 200 VANCOUVER with the longstanding appeal of the TIGHTER CONTROLS 200 200 Stadium Fontvieille ON MOVEMENT TOKYO Principality. OF CAPITAL 150 150 150 150 Fontvieille Le Portier project (reclaimed land) MUMBAI According to our survey of almost RISING INTEREST 100 100 100 100 MELBOURNE RATES 900 of the world’s leading private 50 50 50 50 ISTANBUL Heliport bankers and wealth advisors, political GLOBAL AVERAGE EUROPE 0 0 0 10 20 30 40 50 60 0 0 uncertainty is considered the greatest 2013 2014 2015 2016 2013 2014 2015 2016 2013 2014 2015 2016 2013 2014 2015 2016 € per sq m (000’s) -40% -20% 0% 20% 40% threat amongst UHNWIs – both globally Knight Frank Research / Douglas Elliman and in Europe – when it comes to Attitudes Survey, The Wealth Report 2017 Knight Frank Research, IMSEE 2 Please refer to the important notice at the end of this report 3 KNIGHT FRANK INTELLIGENCE For the latest news, views and analysis on the world of prime property, visit KnightFrank.com/blog RESIDENTIAL SALES Edward de Mallet Morgan Head of Monaco +44 20 7861 1553 [email protected] RESIDENTIAL RESEARCH Liam Bailey Global Head of Research +44 20 7861 5133 [email protected] Kate Everett-Allen International Research +44 20 7167 2497 [email protected] PRESS OFFICE Astrid Etchells International PR +44 20 7861 1182 [email protected] Knight Frank Research provides strategic advice, consultancy services and forecasting to a wide range of clients worldwide including developers, investors, funding organisations, MARKETING PUBLICATIONS corporate institutions and the public sector. All our clients recognise the need for expert independent advice customised to their specific needs. INSIDE VIEW Thegreat MONACO GETAWAY 2017 Hot RIGHT top now VIEW TAKE THE easy Plunge RIDER Monaco Inside View International View Important Notice - 2017 - 2017 © Knight Frank LLP 2017 – This report is published for general information only and not to be relied upon in any way. Although The Research data provided in this report was originally published within Switzerland: Inside View high standards have been used in the preparation of the information, analysis, views RESEARCH PUBLICATIONS and projections presented in this report, no responsibility or liability whatsoever can be RESIDENTIAL RESEARCH RESIDENTIAL RESEARCH RESIDENTIAL RESEARCH accepted by Knight Frank LLP for any loss or damage resultant from any use of, reliance on The global perspective on prime property and investment SKI PROPERTY or reference to the contents of this document. REPORT 2017 As a general report, this material does not ASSESSING PROPERTY MARKET CONDITIONS ACROSS KEY ALPINE AND U.S. RESORTS THE WEALTH REPORT 2017 REPORT THE WEALTH necessarily represent the view of Knight Frank LLP in relation to particular properties or projects. Reproduction of this report in whole FRANCE INSIGHT SWITZERLAND or in part is not allowed without prior written 2017 INSIGHT 2017 ASSESSING MARKET CONDITIONS ACROSS ANALYSIS OF SWITZERLAND’S PRIME FRANCE’S PRIME SECOND-HOME DESTINATIONS RESIDENTIAL MARKET approval of Knight Frank LLP to the form 2017 11th Edition 2017 ALPINE INDEX RESULTS HOW ARE RESORTS ASPEN MARKET UPDATE MARKET DRIVERS SALES BY PRICE BAND PRIME PRICE EVOLVING? REGIONAL ANALYSIS PRIME PRICES BUYER PROFILE PERFORMANCE and content within which it appears. Knight Frank LLP is a limited liability partnership Wealth Report Ski Property Report France Insight - 2017 Switzerland Insight - 2017 - 2017 - 2017 registered in England with registered number OC305934. Our registered office is 55 Baker Street, London, W1U 8AN, where you may Knight Frank Research Reports are available at KnightFrank.com/Research look at a list of members’ names..
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