INSIDE VIEW MONACO 2017 Overview Monaco market overview There are few places in the any more”, yet that is precisely UHNWIs expect. These properties world where one would what Monaco does, with its only offer the best value in Monaco, but consider buying off-plan opportunity for expansion to extend the price must be right to take into property eight years in into the sea. account the refurbishment costs, advance, but Monaco is far effort and time required to bring The latest 2bn land reclamation from typical. € them up to scratch. programme will see six hectares This glamorous pocket of the Côte of new land created from Sicilian Time is on the side of today’s d’Azur is unwaveringly desirable, sand. On it will sit 120 new high-end buyers in Monaco, however, with thanks to the superlative location, apartments whose prices will be the average age now 35-55, lifestyle and fiscal advantages it in excess of €100,000 per sq m – compared with the 55-60 plus offers. But it also has a minuscule which ultra prime stock in Monaco demographic of a decade or supply of new property and a limited is already achieving. Of those 120 so ago. They make the most of amount of land, which means that units, 50 have already been retained the good schools, the growing Monaco is a place where you need to by the developer, leaving just 70 to number of great restaurants and plan ahead. sell with several years to go until the year-round buzz. As a result, completion. neighbourhoods are changing too, The privileged Principality that is with organic stores, boutique gyms little bigger than Regent’s Park, By then, who knows what and vegan restaurants cropping up is currently awash with cranes, stratosphere Monaco’s prices to serve a community who want reminiscent of 40 years ago when the will have reached. Such is the healthy living with their high life. late Prince Rainier III embarked on his demand for new waterfront homes building spree. Major infrastructure that price will be little deterrent to While the rest of mainland Europe projects are underway, from the buyers – and their tax advisers - still looks less attractive and Britain regeneration of landmark addresses who are thinking ahead with wealth comes with high buying taxes, such as Place du Casino to new preservation in mind for future buyers who can’t find what they road tunnels to ease the congestion generations of their families. are looking for in Monaco find other for the tens of thousands who cross ways to make this unique location For those with ambitions for a home work for them. Some will rent and the border into Monaco for work in Monaco but little appetite for wait. Others will buy something each day. There is a wave of new the waiting game, the options are smaller than planned, plus a larger residential development taking place limited. A buyer who arrives with property nearby in France perhaps too, but there is still little stock on a handful of children and a nanny and a yacht. offer for hungry buyers, with 75% of in tow may have five, at most 10, properties under construction either Unlike Caribbean tax havens, apartments that might be suitable. social housing or high-end ‘built to Monaco has everything they want Even then, most will be beyond their let’ apartments. on tap, so a sacrifice in the size of budget and will lack the size and property is worth it for the location When a rare new development does quality that such buyers are used to. and lifestyle on offer. go on sale, its properties are likely to Much of Monaco’s older stock be pre-sold, then sold again before It is no less convenient for such is being refurbished, but there is completion. That is the case with two clients to be domiciled in Monaco still a long way to go. While the current schemes near the harbour, than in London – and they can new generation of development whose €2m starting prices may always pop to London for supper, is bringing higher standards of suggest luxury for many locations but or Vienna for the weekend. build and design and a new type are middle of the road for Monaco. of amenities to Monaco - Tour The solution – albeit a complex and Odéon, for example, has a spa, Edward de expensive one – is land reclamation. concierge service and chauffeured Mallet Morgan Monaco was just emerging as a Mercedes at residents’ disposal Head of the Monaco Desk playground for the rich when the – the older properties usually American writer Mark Twain advised need considerable work to be of “Buy land. They’re not making the standard that today’s global For sale - Monte Carlo, Monaco 02 Knight Frank Inside View Knight Frank Inside View 03 Lifestyle The sailing king of Monaco Nick Edmiston, founder of Edmiston & Co, has led the way in Monaco’s super-yacht industry for 30 years. Here he talks about life in the privileged Principality whose yachting scene has a prestige that is unrivalled. By Zoe Dare Hall SAVANNAH; now available to charter through Edmiston Yachting is inextricably linked to life yachting, now run by his son Jamie. a few deals for yachts costing up “The Brits were mainly older, a very progressive attitude and he comments. He travels widely in Monaco. “Every child in Monaco Edmiston, previously the CEO of to €100m. established retirees. Now Monaco it’s a good, vibrant place to live,” – “Connectivity has improved will learn sailing at some stage in yacht firm Camper & Nicholsons, is shifting towards a younger profile. Edmiston comments. massively and Monaco is easy to His advice to prospective investors their education,” the architect Sir moved to Monaco in 1989 and They have successfully sold their get to from the rest of Europe” – is never to spend more than 10% of These necessary irks that come Norman Foster commented at launched the company that has business or are still running a but he is never far from a yacht, their net wealth on a yacht – then with progress are, in any case, the opening of the Principality’s become a world leader in the business in yachting, banking or with his free time often spent to budget for 10% of that figure in overshadowed by the benefits of Foster + Partners designed Yacht sale, charter, management and investment. There is more of restoring pre-war classic models, the annual costs. “The cheap thing being resident in Monaco, including Club de Monaco. And there is no construction of super-yachts. a trend to continue working while including Nahlin, on which Edward is buying it. The expensive thing its favourable tax system and high better place to see Monaco life in living here and it’s becoming more VIII was told that news of his “I used to commute regularly is running it. You don’t want to sense of personal security. microcosm than at his waterfront attractive to families with kids. The relationship with Wallis Simpson between London and the south wake up in the middle of the night “You can walk around wearing paean to sailing. schools here are fantastic and most had broken and he was forced of France and was going to live worrying about it,” he says. children are at least bilingual,” says expensive jewellery and feel very to abdicate. The Yacht Club displays all the in Cannes, but Monaco is far safe. Many wealthy people are In his early days in Monaco, 20m Edmiston, whose younger children requisite accessories of the luxury more convenient and there are € used to always to being surrounded “It’s an expensive but rewarding was considered top whack. “Now were educated in state schools in lifestyle – the watch and fashion advantages to running a business by bodyguards but that’s not game,” says Edmiston. He is yachts are getting ever bigger Monaco before moving to boarding boutiques, the fine dining, super- here rather than in France,” he necessary in Monaco. That’s a big talking about yacht restoration, but and more sophisticated. The schools in England. yacht berths and priceless views comments. “That’s one of the most attraction,” says Edmiston. it could just as easily be a fitting most expensive one I’ve sold was over the Grand Prix track. But this important reasons for me to be here The world’s most densely-populated description of life in Monaco. 350m,” he says. Gyms, pools Monaco’s increasingly cosmopolitan sustainable building, powered by as, unlike other countries that are in € country comes with its challenges. and helipads have become staple and youthful population is injecting the sun and cooled by sea water, flux, Monaco has a very structured Some 50,000 people come into features. “I know one yacht that the tiny country with a new energy is a hub for all the community, financial regulatory system. It’s a Monaco by train or car each day for can land four helicopters at any in its restaurant, shopping and club with a children’s sailing school, a good place to do business.” work, which takes its toll on traffic time. The owner said ‘I’ve got flow and sparks fierce competition scenes too. “It’s a social hub. There restaurant that offers a €20 ‘menu It is arguably the only place to mine, but what about my guests?’” for parking places. “One of the are the formal events such as the du jour’ and a landscaped park be if you hope to find success in Edmiston recounts.