Monaco
A family takeover
Monaco may be known as a playground for playboys and a refuge for affluent retirees, but it' s the perfect place for children, says Anna Tyzack
M
ONACO is experiencing a double dose of royal-wedding fever this summer. On July 30, the principality will celebrate the
marriage of His Serene Highness Prince Albert II and Charlene Wittstock, the South African Olympic swimmer. Schoolchildren are being given two days off schoolÐ one more than British pupils were granted in celebration of the wedding of Prince William and Catherine Middleton in April. The Monaco wedding couldn' t have come
at a better time, says Irene Luke, whose three daughters are at school in Monaco.
` It' s going to be a huge event. It' s given everyone something to look forward to.'
` I don' t understand why more British people don' t take up residency here'
The Principality of Monaco, which meas-
ures less than a square mile, has been more immune to the economic crisis than most placesÐ house prices still rank among the highest in the worldÐ but the property market has been slow over the past two summers.
` Quiet is the word,' says Mrs Luke, an estate agent for JCC Properties, an associate of Savills. ` There are very few transactions. Most of Monaco' s sellers are financially buoyant enough to hold off selling until they' re happy with the price they' ll be getting.' Alexander Kraft, chairman of Sotheby' s
International Realty France, agrees that the market has been ` challenging. But the mood has changed recently. Confidence is return- ingÐ probably because sellers are being more realistic. For the first time in years, we' re seeing properties priced at less than €20,000 per sq ft. This is cheap for Monaco.' House prices are roughly 20% to 30%
lower than they were in 2008, according to Mrs Luke. ` I still don' t understand why more British people don' t take up residency here.'
52 Country Life International, Summer 2011
FOR SALE €8.5m
On the sea
This south-facing beachfront apart- ment with three bedrooms has sea views, roof terrace with kitchen and winter verandah, and basement parking. Savills/ JCC Properties (00 377 97 70 42 00)
The principality has been presided over
by the Grimaldi family for more than seven centuries and is a popular haven due to its tax-free status. For British subjects, the fiscal advantagesÐ no Income Tax or Stamp Duty and limited Inheritance TaxÐ are major incentives for living in Monaco. And Trevor Gabriel of Monaco Villas explains that the financial benefits come with a host of life- style attractions. ` The climate is exceptional and Monaco is very cosmopolitanÐ there are 135 different nationalities living here.' Pieter van Naeltwijck of Real Estate Invest-
ments, an associate of Knight Frank who lives in Monaco, describes the principality as having a village feel, but with ` all the advantages of a capital city. We have a boat show, a film festival, a grand prix, numerous world-class restaurants and art galleries.'
Being 45 minutes from Nice airport, it' s
a convenient business hub. ` You can be any- where in Europe within an hour and a half' s flight,' Mr van Naeltwijck says. ` And Venice and Courchevel are within four hours' drive.' In the past, Monaco has had a reputation
as a hangout for international playboys. Indeed, properties are predominantly bache- lor pad-type apartments, designed for people whose real homes are elsewhere. But this is changing, says Mr Gabriel, who is sourcing homes for an increasing number of success- ful British entrepreneurs, financiers and property pundits moving to Monaco perma- nently. Demand from families has prompted developers to knock two or more apartments together to create large homes. ` Whereas 25 years ago, most residents were rich retirees, recently we' ve noticed a young audience
www.countrylife.co.uk/international
Jean-Pierre Lescourret/Corbis
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84