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Monaco


Monaco renaissance


The principality enjoys record sales as an increasing number of buyers choose it as their main home, finds Carla Passino


I


T’S boom time in Monaco. The tiny principality has long been a sought-after destination, but, in the past 18 months, it has


seen a sharp increase in both sale volumes and values. ‘It’s an absolute fact that 2014 was a record year,’ says local estate agent Caroline Olds. ‘There were 555 resales, 37% more than in 2013, and sale values went above €2 billion.’ In 2013, the resale market had totalled €1.275 billion. Following a promising start, 2015


looks set to be just as good as last year, as global buyers flock to Monaco in search of a safe haven for their capital. ‘With the election in the UK, bank- ing-secrecy changes in Switzerland and problems in other parts of the world, Monaco is perceived as very stable,’ explains Irene Luke of Savills. In particular, buyers from the belea- guered Eurozone have been pouring into the principality for the past couple of years, according to Alexander Kraft of CIC Immobilier/Sotheby’s International Realty, seamlessly replacing the Russians, whose num- bers have gone down. ‘It’s always the case that, if buyers from one country are less active, those from another come in,’ agrees Mrs Olds. Not all Russians have vanished,


however. ‘The majority have gone, but those who had been living in Europe for a time are still around, as are buy- ers from countries such as Kazakh- stan and Ukraine,’ advises Edward de Mallet Morgan of Knight Frank. ‘There is also a strong Middle Eastern presence.’ British buyers are another market staple, thanks to the robust links between London and the princi- pality: ‘You can go to London for lunch and be in Monaco for dinner,’ notes Mrs Luke. Although most incomers are first


lured by Monaco’s reputation as a stable, financially friendly juris- diction, they are ultimately won over by the principality’s lifestyle attract- ions. ‘The quality of life here is excellent,’ enthuses Mrs Olds. Few other cities in the world combine fabulous weather with a thriving cul- tural and social scene—from the Grand Prix to the packed opera and theatre calendars—plus first-rate medical care, good schools and great communication links. Businessmen especially value the


Buyers are attracted to Monaco’s quality of life, especially for families, but property prices remain high 28 Country Life International, Summer 2015


easy access to Nice’s international airport, which means you can be vir- tually anywhere in Europe in a couple of hours, and families appreciate the


www.countrylife.co.uk/international


Olimpio Fantuz/SIME/4Corners


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