FOR SALE €POA
Le Stella
Once ready, this new development in La Condamine will offer 99 apartments and just two luxury villas. Through Pastor Real Estate and Pastor Immobilier (020– 3195 9595;
www.pastor-
immobilier.mc)
FOR SALE €9.6m
Apartment
close to the Golden Square Set close to the Golden Square, this renovated apartment, which has two bedrooms and a living room with terrace, looks out towards Port Hercule and the Rock. Through Savills (00 337 97 70 42 00;
www.savills. com)
small but superb selection of local schools. You can choose between an international option (which can be oversubscribed, so you may have to go on the waiting list, according to Mrs Luke), and two other top- performing schools that follow the rigorous French curriculum. Above all, people prize the fact that,
in Monaco, you feel utterly safe. ‘If you forget your handbag at a restau- rant, you can go back two days later and find it untouched or your children can take the bus to school alone and you know they are safe— you really can’t put a price on that,’ says Mrs Olds. Prince Albert’s accession 10 years
ago has also imbued Monaco with a fresh shot of energy and a new buzz, according to Mr Kraft. He mentions the ongoing facelift of the Casino Gardens area, the numerous hotel renovations and the many restau- rants that have opened their doors
www.countrylife.co.uk/international Country Life International, Summer 2015 29
lately as examples of how ‘Monaco gets more attractive by the month’. As a result, growing numbers of
people are now choosing it as the main base of their personal life. ‘The expatriate community has never been as vibrant since the days of Grace Kelly in the 1950s,’ says Mr Kraft. This in turn is driving demand for
larger properties that can accommo- date a family. Monaco agents Pastor Real Estate and Pastor Immobilier report that, although smaller apart- ments still accounted for most of the transactions in 2014, nearly half the sales were for homes with three or more bedrooms. Monaco’s one drawback is a des-
perate shortage of properties for sale, particularly of the quality that appeals to the international elite. The principality’s ageing housing stock has traditionally been an issue in the past, especially compared with other global cities. ‘It could be difficult to find the quality you are used to in Mayfair or Belgravia,’ advises Mr de Mallet Morgan. Now, however, a pipeline of new
developments looks set to ease some supply constraints. Spearheaded by the spectacular Tour Odéon, which soars high above the city, new builds such as Le Méridien, in Avenue de Fontvieille, La Petite Afrique in the Jardins du Casino and Le Stella, in the heart of La Condamine, are injecting new life into the Monégasque property market, according to Pastor
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