MONACO
Real Estate. That said, many of these projects will only hit the market in a few years. Meanwhile, advises Mr Kraft, ‘very little product is coming up for sale and inventory is incredibly low—the lowest in a decade’. Stock is especially limited around
the Carré d’Or, the golden square of boutique-studded roads around Place du Casino. ‘If you’re lucky enough to find something to buy here, prices are stratospherically high at €90,000– €100,000 per square metre,’ says Mrs Luke. It may seem extraordinary, given
Monaco’s tiny size, but each of the principality’s districts has a distinct- ive character and appeals to different types of buyers. Chic, expensive Montecarlo, where the Casino is situ- ated, is the most sought-after area and accounts for almost half of the €2 billion resale properties sold last year, according to Mrs Olds. Further south, Avenue Princesse
Grace, which stretches along Larvotto Beach, is second only to the Carré d’Or for price and desirability. But interest is high for any properties near the beach, although those are often hard to come across. ‘Much here is owned by old Monégasque families who prefer to let rather than sell,’ advises Mrs Luke. To the west, historic La Condamine
is being modernised and this, in turn, is attracting more investment and more families, according to agents at Pastor Real Estate. Just beyond La Condamine lies the Rock, which houses the Prince’s Palace, and has plenty of charming buildings, but also tends to be more crowded with tourists,
FOR SALE €20m
Florestan
penthouse This extraordinary penthouse, which is in need of renovation, has three bedroom suites, a terrace with swimming pool and long sea views. Through Caroline Olds (00 377 93 25 86 66; www.
carolineolds.com)
FOR SALE €POA
Waterfront
apartment Set within an elegant building overlooking the port, this three- bedroom apart- ment enjoys wonderful views of the Prince’s Palace and the sea. Through Knight Frank (020–7861 1553;
www.knightfrank. com)
30 Country Life International, Summer 2015
and at the westernmost end of Mon- aco, Fontvieille, which has its own boat-studded port, is ‘more relaxed and greener, with a resort-like feel’, according to Mrs Luke. Nevertheless, the current dearth of
properties for sale means people often have to be pragmatic about location. ‘You buy where you find,’ say both Mrs Luke and Mrs Olds. Competition for properties in
Monaco is likely to remain as fierce or rise even further in the coming months, so prospective buyers should seriously consider making their move now, according to Mrs Olds—espe- cially if they come from Britain: ‘With the pound so high against the Euro, this is the time to buy and live in Monaco.’
FOR SALE €17.5m
Harbourside
apartment Situated in a luxury building next to the Font- vieille harbour, this five-bedroom apartment affords beautiful views across the sea, the marina and the Rock. Through CIC Immobilier/ Sotheby’s (00 377 93 25 37 27;
http://cic.mc)
www.countrylife.co.uk/international
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