Monaco is set to have its own ‘Digital twin’ as part of efforts to transition the Principality to the digital age. The program will see every building, street, lamppost and tree in Monaco digitally registered and reproduced, with the aim of improving the quality of life for residents.
A 3D interface is currently under development to compile all of Monaco’s topographical data, with the district of Condamine one of the first to be virtualised.
In the future, all real estate projects or street level modifications will be submitted to the avatar in order to measure their impact and adjust them accordingly.
The program will radically change the way the Principality manages its physical assets. For example, it will be used to redefine energy consumption through sensors installed in buildings.
The purpose behind the project is to preserve and improve the quality of life in the Principality, in line with Monaco’s ‘Smart city’ objectives.
Princess Charlene of Monaco will serve as the official starter for this year’s edition of the 24 Hours of Le Mans, the grand finale of the 2018-19 FIA World Endurance Championship Super Season.
Photo: Automobile Club de l’Ouest
Last year, 17-time Grand Slam tennis champion Rafael Nadal waved the grid away, while Formula 1 CEO Chase Carey and actor Brad Pitt have also served as starter in recent years.
“We are delighted and very proud to announce that H.S.H. Princess Charlene of Monaco has accepted to be the starter of the 2019 24 Hours of Le Mans,” said Pierre Fillon, President of the Automobile Club de l’Ouest. “As an accomplished sportswoman, she is the perfect advocate for the promotion of women in motorsport and in society as a whole.
“The Automobile Club de l’Ouest has always encouraged women to be involved in all aspects of motor racing. We are not merely following rules or applying quotas, we are showing women that there is a place for them in motorsport. We’re not just talking about hopes and ambitions, we’re talking about taking part here and now, building, doing, living their lives as they wish.”
The 87th annual Le Mans race boasts a 62-strong entry list that includes Kessel Racing’s all-female driver line-up – Rahel Frey, Manuela Gostner and Michelle Gatting - in the LMGTE Am class.
Footprints of plants, a public workshop at Villa Paloma
The New National Museum of Monaco is organising an open workshop this Saturday 11th May at Villa Paloma, as part of a presentation of the work of Michel Blazy, titled ‘Shoe Collection’.
The latest exhibition follows works showcased by the artist at Villa Sauber and in the gardens of Villa Paloma titled ‘Sculptcure’ (2001-current), and the work ‘Sans titre’ (2014) – in which bark is entirely covered with gold leaf.
‘Collection de Chaussures’ (2015-2019) was created by Michel Blazy to celebrate the 57th Venice Biennale. It consists of a frame within which a complex device presents and feeds plants that have been planted in sneakers. If the display borrows from commercial logic, the notion of framework induces a completely different relationship to nature and our responsibilities towards it.
The workshop on Saturday will be led by Camille Barlerin, a student in graphic editorial design and who is charged with the maintenance of the ‘Shoe Collection’.
Each person will contribute to a joint edition that will list the plant species present in the sneakers. A botanical and iconographic research work will lead to an editorial composition by each participant, then the whole will be connected to complete the box.
The workshop will be held from 2.30pm to 5.30pm and participation is free but subject to availability. Email: public@nmnm.mc
Monaco remains the most expensive prime residential market in the world with the average price per square metre now at €48,800. A recent report by Savills has revealed that just over €2.7 billion worth of residential property was transacted in 2018, an increase of 31%, with an average sales price of €5,200,000.
According to the latest figures from 2018, the average price per square metre in the Principality increased by 18%. Average prime residential values are now 237% higher than Paris, 194% higher than London and 10% than Hong Kong.
Transaction volumes were also up by 15% in 2018 compared with the previous year. Sales of new build property increased by 44% to 72 sales, a record high for Monaco. However they accounted for just 14% of total sales as re-sale stock continues to dominate the market.
There was also a noticeable increase in transactions over €5 million. In 2018, there were 142 transactions, up by 42% compared with 2017 and nearly double compared with five years ago. Driven by demand from families moving to Monaco, sales of four bedroom and larger homes increased by 59% while studio sales fell by nearly a quarter.
“We have noted a notable increase in demand from British, Middle Eastern, Turkish and Greek buyers over the course of 2018,” says Irene Luke, head of Savills Monaco.
Monaco is also the most expensive market in which to rent prime residential property with an average rental value of €1,200 per square metre.
“There is a huge imbalance between demand and supply which will continue to put upward pressure on prices,” says Sophie Chick, director, Savills World Research, “however we don’t expect values to increase at the same rate seen in 2018 as, globally, buyers are becoming more price sensitive.
F1 Championship leader Valtteri Bottas backs Monaco luxury property investor and developer
Formula One championship leader Valtteri Bottas has become a major shareholder in Monaco property investment company Azurite, set up by serial entrepreneur and fellow Monaco resident Nigel Robertson.
Current F1 Championship leader Valtteri Bottas
Bottas, a seasoned investor currently leading the F1 championship, will become Azurite’s global brand ambassador. The company is readying plans to raise significant funding over the coming months to take advantage of luxury property demand in Monaco, where Bottas lives.
Azurite’s backers include high-net-worth individuals, institutional investors and family offices. The business aims to capitalise on the Principality’s constricted property market by opening up investment in development and refurbishment to outside investors for the first time.
Azurite was founded by Nigel Robertson, a Monaco resident of 20 years who has a strong network across the Principality and built his career by launching online directory service Scoot.com, which achieved a market cap of £2.5 billion. He was also the largest seed investor in ASOS, the online fashion giant, now valued at over £3.9bn.
Working in partnership with local developers including Monaco Projects, which has two decades of experience in the area, Robertson has created a strong team with senior property and investment figures. He sees huge opportunity within the secure and notoriously private Monaco market.
“It’s fantastic to have Valtteri on board and as one of the world’s leading sportsmen, he will be a great ambassador for Azurite,” said Nigel Robertson, founder of Azurite.
“Right now, there’s growing demand for Monaco property with a huge barrier to entry for external investors. Like Monaco’s F1 circuit, the market is very tight but we’re looking to change that and partner with local developers to create new properties and refurbish some of the older ones. Against a backdrop of uncertainty – particularly with major changes in retail and the political chaos in Britain – Monaco is a highly attractive opportunity with solid fundamentals and continued strong demand.”
Rendering of luxury apartments on the new Portier man-made island in Monaco. Picture: BOUYGUES CONSTRUCTION
Demand for new resident applications has been so great that the Monaco government has approved an investment of over €2 billion into a land reclamation project to create new villas and apartments across six hectares of land. Despite the country being only slightly bigger than London’s Regent’s Park, property prices can easily support the investment thanks to the severe lack of supply.
“Timing is everything in F1 and in business, and Nigel has a proven track record in finding the right opportunities to enter a market,” said Valtteri Bottas. “As an F1 driver, I have grown to love Monaco and am very excited about helping Azurite open up the market to different investors, many of whom wouldn’t typically invest in the country’s exclusive residential market on their own.
“Monaco has a close family network – much like the F1 circuit – and these relationships will be critical to helping Azurite unlock opportunities for investors, coming at a time of exciting growth across the principality.”
Bottas has had a sensational start to the season and is currently leading the F1 Championship having won the season opener in Australia as well as Azerbaijan. His team Mercedes have had the most successful start to the season in the sport’s history with four consecutive one-two’s in Australia, Bahrain, China and Azerbaijan.
Significant demand and limited space has led to growth in the price of property in Monaco, which has witnessed 10.5% annual compounded price growth since 2006, according to Monaco Statistics IMSEE, and saw the highest global inflows of HNWIs last year out of all countries.
The Monaco Yacht Club will be hosting the first ever Explorer Yacht Summit at the end of May, focusing on expedition yachting.
The Explorer Yachts Summit is a definitive forum for owners, captains and industry professionals to share and discuss the unique challenges of travelling to remote destinations.
Held on 29th May at the Yacht Club of Monaco, the full-day event promises to provide invaluable insights from the world’s pioneering explorer yacht designers, builders and suppliers. Attendees will have the opportunity to network with experts at the forefront of expedition yachting and prepare to discover new frontiers.
They will be able to delve deep into the multifaceted world of exploration through the eyes of those who have embarked on voyages of discovery and are directly involved with Explorer Yachts.
Be it as suppliers, experts, builders, scientists, researchers, engineers, owners, captains or adventurers – each has their story to tell and the Explorer Yachts Summit is where it will be told.
The Explorer Yachts Summit speakers include many of the superyacht industry’s leading experts from the fields of explorer yacht design, construction and operation. They are shaping the future of expedition yachting and will be sharing their extensive experience and detailed insight on a wide range of specialist topics.
Delegates will learn about the regulations, engineering challenges and unique complexities of safe yacht, helicopter, submarine and tender operations in remote locations.
