Property sales over €10m increase by 64%

The number of high-value property sales – those over €10 million – more than doubled in 2019 as Monaco maintained its position as the most expensive luxury residential market in the world.
A report by Savills released Wednesday, titled ‘Spotlight: Monaco’, shows that demand for real estate of all types has remained high in the Principality.
According to Savills, the average sale price in Monaco last year was €48,151 per square metre, a 1.3% drop on 2018. However, this small fall follows an exceptional rise of 18.1% in 2018 as prices reached a high plateau.
Transaction volumes also fell, by 12% in 2019 versus 2018, driven by an 18% decline in sales of properties priced under €5 million. According to the report, this decline was caused by a drop in the number of one- and two-bedroom properties available for sale in comparison to 2018.
On the other end of the scale, sales of properties above €10 million increased exceptionally by 64% in 2019 compared to 2018. The increase in the number of high-value property sales has been partly attributed to an uptick in the volume of villas being sold, often for redevelopment, and Monaco’s continued status as a premier location to live and invest.
Meanwhile, transaction volumes across the Principality fell from 523 in 2018 to 462 in 2019. “Due to a lack of new build supply, the number of new build transactions fell 54%, significantly contributing to the overall decline in sales numbers,” reads the report. “Transactions of re-sale properties also saw a small fall as fewer properties were brought to the market.”
According to the report, the number of new build properties sold in Monaco remains restricted, with an average of 27 new build properties sold per year over the last decade, accounting for 7% of all sales.
“The residential property market remains the most expensive in the world and supply of new property is scarce,” said Irene Luke, Partner at Savills Monaco. “There are a number of new developments in the pipeline, such as the ambitious land reclamation project, Portier Cove, although these schemes are only expected to make a dent in the supply shortage.”
The rental market
Monaco also ranks as the most expensive location in which to rent residential property globally with an average rent of €126 per square metre per month. This is 60% higher than New York, the second most expensive location in the Savills World Cities Index.
Over the year to February 2020, rental values in Monaco increased 20% across all property types. This was reportedly driven by a large increase in the rental values of 4+ bedroom properties, such as One Monte Carlo, which was delivered in 2019.
Global position
Hong Kong ranks second in the world for most expensive residential market, with an average price of €44,700 per square metre. Savills notes in its report that both Monaco and Hong Kong are constrained by available space and are bolstered by their global reputations.
Luxury residential properties in New York, the third most expensive market in the world, cost nearly half as much as Monaco, with average price per square meter standing at €24,300.
“Looking to the year ahead, while the economic impact of Covid-19 is still largely unknown, the residential market in Monaco is well placed to weather the storm of any economic downturn,” Sophie Chick, head of Savills world research, said in the report.
 
Top photo: The pastel-pink villa known as Villa Echauguette was listed in Monaco in early 2019 for the record price of 110 million euros by Sotheby’s
 
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Princess Stéphanie boosts morale at testing centre

Princess Stéphanie is the latest high-profile Monegasque to visit a Covid-19 screening centre to show her support for the people behind Monaco’s mass testing programme.
Princess Stéphanie visited the volunteers of the Léo Férré screening centre on Wednesday, paying particular attention to her team of volunteers from Fight Aids Monaco. The group has been mobilised alongside the Monaco Red Cross for more than two weeks, taking blood samples as part of a country-wide Covid-19 screening campaign.
The Princess was welcomed by Health Minister Didier Gamerdinger and other elected officials, as well as Frédéric Platini, Secretary of the Monaco Red Cross.

Saturday 30th May marks the final day of phase one of the campaign, during which the government is hoping to have achieved widespread testing among the population of over 38,500 people.
The Principality’s employees will be the focus of the second round, as well as those individuals who were not able to get tested during phase one.
 
Photos: Copyright Nébinger / Vitali
 
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Connections to nine EU cities in June

Nice Côte d’Azur will reopen flights to nine European cities in June as the airport initiates a progressive resumption of flights.
As revealed by Monaco Life on Wednesday, airlines such as easyJet are starting to release flight schedules amid the easing of lockdown measures in France, albeit on a heavily reduced capacity.
On Thursday, France’s second largest airport released a statement saying the “gradual upturn in air traffic in June will be amplified in July and then in August, depending on the lifting of restrictions which could be announced in the coming weeks.”
The gradual resumption of flights will come as welcome news to leisure and business tourists, as well residents of the French Riviera and Monaco who are looking to hit the skies again.
“To date, not all airlines have finalised their flight program, but the first trend is already making it possible to draw a tight network with the main French and European destinations,” said the airport. “This should increase in July, with the opening of new lines from Nice, such as Caen and Brest with Volotea.”
Nine European cities will once again be connected to the French Riviera and Monaco: London (British Airways and easyJet), Frankfurt (Lufthansa), Brussels (Brussels Airlines), Geneva and Zurich (easyJet, Swiss), Vienna, Sofia, Budapest and Krakow (Wizz Air).
While at least 10 cities in France will also be linked: Paris Charles-de-Gaulle (Air France, easyJet), Lyon (Air France), Lille (easyJet), Toulouse (easyJet), Nantes (easyJet, Volotea), Bordeaux (easyJet), Bastia, Ajaccio, Figari and Calvi (Air Corsica).
“We are delighted with the renewed confidence of these companies which will allow, from June and before a gradual increase in connections in July and August, a revitalisation of tourist activity in the South Region and allow the residents of the Riviera to travel across France and to many European destinations,” said Dominique Thillaud, Chairman of the Management Board of Aéroports de la Côte d’Azur.
All of the flights currently announced by the airlines remain subject to possible adjustments according to travel restrictions. Passengers are advised to check with their airline companies to ensure that flights are maintained.
 
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Monaco signs pact to protect cultural heritage sites

Monaco has agreed to co-fund the protection of two key heritage sites – the Raqqa museum in northeastern Syria, and the Saint-Antoine de Deddé church in Lebanon.

The Monegasque government announced on Wednesday that it had signed a partnership with the International Alliance for the Protection of Heritage in Conflict Areas (Foundation ALIPH) to protect valuable national places and artefacts in war-torn or disaster ravaged regions of the world.

The partnership, signed by Monaco’s Minister for External Relations and Cooperation Laurent Anselmi and Executive Director of the ALIPH Foundation Valéry Freland, the two have to assist in the preservation efforts in countries whose heritages are being or have been decimated by conflict.

Since 2017, ALIPH has made it their mission to protect sites, museums, monuments and collections from being destroyed through financing that triggers emergency response and rehabilitation projects worldwide with recognised cultural experts at the helm. They are currently the only global fund dedicated to this objective.

During times of hostilities or natural disaster, many irreplaceable sites and objects fall victim to degradation. The government of Monaco is sensitive to the preservation of these cultural treasures and sees the value in saving places and things that are priceless from a heritage standpoint.

The Principality has been active in safeguarding cultures and heritages under threat and has worked extensively with UNESCO and ICCROM for years, so this new partnership is a next logical step in their commitment.

The funding agreement between the ALIPH Foundation and the Prince’s Government will allow the latter to contribute to the realisation of two particularly symbolic projects implemented by international or local operators, specifically the rehabilitation of the Raqqa museum in northeastern Syria, and the renovation, including conservation of its murals, at the Saint-Antoine de Deddé church in Lebanon.

 

 

National Council personally thanks testing team

National Council President Stéphane Valeri has visited the Grimaldi Forum to thank the team behind the screening campaign, while also encouraging more people to take the voluntary Covid-19 antibody test. 
Since the start of the crisis, the National Council has called for widespread testing to be carried out in the Principality. It considers this campaign by the Monaco Government a personal win.
“This large-scale screening campaign, launched on 19th May in Monaco, responds to strong expectations from the population and was essential to effectively support the gradual lifting of containment,” said the council in a statement.

Welcomed at the Grimaldi Forum by Health Minister Didier Gamerdinger and Secretary General of DASS Ludmilla Raconnat le Goff, Council President Stéphane Valeri, accompanied by numerous National Counsellors, praised the quality of the organisation and work of all the teams involved.
“It was important to us to thank the teams present on site, without whom this screening campaign could not have been carried out. I welcome the commitment of the teams from the Department of Social Affairs, the DASA, the Police Force, agents from the Monaco City Council, testers from the Monaco Red Cross and Fight Aids Monaco, liberal nurses , Grimaldi Forum staff and volunteers, who helped out at the two screening sites,” said Mr Valeri.
Elected officials are encouraging residents and employees to participate in the screening campaign, which it says “is the result of fruitful consultation between the Government and the National Council.”
 
Photos: National Council of Monaco 
 

Nice-UK flight schedule released

EasyJet has begun offering flights between the UK and Nice from 15th June, starting with a tentative schedule of three flights a week to Gatwick only, ahead of a more normal schedule in July.
EasyJet grounded its entire fleet on 20th March due to the Covid-19 pandemic and widespread lockdowns.
With the opening of France’s borders on 15th June, easyJet will kickstart domestic routes between its main airports in the UK and France, including Nice – the country’s second largest airport outside of Paris.
As reported by Monaco Life last week, the airline is starting with a very small number of flights, initially spaced at two to three days apart, according to its booking website.
From 1st July, a more normal schedule will kick in, with daily flights resuming between Nice and Gatwick, Stanstead and Luton.
The carrier says it will introduce enhanced cleaning and disinfection of its aircraft, make disinfectant wipes and hand sanitiser available on board, and require all passengers and cabin crew, as well as ground crew, to wear masks. There will be no food service onboard initially.
Other airlines will also reinstate flights between London and Nice from 15th June including British Airways, Air France, Lufthansa and Swiss.
British Home Secretary Priti Patel announced on Friday travellers entering the country would have to self-isolate for 14 days or they could face a £1,000 fine. France will reciprocate the UK’s two-week quarantine, however it will be on a voluntary basis.
 
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