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Day: 2 April 2021

Monaco holds top spot for real estate

by: Stephanie Horsman
02/04/2021

Monaco remains the most expensive place on earth to buy property despite the Covid crisis, with an average price of €47,600 per square metre in 2020.

In the latest annual report by Savills, the number two position goes to Hong Kong, where a square metre costs €39,600.  

Not to be left out, New York rounds out the top three with an average per metre price of €22,200, showing the Big Apple is still a desirable place to be.

These figures for 2020, as eye-watering as they may be, represent a drop from the previous year. Monaco saw a small 1.1% decline in value compared to 2019, whilst Hong Kong took a slightly bigger hit, falling by 3.9%.

These same three cities also have the highest rental prices per square metre. Monaco is top of the heap with the average cost hovering at €89 per square metre. New York surpasses Hong Kong on this front though, with every square metre there costing renters €66 compared to €60.

In a year that was marked by Covid, it is not surprising to see that transaction numbers in Monaco declined by 11% in 2020 compared to the previous year. The number of properties sold with four or more bedrooms plummeted by 38%, while villa transactions fell by 5%. This is attributed to the impact of travel restrictions which left overseas buyers largely out of the equation.

The most active price point in Monaco was in properties under €5 million, accounting for 71% of all sales. In this area, transactions were down by only 6%. On the other end of the spectrum, those priced at over €10 million were down by a significant 39%.  

That being said, buyers at the higher price points weren’t finding any fire sales. Prices remained stable , showing a willingness to buy in Monaco in 2020 at pre-pandemic prices. In fact, the decline in transactions at 1.1% appears to be a minor blip due to circumstances and the forecast is that the upward trajectory will continue.

Meanwhile, rental prices, whilst the highest in the world, dropped in 2020 by 23%. This is thought to be due to a fall in demand brought on by the health crisis. Less new residents, who often rent before buying, meant less renters in general, thus reducing demand. This trend is expected to reverse once travel restrictions are lifted.  

Savills predicts a general surge in demand in the Principality when the worst of the pandemic effects are over in the coming year. 

 
Photo of Monaco by Cassandra Tanti for Monaco Life
 
 

Curfew extended but measures continue

by: Stephanie Horsman
02/04/2021

The government has again extended all current health measures that were set to expire on 2nd April, but has given residents an extra hour out in the evening with the new curfew starting at 8pm rather than 7pm.

In a statement late Thursday night, the Prince’s government said that the restrictions in place to curb the spread of the Covid-19 virus will continue until at least 18th April.

However, the night time curfew will not come into effect until 8pm and will continue to remain in force until 6am.  

The rules concerning restaurants stay the same and are limited to those who live, work or go to school in Monaco. Reservations are required and the number of guests per table is limited to six. Table service is available from 11am to 3pm only.

Working remotely is also still required for those whose jobs allow it in order to reduce the number of people entering and leaving the Principality on a daily basis.

The extension of restrictions comes as the health situation in the Principality continues its upward trend, with an incidence rate that has been halved in the last two months.  

Princess Grace Hospital figures are also improving, though the number of in-patients remains high. As of 1st April, there were 27 people in hospital suffering from Covid and of those, seven were in intensive care. The total number of people affected by the virus in Monaco sits at 2,305. 

The vaccination programme is helping to fight the battle, with more than 11,500 residents now inoculated equalling more than 30% of the population. The campaign is currently open to those over 55 as well as to the groups who were already called up, including the elderly and the vulnerable, and is likely to expand to other groups soon.

 

Photo by Mark de Jong on Unsplash 

 

 

Monaco is fully Google compatible

by: Cassandra Tanti
02/04/2021

It’s been announced that internet users in the Principality now have access to all online Google services, including the new Stadia gaming service and increased Gmail storage.
Google Play has been a multimedia platform for providing games, films, applications, television shows and books since 2012. Today, over two billion people around the world use the online service.
Now, Monaco internet users can count themselves part of this group following an announcement from the government on Friday that the full range of Google services are now accessible in the Principality via Google Play.
The announcement follows on from the relationships built between the Principality and digital leaders as part of the Extended Monaco program, and supported by Prince Albert during his visit to Google headquarters in California this year.
Specifically, it allows users of the Android operating system to use the Stadia gaming platform, location sharing on Google Maps and increased storage capacities on Gmail and Google Drive.
“We are delighted to finally be able to offer the population of the Principality all Google services,” said Frédéric Genta, Interministerial Delegate in charge of the Digital Transition. “Monaco is now treated the same as major countries and priority markets by Google. This is a positive step forward for Monegasque residents.”
 
 

Launch of 2021 #WhiteCard campaign

by: Cassandra Tanti
02/04/2021

The Champions for Peace on Friday digitally launched the 2021 #WhiteCard campaign under the motto ‘Behind each #WhiteCard, there is a story’.
People are invited to join the campaign by sharing #WhiteCard pictures and testimonies on the platform www.april6.org and social media.
A video message explaining what the WhiteCard means to them has been created by Champions for Peace Didier Drogba – winner of the UEFA Champions League and African football legend, Tony Estanguet – three-time canoe Olympic Champion and President of the Paris 2024 Organising Committee for the Olympic and Paralympic Games, Laurence Fischer – three-time karate World Champion and Ambassador for Sport at the Ministry of Europe and Foreign Affairs, Marlène Harnois – taekwondo Olympic medalist, Siya Kolisi – captain of the World Champion South African rugby team, Jean-Baptiste Alaize – four-time athletics World Champion, Pascal Gentil – double taekwondo Olympic medalist, Paula Radcliffe – World Champion and former marathon World Record holder, and Sarah Ourahmoune – boxing Olympic medalist.
“Behind each WhiteCard, there is a story. A story where sport fosters reconciliation and coexistence within and between communities,” say the athletes in the video. “A story where sport contributes to building more inclusive societies and combats all forms of discrimination. A story where sport contributes to fighting against gender stereotypes and gender-based violence. A story where sport breaks traditional barriers and encourages intercultural and interreligious understanding. A story where sport connects, inspires, and empowers girls and boys. A story where sport, as a universal language, prevents interpersonal violence and achieves peace goals. As Champions for Peace, we believe that sport has the power to change lives and to shape peaceful societies.”
Each year, to celebrate the International Day of Sport for Development and Peace, Peace and Sport invites the entire world to support to the peace-through-sport movement through the white card symbol. This year, with the theme ‘Behind every #WhiteCard, there is a story’, Peace and Sport wants to highlight the testimonies of people who have personally or collectively measured the positive impact of a peace-through-sport project.
“Today more than ever, sport can inspire, give courage and hope as it is a powerful tool to reinforce fraternity and cooperation,” said Joël Bouzou, Peace and Sport President and Founder. “In the present crisis, the International Day of Sport for Development and Peace, celebrated on 6th April, is a propitious day to send a strong message of global solidarity and reinforce our bonds with each other in an indissoluble way through sport.”
Watch the video message here.
 

Possible change to April holiday dates

by: Stephanie Horsman
02/04/2021

Monaco is mulling over whether to adjust the dates of the spring half term school holiday to match those of France.

Classrooms in the Principality will continue to provide face-to-face lessons next week from 5th April, unlike neighbouring France, but there is debate as to whether to bring forward holiday dates currently set for later in the month.

The government said in a statement on Thursday that it is going to “measure the advantages and disadvantages of each of the two options and their consequences.”

In France, the new lockdown schedule announced on Wednesday will have students do a week of distance learning from 5th April, followed by an earlier spring half term for the entire country starting on 12th April.

Monaco typically follows the half term breaks of the Alpes-Maritimes region, so this sudden shift will impact parents and students in the Principality.

The current spring break in Monaco is scheduled to begin on 22nd April but there may be a chance of pushing those dates up by two weeks.

The two options on the table are to maintain the current schedule with school operations continuing until 22nd April and returning on 10th May. The alternative option is that Monaco follows the half term holiday schedule of the latest decree in France, which would end face-to-face teaching on 12th April with a return on the 26th.

 

Photo by Scott Webb on Unsplash