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Month: March 2023

Fuel limits imposed on the French Riviera as shortages worsen

by: Elsa Carpenter
23/03/2023
fuel limit

Service stations across the Côte d’Azur are imposing strict 30-litre limits on fuel due to strikes and walk-outs at some of the largest refineries in France.  

In attempt to avoid a scenario like last October, when pumps ran dry at petrol stations nationwide, local authorities in the Alpes-Maritimes and the Var – like many others in France – have decided to limit refuelling to 30 litres for the average driver. For heavy goods vehicles and tractors, the limit is 120 litres. 

The limit applies to all forms of fuel: petrol, unleaded petrol, diesel and LPG.  

Prefect for the Alpes-Maritimes Bernard Gonzalez has called on drivers to be responsible in filling up their vehicles, saying “overconsumption will destabilise distribution and could create a shortage situation”.  

The limits remain in place until midnight on Monday 27th March.  

The use of jerricans and other portable containers for fuel is already subject to a ban. Only those using such equipment for professional reasons are permitted to fill up.  

A situation that will get worse before it gets better 

Earlier this week, the Secretary General of CGT’s National Federation of Chemical Industries, Emmanuel Lépine, warned that disruptions to fuel provisions would get worse before they got better as union bosses backed widespread protests within the industry. In light of France pushing ahead with its controversial pension reforms, against the wishes of many, Lépine said shortages were inevitable.  

 

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Photo source: Wassim Chouak for Unsplash

Real Estate: Europe’s house price boom is over amid global downturn

by: Cassandra Tanti
23/03/2023

After several years of strong house price increases, the world’s housing markets are now slowing dramatically. In Europe, growth was seen in only eight markets in 2022, including Turkey, which remains the strongest housing market in the world thanks to foreign investors.

According to the latest Global Residential Real Estate Market Analysis, released on 22nd March, house prices, when adjusted for inflation, have risen in only 20 markets worldwide, and actually declined in 39 markets. The authors of the report say this is not surprising given the combined adverse effects of increasing interest rates, soaring inflation, global economic slowdown and supply chain disruptions caused by the Covid-19 pandemic and aggravated further by the Ukraine crisis.

The report shows that most European housing markets are now losing steam: in France, the residential housing market dropped 6.56%, while in Italy, the figure was down 9.34%.

After growing by 1.8% last year, the German economy is expected to suffer another mild contraction in early-2023, amidst the continuous increase in energy prices for households and the slowdown in export growth due to weak foreign demand. The European Commission expects Europe’s biggest economy to grow by a miniscule 0.2% this year.

Foreign investment boosts Turkey’s property market

Turkey remains the strongest housing market in the global house price survey, buoyed by strong demand from both local and foreign investors. The nationwide house price index rose by a spectacular 63.02% during 2022, far higher than the previous year’s 17.37% year-on-year increase and its highest increase in recent history. In fact, in nominal terms, prices soared by about 168%.

Turkish President Erdogan introduced an economic plan that prioritises growth, investment, employment and exports, pushed by a series of unorthodox interest rate cuts. The plan sparked hyperinflation and a currency crisis, with the nationwide inflation rate skyrocketing to an average of 73% in 2022 – the highest level since 1998. The value of the lira against the dollar tumbled by 44% in 2021 and by another 27% last year – its worst since Erdogan came to power nearly two decades ago. But for foreigners, the plunge in Turkey’s currency value means that the property market is very attractively priced, luring many buyers from the Gulf.

Turkey’s economy is projected to grow by a modest 3% this year as inflation remains high following the lira’s crash, and with the Ukraine crisis adversely impacting tourism.

Housing market strong in Russia

Russia’s house prices continue to rise rapidly, despite its struggling economy amidst the ongoing Russia-Ukraine war. Nationwide house prices soared by 9.96% in 2022 from a year earlier, up from the previous year’s 6.13% growth. During the latest quarter, nationwide house prices increased slightly by 0.7%.

However, the outlook remains gloomy as hundreds of thousands of Russians have left the country in recent months and have been purchasing properties in other markets instead, such as Dubai.

UK struggling through biggest decline in over a decade

According to the analysis, the UK’s housing market is also cooling dramatically, amidst slowing economic growth. Real house prices fell by 4.21% in 2022 from a year earlier, in stark contrast to the annual growth of 5.5% in 2021. It was its biggest year-on-year decline since 2008. In nominal terms, UK house prices actually rose by 4.77% during 2022, but it’s still a slowdown from a year-on-year increase of 10.14% in 2021.

Experts say that demand is falling, with residential property transactions (seasonally-adjusted) in the UK plunging by 14.9% to 1,262,090 units in 2022, following a 42.8% growth during 2021, according to HM Revenue and Customs. The UK economy will likely slow sharply this year, with the IMF projecting a slight contraction of 0.6%, following a growth of 4% in 2022 and 7.6% in 2021.

Moderate to minimal house price falls were recorded in Jersey (-4.84%), Malta (-4.26%), Norway (-3.77%), Lithuania (-2.17%), Spain (-0.64%), Ireland (-0.35%), Estonia (-0.2%) and Slovak Republic (-0.18%). All, except Spain, had weaker performances in 2022 from a year earlier.

Housing prices fall across the globe

Internationally, after almost a decade of strong house price growth, the US housing market is now decelerating rapidly, amidst falling demand and weakening economy. The S&P/Case-Shiller seasonally-adjusted national home price index fell slightly by 0.64% in 2022 (inflation-adjusted), following annual increases of 11.09% in 2021 and 9.01% in 2020. It was its worst showing since 2011.

Meanwhile, the UAE’s housing market growth is now slowing, with Dubai’s residential property prices rising by a modest 4.14% during 2022, a deceleration from a year-on-year increase of 8.1% in the previous year.

House prices in both Australia and New Zealand are also falling sharply, amidst slowing demand caused by rising interest rates and declining purchasing power of consumers caused by soaring inflation.

House prices in Australia’s eight major cities fell sharply by 9.96% during 2022, in stark contrast to the previous year’s strong growth of 17.57% rise.

Both demand and supply are falling, with capital city home sales activity dropping 30.1% in Q4 2022, as compared to the same period last year, according to CoreLogic. For the whole year of 2022, capital city sales were down by 16.5% relative to 2021 figures.

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Read also:

MONACO REAL ESTATE: THE PRIVATE NEW BUILDS THAT ARE CHANGING MONACO’S LANDSCAPE

MONACO REAL ESTATE: A RESILIENT MARKET RETURNS TO NEAR RECORD-BREAKING LEVELS

MONACO REAL ESTATE: NEW BUILD SALES TOP €1 BILLION FOR FIRST TIME EVER

 

Photo credit: Maximillian Conacher, Unsplash

 

The Monaco Life Ski Report

by: Luke Entwistle
23/03/2023

One of the region’s ski resorts has already shut for the season, but there is the chance of some further snowfall this weekend, offering the chance of some spring skiing.

Isola 2000 – There are currently 39 ski slopes and 15 ski lifts open in Isola 2000. Despite the end of the skiing season appearing on the horizon, there is chance of further snowfall on Sunday.

Auron – There are currently 25 ski pistes and 15 ski lifts open at the resort, as levels of snow decrease.

Valberg – Due to the lack of snow, Valberg has now closed for the season.

Limone Piemonte – The Italian resort is reporting 11 open runs and eight operating ski lifts, significantly down on last week. Temperatures are also expected to be high relative to French resorts, with highs of 14°C. Passage through the Roya valley currently isn’t possible. The journey from Monaco is currently approximately three hours by car, although the train line is in operation.

Gréolières-les-Neiges – This popular family resort, which lies less than an hour from the coast, continues to struggle with poor snowfall due to its location at a lower altitude than other south of France ski stations. However, it remains open and there are still six slopes that will be skiable this weekend, all of which are in close proximity to the village.

Val d’Allos – The resort, which combines Allos, Seigneus and La Foux d’Allos as well as access to Pra-Loup, is starting to wind down, with 21 out of its 27 lifts in operation and 37 out of 64 pistes welcoming skiers, snowboarders and the rest. A mixture of cloudy and sunny skies will give way to precipitation on Sunday, which could fall in the form of snow.

 

Note: Snow tyres or other suitable equipment must be used on the roads up to the ski resorts.

 

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Photo by Fun Radio Côte d’Azur/Facebook

Formula E: Everything you need to know about the Monaco ePrix

by: Luke Entwistle
22/03/2023

From scheduling to ticketing, Monaco Life tells you everything you need to know about the Monaco ePrix as Formula E prepares to make its ninth passage through the Principality.

Monaco’s motor-sporting month of May kicks off with the Monaco ePrix. The event has grown in popularity since the first race back in 2015 and it is now a yearly fixture on the Formula E calendar. With preparations for the event already in full swing, Monaco Life brings you all the relevant information on what is sure to be an enthralling race.

What is Formula E?

Formula E is a single-seater motor-racing series that is currently in its ninth season. It was conceptualised by the FIA’s Jean Todt as an ecological alternative to mainstream motorsports, notably Formula One, which sought to put sustainable development at the heart of the project.

The electric series develops and showcases green energies at circuits around the world. The Gen3 series car, which was unveiled in Monaco last year, and which is being driven by this year’s grid, is the most efficient and the fastest car to date.

Teams and drivers

The grid itself is filled with recognisable drivers, many of whom have driven in Formula One at some stage of their careers. Pascal Wehrlein, Jean-Eric Vergne, Sébastien Buemi, Lucas Di Grassi and Stoffel Vandoorne – who won last year’s Monaco ePrix – will all be at this year’s edition.

Photo at La Rascasse by Jaguar Mena

There is also a specific Monégasque interest. The Monaco team Maserati Monaco Sports Group (MSG) Racing, formerly known as ROKiT Venturi Racing, will once again line up on the grid.

Unlike last year, the local outfit isn’t challenging at the front, with Edoardo Mortara and Maximilian Günther currently languishing in the midfield. However, MSG have made improvements in recent races and they will be hoping to put themselves in contention on their home track.

Monaco ePrix schedule

Unlike the Formula One race, the Monaco ePrix action is packed into just one day, minimising disruption in the Principality. The event will take place on Saturday 6th May, three weeks before the Monaco Grand Prix. The schedule for the Monaco ePrix is as follows:

07:30-08:00 – Free Practice 1

09:10-09:40 – Free Practice 2

10:40-11:55 – Qualifying

15:03-16:03 – Race

Monaco ePrix tickets

Tickets for the event are currently available and have been since 14th December. As a result, some of the prime viewing spots are beginning to sell up. However, many of the top seats remain available.

Some of the best views can be found around La Rascasse corner. Due to the nature of motor-racing, and especially racing around a street circuit, the cars pass in the blink of an eye. In Monaco, there are plenty of giant screens to follow the action, whilst some stands also have views of the pitlanes. These are arguably the best seats in town.

Photo from Cale de Halage stand by Monaco Life

The following stands have views of a big screen, as well as of the pitlane:

– Tribune L – Piscine Rainier III

– Tribune T1 – Cale de Halage

– Tribune T2 – Cale de Halage

Tickets are very reasonably priced. Children between the ages of six and 15, who are accompanied by an adult, attend for free, whilst all other tickets are priced at €30. Tickets can be bought at the Monaco ePrix online ticket office or from the ticketing office at 44 Rue Grimaldi.

The track

Since 2021, the cars have followed the Formula One circuit, as opposed to a shorter layout that had been used during the first three editions of the race. The 3.3km long circuit includes 19 turns and will go through iconic corners such as Casino Square, the Fairmont Hairpin, the Monaco tunnel and La Rascasse.

Resurfacing on the circuit has already begun, with 50% of the work already completed. The mammoth annual task is essential for the functioning not only of the ePrix, but also for the Grand Prix later in May.

Given the technological improvements made by the electric racing series this year, the ninth edition of the Monaco ePrix looks set to be the most exciting yet.

 

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Photo by Maserati MSG Racing

IPCC issues “final warning” on ensuing climate crisis in its latest report

by: Elsa Carpenter
22/03/2023
ipcc climate crisis

Damage to the world’s climate will be irrevocable if we do not act now – and act drastically. That is the stern and humbling message of the IPCC’s final report. Some are calling it the last possible warning to avert a deadly global scenario before it is too late.  

The Intergovernmental Panel on Climate Change, or IPCC, is made up of countless leading climate scientists from around the world. For eight years, they have worked on a world-view report into the climate crisis, with their findings – and warnings – widely acknowledged at the highest levels.  

This newly released sixth part in the report contains the most sobering facts and language yet. The report says we are now at a crucial point; the chance of limiting global temperature rises to 1.5C above pre-industrial levels by reducing greenhouse gas emissions could be slipping through our fingers.  

Temperatures are now at 1.1C according to the IPCC, so while there is still hope of staying within 1.5C, “the report underscores the urgency of taking more ambitious action and shows that, if we act now, we can still secure a liveable sustainable future for all”, explained Hoesung Lee, the chair of the IPCC.  

“This report is a clarion call to massively fast-track climate efforts by every country and every sector and on every timeframe,” said the UN secretary general, António Guterres. “Our world needs climate action on all fronts: everything, everywhere, all at once.” 

Guterres also called on the world’s wealthiest nations to rapidly speed up their attempts to reach net-zero greenhouse gas emissions “as close as possible to 2040” instead of the 2050 most have announced. 

“The climate timebomb is ticking,” he said. “But today’s report is a how-to guide to defuse the climate timebomb. It is a survival guide for humanity. As it shows, the 1.5C limit is achievable.” 

 

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Photo source: Christ LeBoutillier for Unsplash

Ricky Martin to perform with Monte-Carlo Philharmonic Orchestra for one night only in Monaco

by: Elsa Carpenter
22/03/2023
ricky martin monaco

It’s a quirky coupling: at the Monte-Carlo Summer Festival this July, Ricky Martin will combine with Monaco’s Philharmonic Orchestra for the Ricky Martin Symphonic. 

Who doesn’t love the catchy, danceable tunes of Ricky Martin? Livin’ La Vida Loca is practically a pop anthem and other hits like She Bangs are hip-movers of the highest degree.  

The Monte-Carlo Summer Festival has cottoned onto his enduring appeal and has booked him to perform hit after hit on 11th July for a one-night event with the Monte-Carlo Philharmonic Orchestra at the Salle des Etoiles.  

Under the conductorship of Yvan Cassar, Ricky and over 45 musicians from the Orchestra will put on a concert to remember: the Ricky Martin Symphonic.  

SUCCESS STORY 

Martin, a multi-Grammy winner with 95 platinum and 40 gold records to his name, has been a performer since 1991 in the Latin world, crossing over to global audiences after the success of his 1998 World Cup anthem La Copa de la Vida made it to the Grammy Awards.  

For more than two decades, he has maintained his fame in the music world, but is also known as a top-notch writer, philanthropist, entrepreneur and actor.  

MONACO CONCERT 

Ricky Martin Symphonic will be a dinner show, with doors at the Salle des Etoiles opening at 8pm for a 10.30pm show. The minimum age for guests is seven and proper attire is required, meaning a jacket for the gents and appropriate cocktail-wear for ladies.  

For tickets and more information, please click here.

 

Do you have an event in Monaco or the French Riviera that you would like us to include in our What’s On section and events calendar? Please email editor@monacolife.net.  

 

Photo source: Monte-Carlo Summer Festival