New property transactions in Monaco are tumbling, but the news is still good

14/12/2023

At first glance, the new build market in Monaco is struggling to replicate the record-breaking success of 2022, but a healthy resale market and strong property prices are helping to counteract the seemingly dramatic 65% fall in new property transactions.

In the first nine months of 2023, three times less new build apartments were sold in Monaco compared to the previous year.

As reported by Monaco Life back in January, 2022 had been a stand-out year for new property in Monaco, with yields breaking through the €1 billion barrier for the first time in history. Of the 146 new apartments that reached the open market, 82 were confirmed as sold by the time IMSEE had wrapped up its real estate report for the year.

Volume and yield was huge: the number of sales quadrupled from 2021 and the average price of a new build in the Principality rose by 32% to €13.5 million. The high volume was largely explained by the completion of several major residential developments in Monaco, as well as the off-plan sales of others nearing their sign off dates.

See more: The mighty Mareterra to become a reality sooner than expected

The final figures for 2023 are yet to be tallied up – there are still a few weeks to go before books close on the last 12 months – but it is unlikely that the industry is going to get anywhere near the 2022 numbers, in volume at least, before the year is out.

2023 SO FAR

In its Q3 economic report released on 14th December, IMSEE revealed that new build transactions were down 65% on the same time period during 2022, meaning that just 28 new apartments had been sold.

Nevertheless, the data provided by the statistics agency indicates that the amount of money raised with these decreased sales has “remained stable at an exceptional level of over €1 billion”. A quick calculation puts the average price of new build apartment sold at over €35 million.

The number of resales or existing property sales also reduced during the first nine months of 2023, albeit by just 10 addresses. Yield, however, is up by 4.8% to €1.8 billion, which is the highest recorded in Monaco for January-September since 2006.

Click here for the full report.

Read related article:

Monaco on track for strong economic year, says IMSEE’s Q3 report

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Photo source: Stefano Tanasi, Unsplash

Moneyval: Monaco makes public the companies, associations whose ownership is unknown

by: Cassandra Tanti

14/12/2023

As part of its Moneyval obligations, the Monaco government has published a list of all companies and associations in Monaco whose ownership has not been identified or activity is suspicious.

In its evaluation report published on 23rd January, Moneyval, the Council of Europe’s anti-money laundering body, invited the Principality to exhaustively identify disowned companies, in particular civil societies, and to make this information visible and accessible to the public, financial institutions (FIs), designated non-financial corporations and professions (EPNFD) and competent authorities.

In July, the government called on all civil societies to register their “beneficial owners” directly to the Department of Economic Development.

On Thursday 14th December, the government released a statement saying that the list of civil societies registered in Monaco but with inconsistencies in ownership is now available on the link https://teleservice.gouv.mc/rci/ .

It identifies civil societies for which a lack of registered office has been identified or the statutory term has been exceeded.

It also lists commercial companies whose authorisation or declaration to exercise has been revoked or deprived of effect due to a lack of head office or absence of activity.

“We inform you that this list will be updated every two weeks as it is now an ongoing verification process for companies registered with the RCI,” said the government in its statement.

Related article:

Civil societies given new legal obligations to follow

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Photo by Monaco Life

Monaco’s ‘Attractiveness Unit’ heads to Sweden

by: Cassandra Tanti

14/12/2023

The Swedish capital of Stockholm was recently the focus of a delegation from Monaco charged with boosting Monaco’s ‘attractiveness’ internationally.

As part of the implementation of the government’s so-called ‘attractiveness plan’, the Attractiveness Unit went to Stockholm for two days of exchanges co-organised by the Consulate of Monaco in Sweden.

During the trip, the Monegasque delegation, led by Frédéric Genta, Interministerial Delegate for Attractiveness and Digital Transition, took part in a dinner with Jan E. Frydman, Consul of Monaco in Sweden, as well as a community of Swedish investors and entrepreneurs.

According to the government, it was an opportunity for the Attractiveness Unit to welcome all of these participants into the Monaco Private Label community.

Frédéric Genta also met Johan Forssell, Minister of International Development Cooperation and Foreign Trade. The dialogues focused on the respective attractiveness policies of the two countries as well as the digital ambitions of Sweden and the Principality.

The Interministerial Delegate was also able to speak with representatives of the main investment funds and technology companies in Sweden.

The Principality of Monaco and Sweden will meet next year to celebrate the 150th anniversary of the Consulate of Monaco in Stockholm.

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Photo source: Government Communication Department

Actions to combat money laundering and illegal practices discussed at European Casino Association meet

by: Niki Borisova

14/12/2023

Pressing matters within the European and global gaming industries, from responsible gaming practices to online trends and anti-money laundering measures, were high on the agenda at the recent convening of the European Casino Association in Monaco.

In early December, the European Casino Association (ECA) convened in Monaco for a major meeting of its Board of Directors that addressed the key issues facing the industry today.

Central to the discussions was the ECA’s evolving relationships with the European Parliament regarding physical and online casinos, as well as the association’s anti-money laundering efforts, with reference to the particular challenges posed by online gaming and illegal gambling activities.

The certification of the association’s commitment to responsible gaming was also covered in this final meeting of 2023, which was chaired by Monegasque Pascal Camia, the Senior Vice-President of the ECA.

ABOUT THE ECA

Founded in 1990, the European Casino Association represents the interests of 900 gaming operators across 28 countries in Europe and beyond. Its missions include unifying stakeholders, exchanging information and best practices, and advocating for the industry with European authorities.

Monte-Carlo Société des Bains de Mer’s gaming sites have been affiliated with the ECA in a membership capacity since July 2017, and the Principality maintains holds a notable presence on the Board of Directors, with Camia representing Monaco since February 2018. Since 2019, both the Casino de Monte-Carlo and the Café de Paris have been certified as ‘Jeu Responsable’ establishments.

The recent gathering in Monaco, which included a tour of various Monegasque establishments, saw ECA attendees meet with Stéphane Valeri, SBM President-Delegate, and enjoy a closing lunch exchange with Albert Manzone, General Manager of SBM, and Virginie Cotta, Secretary-General of SBM.

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Photo credit: Eric Bessone / SBM

Photos: Prince Albert and Princess Charlene receive the Peace Light of Bethlehem

by: Stephanie Horsman

14/12/2023

For nearly 40 years, the Peace Light of Bethlehem has been shared around the world as part of a charitable relief mission. Now it has come to Monaco, where it has been accepted with reverence by Prince Albert II and Princess Charlene.

The passing of the Peace Light of Bethlehem is a tradition that began in 1986 in Austria as part of a charitable relief mission for the benefit of disabled children and those in need. Spearheaded by the Austrian Broadcast Company, it has become a global event and more than 20 countries around the world have been honoured with its presence over the years.

*10-year-old Michael Putz presented the Peace Light of Bethlehem to Prince Albert II of Monaco and Princess Charlene. Photo credit: Eric Mathon / Palais Princer de Monaco*

Each year, just before Christmas, a child from the Oberösterreich region of Austria travels to Bethlehem in Palestine and lights a lantern from the eternal flame of the Nativity Grotto, which signifies the birthplace of Jesus Christ. The Peace Light is then returned to Austria, before being shared with other nations in Europe and further afield by a member of Austria’s Scouts and Guides associations.

The Peace Light has also been presented to an array of international figures, from Pope John Paul II, Pope Benedict XVI and Pope Francis to Mikhail Gorbachev, former EU President Romano Prodi and members of the European Parliament in Strasbourg. It also once travelled to the UN Troops in Kosovo and goes yearly to Ground Zero in New York City.

MONACO’S PRINCE AND PRINCESS ACCEPT FLAME

Earlier this week, Prince Albert and Princess Charlene accepted the lantern from 10-year-old Scout Michael Putz during a special ceremony in the Salon Europe of the Palais Princier de Monaco. The lantern now resides in the Nativity scene erected in the courtyard of the Palace.

*Prince Albert II of Monaco is pictured chatting with the Governor of Upper Austria, Thomas Stelzer. Photo credit: Eric Mathon / Palais Princier de Monaco*

Also present at the occasion: the Governor of Upper Austria, Thomas Stelzer; Monseigneur Dominique-Marie David, Archbishop of Monaco; and numerous Austrian and Monegasque representatives.

Click on the images below to see more from the event:

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Photo credit: Eric Mathon / Palais Princier de Monaco

Cap d’Ail to celebrate Christmas early with a weekend of joy, laughter and magic

by: Niki Borisova

14/12/2023

‘Tis the season to be jolly and Monaco’s neighbour of Cap d’Ail is gearing up to spread the magic of Christmas far and wide with lots of enchanting events planned for this coming weekend.

The streets of Cap d’Ail will come alive on the evening of Friday 15th December as Santa Claus takes centre stage in a musical parade. His journey begins at 4.30pm and he will weave through the town, from the École André Malraux to Place de la Liberté, Les Salines and Beaverbrook, to meet and greet the children of Cap d’Ail.

Out on the Place de la Liberté, the Cap d’Ail Parents’ Association has curated a delightful array of activities to accompany Santa’s visit. From 4.30pm to 7pm, children can partake in the art of cookie decoration, get their faces painted, savour homemade pastries and warm up with a festive hot chocolate. The CCAS of Cap d’Ail will also be hosting a carboot sale, the proceeds of which will go towards funding end-of-year school outings.

From farmyard fun to magical workshops

The next day, on Saturday 16th December, revellers can step into the magical realm of the Château des Terrasses for a day filled with surprises and festive activities.

From 10am to 1pm and then again from 2pm to 7pm, a farm from Une Ferme Chez Vous will await families, offering a hands-on experience with sheep, Shetland ponies, goats, chickens and more.

Starting at 4pm, children can participate in a variety of workshops, including crafts and Christmas letter writing sessions. The park will host a wandering magician and musicians, ensuring an atmosphere of enchantment for all.

At 5pm, visitors will be invited to enjoy a cup of rich hot chocolate or vin chaud at the traditional Christmas aperitif at the Château des Terrasses. The event will culminate with a spread of delectable desserts, adding a sweet note to the festive day.

For more information and timings, click here.

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Photo source: Unsplash

Day: 14 December 2023