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Day: 21 February 2024

Real Estate: Family homes dominate Monaco’s property market growth

by: Elsa Carpenter
21/02/2024

Beyond the glamour, Monaco is quickly establishing itself as an excellent place to raise a family. It’s safe, the schools are top-quality, healthcare is among the best in the world and there’s a big focus on family-friendly services and events. But given the limited floor space, is there really room in Monaco to welcome families of three, four or more? 

If the latest real estate report by IMSEE, Monaco’s dedicated statistical agency, is anything to go by, buyers’ needs are changing in the Principality.  

Sales of studios and one-bedroom apartments, which once accounted for a large part of the market, are falling. In their place, demand for much larger properties, from three-bedroom apartments to outsized villas like those promised in the Mareterra district, is booming.  

€100 million homes 

Unusually for Monaco, not a single real estate development was completed in 2023. The lack of fresh listings limited new build sales last year, but off-plan purchases stepped in to bolster the sector and eventually accounted for two-thirds of the 28 confirmed new sales.  

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

Within this portion of the market, almost half of all sales were for homes with four or more bedrooms, a group including three vast villas that are confirmed to have been sold during the first nine months of 2023. If three-bedroom new build property sales are included, that share rises to 60%. 

The inflated proportion of larger family-sized homes that sold last year has had a real effect on the average property price for new builds, which rose spectacularly from €13.5 million in 2022 to €37.1 million in 2023, a near-unbelievable increase of 174.5%.  

See more: Property prices at record levels in almost all Monaco neighbourhoods

“In 2023, one in two new builds was sold for more than €28 million,” confirms the IMSEE report. “Six of out of every 10 [properties] sold for more than €20 million.” 

At the highest end of the price spectrum, the four new properties that sold during the course of 2023 achieved sales prices in excess of €100 million.  

A growing demand – and appreciation – for larger homes 

In the resale market – to be understood as pre-existing properties – 388 homes sold in 2023 compared to 433 in 2022, a drop of 10%.

The sales of studio apartments and one-bedroom flats noticed the most severe declines, dropping by 15% and 23% respectively, while the value of one-bedroom homes fell too, by a not-insignificant 31.5%. 

In yet another demonstration of the changing tastes of prospective homeowners in Monaco, record prices were recorded in the three-bedroom and four-bedroom-plus categories in 2023. Year-on-year from 2022, these categories swelled in price by 11.1% and 19.4% respectively.  

Price per square metre soaring for family-sized property 

The price per square metre data also reveals a similar competitive streak.  

The average price per square metre of a three-bedroom property rose by 5.1% in 2023 to reach €56,106 – a record high.  

Meanwhile, four-bedroom and up properties demanded an average price per square metre of €61,932, a climb of 18.7% year-on-year.  

Read related:

More parents than ever before are choosing private over public education in Monaco

 

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Photo by Monaco Life

From Monaco to the mountains: a guide to the best ski resorts these school holidays

by: Elsa Carpenter
21/02/2024
monaco ski

With snow forecast to fall just in time for the school winter holidays, now is the time to book that last minute trip away for you and your family. But where to go?  

From the classics of Courchevel, Chamonix, Val d’Isère, Val Thorens, Méribel and Megève – and many more in-between – in the French Alps to the timeless St. Moritz, Verbier and Gstaad of Switzerland, not forgetting the glorious Cortina d’Ampezzo or Val Gardena in the Dolomites of Italy, luxury resorts are aplenty in this part of Europe and many are only an hour away from Monaco as the helicopter flies. 

The lively town centre of Courchevel. Photo source: Courchevel, Facebook

Among these iconic winter sports destinations, each has its own distinct appeal and character.  

For a family-friendly atmosphere and activities catering to all age groups, places like Les Arcs, Les Menuires, Cervinia, Morzine and even Davos, which is most well-known for hosting the World Economic Forum, are all good contenders alongside the old favourites. 

If you have older children or are looking to get away to somewhere with a party vibe with friends, look no further than Val d’Isère, a place known among the jet-set for its top-quality nightlife, the live music hotspot of Alpe d’Huez or even Verbier, which was voted as the best ski resort in the world by the World Ski Awards a few years ago.  

And if it’s a challenge that you’re after, Avoriaz, Chamonix, Andermatt, Zermatt and Verbier are among the more adventurous destinations. For an off-piste experience, La Grave, which is about five hours by road from Monaco, is where it’s at.  

La Grave: the pinnacle of black runs and off-piste skiing. Photo source: La Grave, Facebook

For the ultimate in luxury, it has to be Courchevel. This legendary ski haven is already home to numerous top-end hotels and private chalets, such as the award-winning Le K2 Palace, but a new name, a Monaco name, is also in town. At the end of last year, Monte-Carlo Société des Bains de Mer announced that it had finalised a deal to buy and renovate the Palace des Neiges.  

See more: SBM marks new era in business, officially purchases luxury ‘Palace des Neiges’ in Courchevel

There’s lots going on more locally to Monaco too. The resorts of Auron, Isola 2000 and Valberg are less than a two-hour drive door-to-door from the Principality, making them a great option for a weekend away.  

Limone Piemonte’s Riserva Bianca resort, found just over the border in Italy, is a little further due to ongoing works on the tunnel that connects the authentic Piedmont village with Tende in France, but it is well worth a visit. One of its real strengths is the value for money. The food is generous, the fine wines are inexpensive and the welcome is top-notch. 

Back in France, the Val d’Allos is just under two and a half hours from Monaco, but, again, it is worthy of the journey. The ski area, which offers access to La Foux d’Allos, Seignus and Pra Loup, is certainly one of the biggest and most varied in the region, and is very popular with French families thanks to its relaxed and inviting ambience.  

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The family friendly resort of Val d’Allos is two and a half hours in the car from Monaco. Photo by Monaco Life

The current forecast for the southern Alps suggests snow will begin falling next weekend, while the larger resorts to the north will likely experience snowfall on and off throughout the week.  

For the latest weather predictions in the mountains, click here.

Check out our Instagram reel featuring Val d’Allos below:

 

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Main photo by Monaco Life

 

*Originally published on 16th February 2024

Demolition of illegal Château de Saint-Jeannet development has begun

by: Stephanie Horsman
21/02/2024

More than 10 years after the first court order demanded their destruction, demolition has begun on a number of illegally built outbuildings erected at the Château de Saint-Jeannet, a historic site turned wedding venue to the north of Nice.  

The iconic property was purchased by the Macedonian-British film director Jon Ascevski in the early 2000s. He soon set to work transforming the site, adding some 900m2 of new real estate. All would have been well and good had Ascevski filed for the necessary building permits – and received permission – before work began, but he didn’t.  

In 2011, the law caught up with the director and he was handed a heavy fine – in the hundreds of thousands of euros – for violating the local town planning code.  

It was also ordered that the outbuildings, including a 200m2 house, two pergolas, a 65m2 terrace and a 100m2 workers’ zone, be demolished.  

But this demolition order was ignored until 20th February 2024, when the authorities took matters in hand and started pulling down the offending structures themselves. The job is expected to take several weeks to complete.  

Some 900m2 of outbuildings were illegally built at the Château de Saint-Jeannet while it was owned by film director Jon Ascevski. Photo source: Prefecture of the Alpes-Maritimes

Confirming the move on social media, the Prefecture of the Alpes-Maritimes announced, “Following the failure to comply with a court decision ordering the demolition of non-regulatory buildings on the Château de Saint-Jeannet site, the State proceeded with the start of the demolition.” 

The property, which is rumoured to have once been a Templar fortress, is a local landmark located roughly 10km northwest of Nice. Also known as the Château de la Gaude, it is now a popular venue for high-end parties and weddings.  

 

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Photo source: Prefecture of the Alpes-Maritimes

Monaco to mark International Women’s Rights Day with innovative ‘PowHer’ event

by: Stephanie Horsman
21/02/2024

Women in business, women in sport, women in the arts… Coinciding with International Women’s Rights Day in March, the Principality is to celebrate the exceptional achievements and ambitions of its female population with a very special new event: PowHer. Here are all the details. 

Monaco is joining in with International Women’s Rights Day on 8th March with an inspiring and innovative female-focused event at the Espace Léo Ferré from 9am to 8pm.  

Cleverly dubbed PowHer, Monaco’s Women’s Rights Committee is organising a full-day occasion that will feature talks, conferences, creative sessions and workshops on a variety of pertinent topics, such as education, health, sport and employment. 

“We strive to show how Monaco stands united for women’s rights,” says Céline Cottalorda, Monaco’s Chief Women’s Rights Officer, who is pictured above. “PowHer promotes the current and upcoming initiatives of our partners in the Principality. It will be a wonderful celebration that is open to all.”   

Some of the highlights of the day will be a theatre performance, a poetry reading from school pupils in Monaco, a talk on women in the workplace that will be led by representatives from the Association of Women Business Leaders of Monaco, a mini-conference on women in sport and a roundtable discussion on how the Principality is combatting violence against women.  

A wishing tree will also be installed on-site, giving women and friends of the event a chance to share their own messages of support as well as their personal thoughts.  

The day, which is entirely free to join and is open to all, will end with a party and concert. Tickets can be reserved now for this aspect of the event. 

Further information on PowHer and the full programme can be found here. 

Read related:

Women of Monaco Lunch to celebrate International Women’s Rights Day in March

 

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Photo credit: Manuel Vitali / Monaco Communications Department

How to get involved in this summer’s talent showcase at the Fort Antoine

by: Niki Borisova
21/02/2024

The ‘Scène Ouverte au Fort Antoine’ talent showcase for Monaco-based creatives aged 18 to 30 will be back this summer with a much-awaited second edition. Here’s how you can get involved.

Held at one of the Principality’s most historic outdoor venues, the Fort Antoine on the Rock of Monaco, the event was created by the Directorate of Cultural Affairs with the goal of giving Monaco’s community of young artists, musicians, dancers, actors and more the opportunity to showcase their unique talents and abilities in a supportive and inspiring environment.

And after a very successful first run last summer, the next edition of the Scène Ouverte au Fort Antoine has been announced for 19th July 2024.

Once again, the initiative will be seeking to support the artistic endeavours of individuals aged 18 to 30 who are connected to Monaco by either nationality, education, residency or other means. Interested participants are encouraged to submit their applications by 20th April 2024 via an online form available on the government’s official website.

For inquiries related to the event, potential participants and the public can also reach out to the team organising this year’s Scène Ouverte au Fort Antoine on email: fortantoine@gouv.mc.

 

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Photo credit: Direction des Affaires Culturelles de Monaco

YCM inaugurates green hydrogen pontoon, plunging further into sustainable yachting

by: Celina Lafuente de Lavotha
21/02/2024

Prince Albert II has officially launched the Monaco Yacht Club’s first floating pontoon that will be used to produce green hydrogen from renewable energy sources.

On Monday 19th February, Prince Albert inaugurated the high-tech pontoon alongside a number of government officials, including Minister for Public Works, the Environment and Urban Development Céline Caron-Dagioni and Patrice Cellario, Minister of the Interior;

The high-tech autonomous pontoon was developed by SBM Offshore engineers and is their milestone contribution to the upcoming Monaco Energy Boat Challenge.

Moored in the YCM Marina since January, the goal is to fill 30 cylinders and supply eight teams in the Energy Class with green hydrogen for the Monaco Energy Boat Challenge, which will be held from 1st to 7th July, to help reduce the event’s carbon footprint and promote the use of eco-responsible energy resources.

“An ever-increasing demand for safe, sustainable, affordable energy presents one of the biggest challenges of our time,” said Francesco Prazzo, General Manager of SBM Offshore. “As offshore pioneers, we are convinced the oceans hold the key to meeting an urgent need for low-carbon solutions, with hydrogen being part of that response.”

Photo credit: H. Mesi, YCM

It is an important advancement for the Monaco Energy Boat Challenge, which is this year marking it’s 11th edition.

“It is very satisfying to see how far we have progressed,” said YCM General Secretary Bernard d’Alessandri. “Even with limited resources, it is now possible to produce green hydrogen. In line with UN Sustainable Development Goals, and under the collective ‘Monaco, Capital of Advanced Yachting’ approach, the Yacht Club de Monaco continues to maximise initiatives using technology to help protect our ecosystem.”

Tried and tested technology

This type of pontoon has been tested at previous editions of the Monaco Energy Boat Challenge and has undergone numerous improvements. It weighs 1.3 tonnes, has a 20m2 surface area of floating solar panels linked to twice as many batteries to produce hydrogen continuously day and night. Cylinder fill-time is now 1 litre/minute.

The pontoon also incorporates a remote control system to monitor electrolyser flow, battery charge, the heating and cooling system, as well as sensors, alarms and a dehumidifier. For the 11th Monaco Energy Boat Challenge, teams will have a choice between nine litre or 13 litre hydrogen cylinders. Each team is free to estimate its consumption according to its choice of power source with the right to produce energy during a race.

Photo of Prince Albert II with, from left to right: Angelina Fausto, Jean-Marc Cruvelier, Herve Botta, Jean-Marc Hendrikse, Patrick Ferri, Ludovic Abril, Emmanuel Guilloir, and Francesco Prazzo. Credit: H. Mesi, YCM

YCM as a hub of continuous innovation

During the pontoon inauguration, the YCM showcased its various environmental initiatives, including the water treatment and recycling system that has been in place since the summer of 2023. This innovative technology has been developed by Firmus Grey Water Recycling System (FGWRS), a Monaco-based company specialising in grey water and swimming pool water recycling.

Since its instalment, YCM members have been bathing in recycled water instead of drinking water as was the case before. It’s the first time this system has been installed for a pool in Monaco, where it is closely monitored by the Monegasque health authorities, and over one million litres of water have already been treated this way, equivalent to half an Olympic-size pool.

Water from the state of the art FGWRS system is also used to clean boats and to water plants, via a device called Aqua Sail, in the form of recycled water cubes. It is being used by young sailors, regatta competitors including the 400 sailors set to compete in the 40th Primo Cup in March, YCM members and YCM Marina staff, and those using the private Touch & Go pontoon.

All of these initiatives are part of the YCM’s environmental policy, which aims to get everyone thinking about the impact their choices have on our ecosystem. It’s an issue that will be at the heart of debates on Yachting Day, organised by the YCM on Thursday 21st March, during Monaco Ocean Week. A packed program will focus on exploration in collaboration with the Explorer Club based in New York, the Explorer Awards, and the Monaco Smart Yacht Rendezvous.

SEE ALSO:

Interview: Yacht Club de Monaco Director Bernard D’Alessandri

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Main photo credit: H. Mesi, YCM