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Month: March 2024

Real Estate: Why did property sales fall by 20% in Monaco in 2023?

by: Elsa Carpenter
18/03/2024

2023 was an interesting year for Monaco’s real estate market. The number of properties sold was down 20%, but the type of dwellings that did find buyers helped to significantly cushion the blow in terms of value.  

Not one single real estate development was completed in the Principality in 2023, making it the first year since IMSEE started tracking Monaco’s property market via the annual Real Estate Observatory report to record such a deficit. 

In comparison, four projects were completed during 2022: Villa Trianon, L’Exotique EVOS, Villa Portofino and Villa Farniente II. The delivery of these homes helped boost the new-build sector of the market that year, whereas 2023’s figures have clearly suffered because of an “absence of transactions involving new properties”.

As confirmed by IMSEE’s Q4 2023 Real Estate report, over the course of the year, the new-build portion of the market in the Principality retracted by a colossal 68.2%. Just 28 new properties were sold last year compared to 88 in 2022.  

Nevertheless, the type of new-build properties that did match with buyers in 2023, namely larger family-sized homes, helped to reduce the weight of the falling volume by demanding high prices. Overall, value in the new-build sector fell by a much less striking 12.7% to just over €1 billion. 

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

The resale market also slowed, but less dramatically. Over the course of 2023, 388 resales were noted by Monaco’s Department of Tax Services, which is a 10.2% fall on 2022’s 432 transactions. 

Again, the decrease in the overall value of these resales was more moderate than the dip in volume. 2023’s €2.19 billion resale market value puts it ahead of 2021 and 2020, but behind 2022.  

When combined, the sales in the new-build and resales sectors generated €3.23 billion in 2023, which is a record after a stellar 2022.

See more: Real estate: essential insights for navigating the property market in Monaco

The reasons behind the fall experienced by Monaco’s resale market last year are less obvious than in the new-build sector, but it would appear that even the well-off seeking to buy a place in the Principality may have struggled with the historically high mortgage rates felt across Europe and much of the wider world in 2023.  

To read the Q4 Economic Bulletin for yourself, click here.

Read related:

Elsa and Réséda Towers nearing finish line, crane dismantling to disrupt traffic

 

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Photo by Monaco Life

Royal connections and Irish folk music on the programme at the Princess Grace Irish Library this spring

by: Niki Borisova
18/03/2024
Princess Grace Irish Library

Starting with a St Patrick’s Day event this week, the Princess Grace Irish Library will be spotlighting the unique bond between Monaco and Ireland with a series of interesting and engaging events this spring. Here’s what to expect.

To celebrate St Patrick’s Day, the Princess Grace Irish Library has invited Irish author Flor MacCarthy, who is also the establishment’s current ‘Writer in Residence’, to give a talk on the fascinating correspondence between the Principality’s ruling Grimaldi family and the presidents of Ireland.

Set to take place on 19th March at 2.30pm, MacCarthy’s discourse will be delving into the historical connections established between Monaco’s royalty and Irish heads of state over the years, many of which she has previously explored in her book, The Presidents’ Letters – An Unexpected History of Ireland.

From Prince Rainier III’s first official visit to Ireland in 1961 to an exchange involving a Irish pony named Babbling Brook that was gifted to Princess Caroline in 1962, the stories will commemorate the enduring friendship between the Emerald Isle and the Principality that was inspired by Princess Grace’s Irish roots.

See more: Princess Grace Irish Library announces spring writer-in-residence

On 4th April, an Irish folk music concert featuring Zoë Conway and John McIntyre will be held at the library. Tickets to the event cost €15 and can be reserved here.

Then comes a gala dinner at the Yacht Club de Monaco on 19th April, which will champion the work of the Atlantic Youth Trust, an Irish charity dedicated to the development of life skills, resilience and cooperation among young Irish people through voyages on the Grace O’Malley tall ship. Tickets for this gala dinner can be booked here.

A lecture on Irish opera by Dr Maria McHale has also been scheduled for 24th April. Further information can be found here.

 

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In the photo: Princess Caroline (centre) with Mark Armstrong, Peter K. Murphy and his wife Jacqueline, Flor MacCarthy, Anne-Marie Boisbouvier and Paula Farquharson. Photo credit: Michael Alesi / Palais Princier de Monaco

Basketball: AS Monaco’s Coup de France title defence ends in defeat at semifinal

by: Niki Borisova
18/03/2024

In a tense Coupe de France semifinal, AS Monaco fell short against a determined Strasbourg, exiting the tournament with a 93-89 loss.

Despite a comeback attempt, Monaco’s basketball team, the Roca Team, was unable to defend their title on 17th March, succumbing to SIG Strasbourg in a closely contested Coupe de France semifinal at the Arena Loire de Trélazé. This defeat means AS Monaco won’t advance to the final at Bercy. Strasbourg’s victory, with a final score of 93-89, sends them to face Dijon in the final, ending AS Monaco’s hopes of repeating last year’s success.

The match was a rollercoaster of emotions, with AS Monaco struggling to find their footing from the outset. Strasbourg took advantage of this, quickly establishing a lead.

Matthew Strazel, AS Monaco’s guard, pointed out the team’s early game shortcomings: “We lacked aggressiveness at the beginning. Strasbourg played a complete game.” He continued, “It’s a setback for us, especially as we had been on a good pace in the Euroleague.”

AS Monaco’s shooting percentage was a significant issue, with the team hitting only 27 of 62 from the field. Strasbourg, on the other hand, displayed efficient shooting and resilience, managing to maintain their lead despite AS Monaco’s aggressive comeback attempt in the final quarter.

This defeat ends AS Monaco’s title defence and casts doubt on their national performance, especially after missing the Leaders Cup. Looking forward, they’re focusing on the Euroleague, with an important match against EA7 Emporio Armani Milan on 20th March.

SEE ALSO: 

Roca Team’s Mike James crowned best scorer in Euroleague history

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Photo credits: asmonaco.basketball

Football: Former Monégasque scores last-gasp equaliser as Monaco drop more points at home

by: Luke Entwistle
17/03/2024

AS Monaco dropped more points at home after former player Tiémoué Bakayoko scored a last-gasp equaliser (2-2) to deny Adi Hütter’s men a point that would have lifted them to second in Ligue 1 on Sunday.

Monaco haven’t won at home since 3rd December 2023, however, off the back of three positive performances against Lens, PSG and Strasbourg, the conditions were perfect for the Principality club to break that duck against a struggling Lorient side.

However, Hütter’s men couldn’t have made a worse start to the encounter. Without even getting a foot on the ball, Les Merlus took a shock lead within the first 40 seconds. An intelligent reverse ball from Théo Le Bris was met by Mohamed Bamba, whose volley from a tight angle rocketed off the post and into the path of Wilfried Singo, who inadvertently diverted into his own net.

Monaco immediately set about reversing the deficit and had ample chances to do so. Wissam Ben Yedder and Aleksandr Golovin, usually so efficient in front of goal, missed one-on-one opportunities, whilst Takumi Minamino also struck the foot of the post within the space of just a few minutes. Les Monégasques were knocking at the door, but they couldn’t knock it down.

Ultimately, it was one of Lorient’s own who did the job for them. Formose Mendy, in an attempt to divert a harmless cross back to goalkeeper Yvon Mvogo, misread his goalkeeper’s positioning and instead chested the ball past the Swiss shot-stopper, who was completely taken out of the equation.

Mvogo’s “dream” performance enough for a point

The barrage on Lorient’s goal temporarily abated towards the end of the first half, but it ramped up again at the start of the second. Akliouche drew another save from Mvogo early in the second half before Ben Yedder saw another glorious chance go begging. It was Mvogo who was once again equal to the France international’s effort and there was an overwhelming feeling that this wouldn’t be Monaco’s day.

However, the Principality side’s efforts were finally rewarded when Youssouf Fofana rose highest to head Golovin’s tantalising cross past Mvogo. Lorient were down, but they weren’t out.

Mvogo, who in the words of Hütter had a “dream” performance, saved his most spectacular save until mid-way into the second half as he denied Maghnes Akliouche’s acrobatic volleyed effort with an equally impressive and instinctive stop that kept Lorient in the tie.

Monaco would come to rue their missed chances. “We have to take the right moments to kill the opponent and prevent them from coming back,” bemoaned Hütter post-match, but once again, his side failed to do so.

With Denis Zakaria being sent off late in the match for an “unprofessional” foul, which earned him a second yellow, Lorient were handed the momentum in the final minutes. However, Aiyegun Tosin’s clumsy challenge on Singo also earned him a red in the 89th minute, levelling the playing field.

“It feels like a nightmare” – Hütter

Monaco looked set to see out the match and secure their first victory at the Stade Louis II in 2024, however, it was not to be with Bakayoko, who played 115 times for Les Monégasques across two spells, nodding home in almost the last kick of the game.

As a sign of respect for his former side, Bakayoko didn’t celebrate, but his teammates certainly did, with the technical staff also bursting onto the field. For Les Merlus, mired in a battle for survival at the bottom of Ligue 1, that point could be crucial come the end of the season.

Monaco have now dropped four points against Lorient this season, both times ceding their advantage in the dying seconds. That could prove costly come the end of the season with Monaco missing a “big, big chance” to leapfrog Brest into second.

“The team that was much much better did not win. We had five big, big chances to score and then we could have been talking about a fantastic victory […] Today, yes, it was a big, big chance and we missed it. But we keep working in the last eight games to get the best result. It’s in our hands and that’s important. To not win this game, it feels like a nightmare,” reacted Hütter, who will be looking for a reaction from his players when they face Metz in a fortnight.

 

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Photo source: AS Monaco

Esplanade des Pêcheurs: Monaco Government files civil action in criminal proceedings

by: Elsa Carpenter
17/03/2024

The Monaco Government has announced it will be standing as a civil party in “recently opened criminal proceedings” linked to the €136 million settlement it was ordered to pay the Caroli Immo group following the collapse of the Esplanade des Pêcheurs project. 

A decade on from the start of the Esplanade des Pêcheurs saga, which began back in 2014, and over a month since lawyers for Caroli Immo announced that they would be taking their case for financial retribution to the European Court of Human Rights, the Monegasque government has released a statement identifying itself as a victim of the complex affair.  

“In June 2020, the State was ordered to pay €136 million, increased with interest, to a developer as part of a real estate and cultural operation project on the Esplanade des Pêcheurs,” reads the statement, which was released on the evening of Prince Albert II’s 66th birthday on 14th March. “Recent publications on the internet and various press articles relating to the legal proceedings initiated before the courts of the Principality have led the State to question the conditions in which this conviction was pronounced, and to become a civil party today in a recently opened criminal proceedings.” 

The stop-start project would have seen a vast mixed-use development be built at the foot of the Rock in Port Hercule. Within a year of signing an agreement with Caroli Immo, the group leading the development, the Monaco Government backed out of the scheme in 2015, citing “strong reservations” about the feasibility of the project as well as its potential negative impacts on flagship events such as the Monaco Grand Prix.  

Caroli Immo, one of the Principality’s largest developers, was unhappy with the termination of the plans and sought financial retribution. In 2020, the Supreme Court of Monaco ruled in Caroli Immo’s favour  and ordered the government to pay €136 plus interest.  

See more: Development dispute doesn’t end well for Monaco

Prince Albert II stepped in to demand that both sides find a more amicable way forwards and eventually a new-look version of the project seemed to be going ahead. As reported by Monaco Life, it was agreed that the project would be restarted and that Caroli Immo would waive its court-ordered compensation package in exchange for being given a timetable to commence the works. 

Next came a case involving another Monaco-based developer, Patrice Pastor of SCI Esperanza, who sought to overturn the decommissioning of the controversial Esplanade des Pêcheurs plot by claiming there had been a “lack of competition” in the awarding of the project. It was dismissed.  

See more: Monaco court turns down Pastor bid to halt Esplanade des Pêcheurs project

However, the Caroli Immo group would soon terminate its agreement with the government in October 2023, thereby reversing its waiver of compensation, according to lawyers for the group.  

When Caroli Immo proceeded to request the pre-agreed sum from the Monaco Government, the State reportedly failed to respond. The group took this as a “desire not to pay”.  

A case seeking to enforce the financial payout was lodged with the European Court of Human Rights in February 2024, and now the government has responded with its own statement, which brings to light apparent doubts by State about the “partiality” of the original decision of the €136 million plus interest fee.  

To read the statement, click here.

 

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Photo source: Monaco Government

Pelagos Sanctuary goes digital with new immersive conservation experience

by: Stephanie Horsman
17/03/2024

The Pelagos Sanctuary has collaborated with Monaco-based Metaverse specialist DWorld to create a new digital tool to get the word out on marine protections. 

The Pelagos Sanctuary, created through the Pelagos Agreement, a tri-country pact between Monaco, France and Italy to protect marine mammals in this part of the Mediterranean Sea, has long sought to educate the wider public on its missions and initiatives. Now, a new immersive and interactive experience that is being rolled out just in time for Monaco Ocean Week is making that goal ever more possible. 

The educational experience designed by DWorld hopes to “inspire people of all ages” and share the Sanctuary’s ethos on the importance of marine conservation with people around the world. 

It combines interactive storytelling with a strong message about the challenges and difficulties of managing the 87,500sqkm protected zone on a daily basis.  

“The Pelagos Agreement is particularly attentive on communication and awareness-raising actions,” says Viola Cattani, Deputy Executive Secretary of the Pelagos Agreement.  “The ambitious Metaverse project fits in perfectly with the objective of raising awareness, particularly among the younger generations, for the conservation of the Pelagos Sanctuary and the protection of its inhabitants. This area, in fact, belongs to all and as such everyone can and must do their part to preserve it. But to protect it, you have to know it!”  

SOON AVAILABLE ONLINE 

The content will soon be available on the Pelagos Agreement’s website and will also be circulated in schools near and far from the Pelagos area. 

“The Monaco Metaverse offers a unique opportunity to transcend geographical boundaries, create new collaborative opportunities between local Monegasque entities and engage audiences in meaningful ways,” says CEO of DWorld Manila Di Giovanni. “Through this collaboration, we aspire to ignite a sense of stewardship for our oceans and inspire future generations to become advocates for marine conservation.”  

 

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Photo credit: Vincent Jacques, Drone de Regard