Peak performance: prime Alpine property prices continue to climb

04/12/2024

Property prices in prime Alpine ski resorts are increasing year-on-year as destinations respond to changing buyer preferences, with demand consistently outstripping supply.

According to Knight Frank’s recently published Alpine Property Report, property prices in the Alps’ most desirable resorts rose by 3% between June 2023 and June 2024.

“Since 2009, Alpine property values have shown strong resilience, with an average annual growth rate of 1.9% over 13 years, accelerating to 4% in the post-pandemic period,” reports Kate Everett-Allen, Knight Frank’s Head of European Residential Research. “In 2024, prices rose by an average of 3%, reflecting how the market has adapted to major challenges, including shifts in the economic and debt landscape as well as climate change concerns.”

In the elegant resort of Courchevel 1850—where Monte-Carlo Société des Bains de Mer is set to open its first mountain hotel, the Palace des Neiges, in 2026—prices soared by an impressive 9% in just 12 months, bringing the average price per square metre to €33,200. The resort remains the most expensive real estate market on the French side of the Alps, ahead of Val d’Isère, which saw a 7% rise in prices over the same period.

In Méribel Village and Méribel, listed separately in the report, prices increased by 3.9% and 3.8%, respectively. Meanwhile, at the base of Mont Blanc, Chamonix experienced a more modest 0.4% price increase.

In just three French resorts identified as prime markets by Knight Frank—Morzine, Les Gets and Megève—prices fell slightly, between –1% and –2%.

Across the border in Switzerland, key resorts such as Crans-Montana, St. Moritz, Gstaad and Verbier all reported price increases ranging from 7% to 2.3%.

Indeed, Swiss ski resorts covered by the real estate consultancy’s 2024 Alpine Property Report outperformed their French counterparts, with an average growth of 3.5% compared to 1.5% in France.

“The Swiss National Bank’s early rate cut in March bolstered buyer sentiment, highlighting Switzerland’s credentials as a stable, tax-friendly destination amid global policy changes,” notes Everett-Allen. “High international demand kept these markets competitive, supported by Switzerland’s unique winter offerings and stable economy.”

The price increases identified in the report reflect buyer sentiments gathered from Knight Frank’s survey of over 730 high-net-worth individuals (HNWIs) across 13 countries.

The survey results revealed that while properties in the Swiss Alps are the “top choice for property buyers”, the French Alps are not far behind.

“The French Alps remain a close contender,” explains Everett-Allen, “with buyers drawn to their unique charm and broader range of pricing.”

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Photo source: Courchevel Tourisme

The rise of private members’ clubs: a new era in hospitality and real estate

by: Cassandra Tanti

04/12/2024

Private members’ clubs are enjoying a renaissance, with more opening in the past four years than in the three decades that followed the opening of London’s Groucho Club in 1985.

According to Knight Frank’s Guide to Private Members’ Clubs 2024, authored by Liam Bailey and Patrick Gower, this surge signals a transformation in both hospitality and real estate, fuelled by a growing desire for connection, exclusivity, and community.

The report highlights that the private members’ club sector has evolved far beyond the elite gentlemen’s clubs of the past, which served only the wealthiest members of society. Instead, today’s clubs attract a diverse range of professionals, including creative talents, tech entrepreneurs, and those in search of unique social spaces. The booming sector shows no signs of slowing down, with prospective club openings at an all-time high

Impact on real estate markets

One of the most significant findings in the report is how private members’ clubs are reshaping the real estate market. For example, properties within 15 minutes of prestigious clubs like Soho Farmhouse in the Cotswolds saw buyer interest more than double in August 2024, with 2.3 buyers registering for every one buyer in adjacent areas. The report, supported by research from Knight Frank’s Private Office partners Alasdair Pritchard and Hugh Dixon, highlights how proximity to luxury clubs can add glamour and value to surrounding properties, influencing everything from local retail to property prices.

In urban areas, the rise of hyper-local clubs like The Dally in London’s Islington and Inness in upstate New York shows that these establishments are increasingly becoming integral to community development, attracting international buyers and increasing the allure of certain neighbourhoods.

Clubs as drivers of new business models

As the sector grows, private members’ clubs are adapting and introducing innovative business models. Clubs such as Aman in New York City target ultra-luxurious clientele, while others, like The Conduit in London, focus on social impact and community programming. The report details how successful clubs are now essential anchors for real estate developments, offering curated experiences that extend beyond hospitality.

Programming plays a pivotal role in a club’s success. According to Nick Hamilton, co-founder of The Conduit, engaging events are the biggest source of member conversion, and offering something unique is key. Whether it’s challenging discussions with global thought leaders or fun, niche events like those hosted at The Century Club in Soho, modern clubs are diversifying their offerings to stay relevant.

The third wave of private clubs

Knight Frank’s report positions the industry as entering its “third wave”, where clubs have evolved from eccentric projects to serious moneymakers. In an increasingly competitive market, particularly in global cities like New York, the exclusivity of clubs remains a primary draw. Richie Notar, hospitality consultant and co-founder of Nobu, notes that real exclusivity is what “drives people nuts” in cities like New York.

Clubs now cater to specific interests, such as tech, wine, or wellness, and memberships are no longer confined to traditional networking opportunities. Many clubs also now operate as coworking spaces or family clubs, offering services for all aspects of life, including fitness, wellness, and even childcare.

Challenges ahead

While the industry is booming, the report warns of potential pitfalls. High membership fees can alienate younger, more dynamic individuals who contribute to the vibrant culture clubs aim to foster. Martin Raymond, co-founder of The Future Laboratory, argues that focusing solely on wealth can lead to soulless “boltholes for the elite”. Instead, the report suggests clubs should focus on building diverse communities to sustain long-term success.

In addition, some clubs are showing signs of financial strain. For example, the House of St Barnabas in Soho and the women’s-only club Chief both recently closed due to financial difficulties. The sector must find ways to maintain its allure while remaining financially viable.

Private members clubs a dynamic corner

As A Guide to Private Members’ Clubs 2024 makes clear, private clubs are not only reshaping social and professional networks but also transforming real estate markets around the globe. With the right mix of exclusivity, community, and innovative business models, the private members’ club sector is set to continue its rise as one of the most dynamic corners of hospitality and real estate.

For property developers and real estate investors, partnering with private clubs can enhance the appeal of luxury developments and bring additional value to surrounding areas. The report suggests that, whether in commercial real estate or private homeownership, aligning with the club model could be a key to future success

Photo credit: Nick Karvounis, Unsplash

Monaco Inspire debuts as a premier event for local entrepreneurs and innovators

by: Niki Borisova

03/12/2024

The inaugural edition of Monaco Inspire, a new business event organised by the Jeune Chambre Économique de Monaco (JCI Monaco), brought together business leaders and aspiring entrepreneurs in a setting designed to help startups transform their ideas into actionable plans. Three keynote speakers from the world of business – Ledger co-founder Éric Larchevêque, Monte Carlo Capital founder Ian Sosso, and Catherine Barba, an expert in e-commerce and digital innovation – were invited to guide Monaco’s next generation of businesspeople through topics such as scaling companies, the importance of resilience and self-belief, and investment strategies.

On 30th November, Monaco Life attended the first edition of Monaco Inspire, an event dedicated to entrepreneurship and innovation in the Principality, at the Méridien Beach Plaza.

The event featured three keynote speakers: Éric Larchevêque, co-founder of Ledger and a prominent figure in French tech; Ian Sosso, founder of Monte Carlo Capital and recipient of the Best European Angel Investor award; and Catherine Barba, a pioneering expert in e-commerce and digital innovation.

Larchevêque shared personal insights on resilience and self-belief, encouraging participants to focus on sustainable growth. He remarked, “It’s better to go slower but go further.”

Reflecting on his entrepreneurial journey, he admitted, “When I started my first company, I had no idea what a startup was or how to run one.”

He also emphasised the importance of clear communication in building a successful venture, noting, “The more you communicate, the more you can align values and create meaningful connections.”

Sosso, a Monegasque entrepreneur, focused on the intricacies of venture capital. His keynote speech, ‘Strategy of a Venture’, detailed the processes of creating deal flows and selecting promising projects, offering practical guidance on navigating the complexities of investment.

Barba, renowned for her work in digital transformation, has been a driving force in helping businesses adapt to the demands of online commerce. She is also a mentor for startups, advocating for entrepreneurial growth and encouraging more women to enter the field. During her address, Barba shared practical advice on scaling businesses, emphasising the importance of clear strategies and effective communication.

A platform for ideas and spontaneous opportunities

The day included a networking breakfast, interactive workshops, and roundtables designed to equip participants with the tools needed to advance their projects. A standout moment was a spontaneous pitch by Barba and a representative from JCI Nice, who shared their ambition to replicate the event in Nice but required €15,000 in funding.

Encouraged to present their idea on stage, they received immediate feedback from Larchevêque and Barba, who offered practical advice on fundraising. In a surprising turn, an audience member pledged €5,000 towards their goal, showcasing the collaborative and supportive spirit of the event.

The event was widely regarded as a success, with Isabelle Berro-Amadeï, Monaco’s Minister of Foreign Affairs and Cooperation, describing it as a “key and inspiring initiative”.

Larchevêque also highlighted the importance of the event’s community spirit, stating, “We know we have a good entourage when people lift you up.”

With plans for Monaco Inspire to become an annual event, the success and positive reception of its first edition demonstrate its potential to play a significant role in supporting entrepreneurship in Monaco.

Read related:

JCI Monaco empowers aspiring entrepreneurs with new start-up initiative

Photo credit: Philippe Fitte

Distinguished Monegasque personalities honoured by the Order of Malta

by: Cassandra Tanti

03/12/2024

A prestigious ceremony at the Hôtel Hermitage on 2nd December celebrated the enduring ties between Monaco and the Sovereign Military Order of Malta, as distinguished figures from the Principality received decorations of the Order of Merito Melitense.

The accolades, conferred by The Grand Master of the Sovereign Military Order of Malta Fra’ John T. Dunlap and the Sovereign Council during a session on 20th June, were presented by the Ambassador of the Order of Malta to Monaco. Among the honorees were Monaco’s Minister of Foreign Affairs and Cooperation Isabelle Berro-Amadeï, who received the Cross with Plaque, and Director General of the Ministry of Foreign Affairs and Cooperation of the Principality of Monaco Isabelle Rosabrunetto and Director of Diplomatic and Consular Relations Marie-Catherine Caruso-Ravera, who were both awarded the Cross with Crown.

Prominent attendees included Christophe Steiner, Chief of Staff to Prince Albert II; Jean d’Haussonville, the French Ambassador to Monaco; and Marc Lecourt, President of the Association of Honorary Consuls. Key members of the Order’s Monaco branch, such as President Jean Kerwat and Chancellor-General Secretary Didier Gamerdinger, were also present.

*The medals of honour were officially handed out on 2nd December in Monaco. Photo source: Sovereign Council of the Order of Malta*

In his address, Ambassador Alberto di Luca reflected on the historic connection between the Grimaldi family and the Order of Malta, a bond that dates back to 1168. He praised the successful diplomatic relations established 14 years ago and spoke about the Order’s humanitarian mission rooted in the principles of “defense of the faith and assistance to the poor”.

Isabelle Berro-Amadeï lauded the Order’s neutrality and commitment to humanitarian efforts, reaffirming Monaco’s dedication to collaborative initiatives that provide aid to vulnerable populations.

Instituted in 1920, the Order of Merito Melitense honours exceptional achievements that enhance the prestige of the Sovereign Military Order of Malta. Open to individuals outside the Order, it remains an emblem of global recognition for humanitarian and charitable contributions.

Main photo from left to right: the President of the Association of the Order of Malta in Monaco Jean Kerwat, the Chief of Staff of H.S.H. Prince Albert II Christophe Steiner, the Director of Diplomatic and Consular Relations Marie-Catherine Caruso-Ravera, the Director General of International Cooperation Isabelle Rosabrunetto, the Government Adviser and Minister of Foreign Affairs and Cooperation Isabelle Berro-Amadeï, the Ambassador of the Order of Malta Alberto di Luca, Ambassador of France Jean d’Haussonville, the President of the Association of Honorary Consuls Marc Lecourt. Source: Sovereign Council of the Order of Malta.

Vertical garden inventor Patrick Blanc joins Prince Albert II at Passion Sea’s Flowers4Art

by: Niki Borisova

03/12/2024

The recent Flowers4Art event, organised by Helga Piaget of Passion Sea, highlighted the powerful ability of vertical gardens to transform urban spaces and bring themes of nature and greenery into city living. Prince Albert II was among the guests at the showcase in late November, alongside renowned French botanist Patrick Blanc, the man who invented the green wall concept in the 1980s.

On 30th November, Prince Albert was the guest of honour at Passion Sea’s latest sustainability-focused event, Flowers4Art, hosted at the Hôtel Métropole from 28th November to 1st December.

Spearheaded by Helga Piaget, the founder of Passion Sea, the event sought to highlight the incredible potential and impact of integrating plants and vertical gardens into urban environments, while also exploring innovative and sustainable solutions for creating and maintaining so-called living green walls.

Prince Albert toured the various displays in the company of French botanist Patrick Blanc, who is credited with creating the modern vertical hydroponics garden in 1986. Blanc later gave a talk discussing the global potential for vertical gardens and eco-friendly building practices, adaptable to all climates and regions.

The Prince, meanwhile, commended Piaget and the Passion Sea team for their dedication to promoting sustainable development initiatives and programmes.

The event featured seven pioneering projects linked to the integration of greenery into urban architecture. Among the standout presentations was that of Respyre, a Dutch system that combines concrete and moss to create sustainable vertical gardens, as well as Monaco’s Dilectus Design display, which presented ‘Abaco,’ a modular green panel system for ecological facades.

Other intriguing concepts included Italian architect Maria Burgos’ MOFs, a solar-powered solution that reduces the water consumption needed to maintain urban green spaces.

French companies Bryoflor and Yves Grangier demonstrated innovative uses of living moss, while MoosMoos, a 2024 German Design Award winner, showcased bespoke moss walls and multicoloured moss art. The Garden Club of Monaco also contributed with a floral creation depicting the Passion Sea logo.

Read related:

Interview: Helga Piaget, the founder of Passion Sea, on her vision for a cleaner planet

Prince Albert II is pictured centre with Maria Bologna (centre left), Helga Piaget (centre right) and Patrick Blanc (to the right of Piaget)

Photo credit: Axel Bastello / Palais Princier de Monaco

Louis-II Stadium set to undergo three-year renovation

by: Cassandra Tanti

03/12/2024

Monaco’s iconic Louis-II Stadium is set to receive a comprehensive facelift over the next three years to prepare for hosting the Games of the Small States of Europe in 2027. The ambitious renovation plan, announced by the new Minister of the Interior Lionel Beffre, will modernise seating, refreshment areas, and sanitary facilities to enhance the stadium’s functionality and comfort.

The transformation of the Louis-II Stadium is scheduled to unfold between 2025 and 2027, aligning with Monaco’s growing status as a global hub for sports. As Monaco prepares to accommodate the title of ‘World Capital of Sport’ in 2025, these upgrades are part of a broader vision to cement the Principality’s reputation in hosting high-profile events, from the Grand Prix to international football and tennis competitions.

Key upgrades for the Louis-II Stadium

Lionel Beffre announced during a press conference on Thursday 28th November that the initial phase of the renovation will focus on replacing the stadium’s seating with modern, more comfortable options. While the colour scheme remains undecided, it will ultimately be determined by Prince Albert II, with many fans hoping for a continuation of the traditional red and white motif. The next steps will involve revitalising outdated refreshment bars and expanding and modernising the stadium’s sanitary facilities.

Looking beyond 2027, Monaco has long-term plans for the stadium, including new reception halls, a renovated parking structure, and the installation of solar panels on the roof. Beffre said that these upgrades reflect a significant financial commitment but are essential for maintaining the stadium’s status as a premier venue.

Enhanced visitor experience and safety measures

Beffre also highlighted recent successes in managing traffic and crowd safety during major sporting events. He praised the effectiveness of Public Security during high-profile matches, such as AS Monaco’s Champions League fixtures, noting smoother traffic flow and reduced delays for drivers leaving the stadium. These improvements contribute to a safer, more enjoyable experience for attendees.

Villa Sauber to undergo a transformation by Renzo Piano

In a separate announcement, Beffre outlined plans for Villa Sauber, which will undergo a significant renovation led by renowned architect Renzo Piano. The project aims to expand exhibition spaces from 650 to 4,000 square metres and reimagine the esplanade. Work on the villa is expected to begin in 2026, with completion slated for 2029, marking a new chapter for Monaco’s cultural offerings.

Month: December 2024

Peak performance: prime Alpine property prices continue to climb