More than 600 new homes by end of 2023

Monegasque Councillor Balthazar Seydoux has confirmed to the National Council that there will be a total of 612 new apartments built in the Principality by the end of 2023, easing Monaco’s housing shortage.

During a National Council meeting on 7th October, Councillor Balthazar Seydoux, who is also Chairman of the Finance and National Economy Committee, revealed details of the hundreds of new appartments that are currently being built or that will be built in Monaco by the end of 2023.

Testimonio II will provide 181 apartments and are scheduled to be delivered at the and of 2022. The next phase is the Testimonio II bis project, which will add 167 homes by the last quarter of 2023.

A renovation and rehab project at Mélèzes will deliver 14 apartments by the first quarter of 2023 at a cost of €17 million, including the restoration of the building.

Palais Honoria will add 65 to the market at a cost of €85 million with an estimated completion date in the start of 2023.

There will also be an additional 25 apartments from the €36 million Villa Carmelha, which is set to be move-in ready by the middle of 2023.

Finally, there is the Grand Ida, which is set to be completed by late 2023, and will give residents 160 new apartments, costing €320 million.

“Allow me to express my satisfaction with the confirmation of the timely delivery of operations Testimonio II, Palais Honoria and Carmelha,” said Balthazar Seydoux. “These projects come under a crucial need: to enable all Monegasques whose situation justifies it to find proper accommodation in quality apartments. I will add to the satisfaction that of the confirmation that the apartments in the Testimonio II, Testimonio II bis and Palais Honoria buildings will be delivered with kitchens installed, which will greatly facilitate the installation of the beneficiaries, especially the youngest of them.”

The councillor also confirmed the construction of two short-term nursing homes, in Monte-Carlo and in the Annonciade district.

Photo of Villa Carmelha by Bellecour Architects