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Monaco yachting: Another record year for the books

by: Chloe Braithwaite
07/03/2023

Following the significant and unprecedented interruption of Covid-19 and a challenging international economy, the global yachting sector not only recovered in 2022, but thrived.

The global yachting sector continued to demonstrate impressive resilience in 2022, despite facing the ongoing fallout of the Covid-19 pandemic as well as new economic challenges. This is particularly true in Europe, where over 60% of the global yachting industry is concentrated in the region, with Monaco remaining a central hub thanks to continued government investment and support.

After a tumultuous 2020, the global yachting industry saw an impressive rebound in 2021, with many wealthy individuals turning to yachting as a way to enjoy socially-distanced vacations. At the same time, post-Covid, there seemed to be a greater appreciation that life is uncertain and there was even greater emphasis placed on spending quality leisure time with loved ones.

The sector was valued at $8.91 billion, according to a recent report of global yacht sales, with the United States, Italy and France leading the market. In 2022, the market saw much of the same, with North America continuing as the fastest-growing market worldwide and Asia Pacific emerging as the next promising regional segment, both in yacht brokerage and new build sales.

According to Monaco-based brokerage firm Northrop & Johnson (N&J), the superyacht industry has approximately doubled in size in recent years  , with many brokerage firms reporting particularly successful results in the years following Covid-19. Many of the most reputable superyacht shipyards have also seen unusually high demand post-pandemic. According to the Global Order Book published by Boat International Media, the number of superyachts under construction in 2022 superseded the previous year, with 1,024 new build orders signed in total in 2022, compared to 821 in 2021—an increase of 24.7%. These shipyards also report double-digit growth and construction backlogs beyond 2026.

N&J, in particular, outperformed the sector growth enormously, having sold over 41% more of its own listings than its nearest competitor and selling almost one yacht every 48 hours in 2021.   In 2022, the company enjoyed its most successful year in history.

“2022 was a landmark year for the global superyacht industry, for yachting in Monaco and for Northrop & Johnson,” said Patrick Coote, Managing Director EU of N&J. “More yacht owners chose to list their yachts for sale with us than any other brokerage company worldwide. Sales, charters yacht management and crew recruitment were all off the charts. We were all expecting a gradual slow-down but demand remained high throughout last year and the buyers just kept on coming,”

In parallel with the strong sales of both new and second-hand luxury yachts, the yacht charter sector also saw impressive results. Thanks to consistent growth in the High Net Worth (HNW) population as well as the post-lockdown revenge travel phenomenon, the demand for superyacht charters has never been higher. Zelda Swindell, Charter Marketing Manager for N&J notes that the global charter fleet is now coming under increased pressure not only from rising demand but also due to superyacht owners who are increasingly reluctant to put their vessels out to charter, preferring to be onboard themselves, thereby creating a supply shortage.

“It’s really a seller’s market at the moment,” Zelda explained. “For owners looking to put their boat out to charter, there are so many opportunities. Charterers are desperately looking for good boats in an increasingly limited market, so it’s certainly an easier sell than usual!”

Monaco’s place in yachting

Having established its position as a significant international yachting hub, the Monegasque government continued to provide significant support to the sector. The last 12 months saw the local industry reach new heights, with over 1,400 yachting-related jobs in the Principality alone and an estimated annual contribution of over €750 million to the local economy.

“Yachting is a key part of Monaco’s commercial activity, not only providing revenue to the State but one of the major employers and a big draw for tourists,” said Ed Dickinson, a Yacht Broker based in the Principality. “I anticipate Monaco’s status as the yachting capital of the world will continue well into the future.”

Looking ahead

As for what the next 12 months will bring, industry insiders and commentators all agree that sustainability will play a key role in shaping the sector.

“New, younger clients are undoubtedly more environmentally-aware. Their requirements, coupled with increasingly-strict legislation, means that the designers, builders and crew are having to adapt to new ways of working, new materials, new designs and new technologies with less of a carbon-footprint and a smaller negative environmental impact,” concluded Patrick Coote.

 

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Photo source: Northrop & Johnson

 

Babek Kebab: the new fast-casual restaurant in Monaco by Riccardo Giraudi

by: Cassandra Tanti
06/03/2023

Monaco’s foodie entrepreneur Riccardo Giraudi has done it again, this time bringing the beloved Greek kebab to Monaco with his new fast-food concept, Babek.

Whether you call it a kebab, or a souvlaki, chances are you are craving one of these international favourites right now.

That’s what restauranteur and entrepreneur Riccardo Giraudi is banking on with the launch of his latest ‘fast-casual’ food concept.

Located on rue Princesse Caroline in Monaco, Babek Kebab features an open kitchen with a traditional tandoor oven to bake the restaurant’s fresh flatbreads. Customers can choose their own garnishes, from spit-roasted veal to crunchy falafels, and all the classic toppings including a signature Babek sauce. There are also some delicious sides which we will let you discoveer for yourself!

“Here, nothing is superfluous – no fresh cheese or aromatic herbs to look pretty. Just taste, freshness, and quality in a playful and quirky atmosphere,” the restaurant’s marketing claims. “Babek is the new hot spot in Monaco that will delight everyone. Meet every day to discover a new culinary genre, and generous and gourmet street food.”

Riccardo Giraudi and his company, Giraudi Group, are behind some of Monaco’s most successful restaurants, including Beefbar, Song Qi, Mozza, and Grubers Monaco, another fast-casual concept.

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SEE ALSO:

Interview: Restaurant guru Riccardo Giraudi

 

Photo credit: Cedou

 

How did Monaco and the French Riviera rate in the 2023 Michelin Guide?

by: Cassandra Tanti
06/03/2023

The 2023 Michelin Guide was presented on Monday, revealing that one restaurant in the French Riviera has picked up its first Michelin star, while further accolades have been awarded to the region’s most prized restaurants including Mirazur and Le Louis XV.

The world of gastronomy’s most coveted accolades were handed out on Monday during a special ceremony in Strasbourg in front of 1,500 guests, including 550 chefs and 300 students.

Making the cut in this year’s Michelin Guide are 630 starred tables across France and Monaco, including 44 new additions in France: one three-star, four two-star and 39 one-star restaurants.

In a major nod to the fine dining restaurants in Monaco and the French Riviera, all of the relevant establishments kept their stars, including three-starred Le Louis XV – Alain Ducasse at the Hôtel de Paris, and Le Blue Bay at the Monte-Carlo Bay Hotel and Resort, which last year picked up its second Michelin star.

Pavyllon Monte-Carlo, a restaurant by Yannick Alléno at the Hôtel Hermitage, retained its star, as did Le Grill in the Hôtel de Paris, La Table d’Antonio Salvatore and Yoshi at the Hôtel Metropole.

Surrounding Monaco, La Chèvre d’Or in Eze, Hostellerie Jérôme in La Turbie, and Flaveur in Nice had their two Michelin stars confirmed for another year, while Mirazur by Mauro Colagreco in Menton maintained its three Michelin stars and one Michelin Green Star. The restaurant’s Pastry Chef Marius Dufay also helped the Mirazur pick up a prize in the Passion Desserts category this year.

The only restaurant in the French Riviera to receive its first Michelin Star is Château Eza in Eze (pictured above), a 50-seat gourmet restaurant in the medieval hilltop village offering refined French and Mediterranean cuisine prepared by Chef Justin Schmitt, and exquisite views over the coastline.

Meanwhile, Claire Sonnet from Le Louis XV – Alain Ducasse in Monaco received the Service Prize, delivered by the culinary legend himself.

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Photo source Chateau Eza

Football: Wasteful Monaco slip to late draw at Troyes

by: Luke Entwistle
05/03/2023

AS Monaco conceded an injury-time equaliser against Troyes on Sunday after having fought their way back into the game in the dying stages thanks to a Wissam Ben Yedder brace.

Les Monégasques were looking to bounce back after consecutive defeats, firstly to Bayer Leverkusen in the Europa League, and then against local rivals OGC Nice at the Stade Louis II last weekend.

“We lacked a finishing touch”

Philippe Clement’s side will be made to rue missed chances against relegation strugglers Troyes. Monaco arguably should have put the game to bed in the first half with good chances falling to Aleksandr Golovin and Ben Yedder, however, they ultimately went back to the dressing rooms with a deficit.

Romy Kouamé scored for Troyes in one of the very few rare ventures into the Monaco half, leaving the Principality club in need of at least two goals to take the three points away from the Stade de l’Aube.

Monaco could have been two behind if not for a crucial intervention from Axel Disasi, who saved Abdu Conté’s effort off the line. Clement’s side made use of their second life. With the minutes ticking away, Ben Yedder, culpable of missing a few chances earlier on, netted a quickfire double to put Monaco on the brink of victory.

However, in injury time, Iké Ugbo, rose highest to head past Alexander Nübel to draw the scores level at 2-2. Both sides ultimately take just a point away from a fixture that could have gone either way.

Monaco maintain podium place

“It’s frustrating because if we had been more lucid in the final action, by playing like we did in the second half throughout the match, the result would have been completely different. We need to concentrate over the course of the 90 minutes, not just for a period of the match. We had more chances, but we lacked a finishing touch, ” said Clement post-match.

Despite Monaco’s failure to beat the relegation-struggling Troyes, Monaco remain on the podium as RC Lens drew against Lille OSC in the Derby du Nord on Saturday. Monaco next face Reims at the Stade Louis II next Sunday.

 

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Photo by AS Monaco

This Week in Monaco Podcast: 2nd March

by: Cassandra Tanti
03/03/2023

The Monaco Life journalists behind the headlines this week talk Monaco real estate, whisky investment and passion spending habits, binge watching Netflix’s new Drive to Survive series, Monaco football club management becoming a Russian family affair, and how we figured out which F1 drivers actually live in Monaco.

Featuring Editor in Chief: Cassandra Tanti, Editor and Journalist Elsa Carpenter, News and Lifestyle Journalist Stephanie Horsman, and Sports Journalist Luke Entwistle.

To listen to the podcast, simply click play in the box below…

 

 

Formula 1: Which F1 drivers live in Monaco?

by: Luke Entwistle
01/03/2023

The Principality of Monaco has always been a magnet for Formula 1 drivers, both past and present, and almost half of the 2023 Formula 1 grid are currently residing in Monaco.

Monaco is a global hub for motor racing. As well as hosting the Monaco Grand Prix, arguably the most iconic race in the world, it also hosts other races such as the Monte-Carlo Rally, the Historic Grand Prix, and the Monaco ePrix. 

This is part of what makes Monaco such an attractive place to live for drivers. The tradition of Formula 1 drivers moving to the Principality is engrained. Former World Champions Mika Hakkinen, Jenson Button and Nico Rosberg are all based in Monaco, whilst former stars such as David Coulthard, Mark Webber, Paul Di Resta, Antonio Giovanazzi and Daniil Kvyat also reside in the Principality. 

Why do F1 drivers live in Monaco?

There are many reasons why F1 drivers flock to Monaco. The temperate climate year-long is a big draw; the fact it is English-speaking is a plus; its central location in Europe makes it an ideal base given that many of the races still take place on the continent; and there is also an element of following the crowd. Despite Formula 1 being a pressure-cooker environment, and whilst relationships can often be strained, many on the grid are very close, and it is therefore natural that they live close to one another.

“Where I’ve moved to (Monaco), there are quite a lot of people that I know there, quite a lot of the drivers are there, so there’s a bit more of a social life,” said Lewis Hamilton upon his move from Switzerland to Monaco back in 2012.  

Charles Leclerc during the 2022 Monaco Grand Prix. Photo credit: Scuderia Ferrari Press Office

However, the principal motivation for moving to Monaco is often financial. McLaren driver Lando Norris, who revealed his move to the Principality in December 2021, said, “People do many things in life for money. This is just another one.”

The British driver, who is entering his fifth season in Formula 1, added, “It’s something that obviously a lot of drivers go to do and especially, with how racing is, I think we’ve seen for other drivers how quickly things can also go downhill.” Monaco is a tax haven, meaning that residents don’t have to pay personal income taxes. 

This year, nine of the current grid, consisting of 20 world-class drivers, currently reside in Monaco, whilst another, George Russell, is said to be considering a move to the Principality and has been spotted around the area with increasing frequency as of late. Monaco Life takes you through Monaco’s current crop of F1 stars. 

Max Verstappen

The current World Champion has been living in Monaco since October 2015, and currently resides in Fontvieille. The Dutchman had previously been living in Belgium. The Red Bull driver beat Hamilton to win his first title in 2021 before winning the 2022 championship at a canter. Verstappen denies moving to Monaco for financial reasons, stating at the time that his salary “has not changed”. Verstappen is expected to move to Maraterra, the new coastal district under construction in Monaco, upon completion of the works in 2025. 

Charles Leclerc 

Leclerc is not just a resident, but a citizen. The 25-year-old Ferrari driver has been living in the Principality since birth, and reportedly currently resides in the Jardin Exotique area. The Monégasque knows the streets of Monte-Carlo well, but is yet to pick up his first race on the streets on which he grew up. Perhaps 2023 will finally be his year. 

Lando Norris 

The McLaren driver, who made the move in 2021, reportedly lives in Monte-Carlo. The Brit moved from Surrey to the Riviera and cited financial reasons for his move to Monaco. 

Sergio Perez 

The Red Bull driver lives in the Principality, and last season won his first Monaco Grand Prix, profiting from tactical errors by the Ferrari team to take the chequered flag on the iconic streets of Monte-Carlo. 

Valtteri Bottas 

The Finnish driver, who currently races for Alfa Romeo, lives in Port Hercule. An avid cyclist, he like many others in the Principality such as Mark Webber, make the most of the mountainous local roads and can be seen cycling on the haute, moyenne or basse Corniche, which leads you all the way to Nice. Bottas also competed in the maiden edition of the Beking event in 2021. 

Alex Albon

The Williams driver, who has British and Thai nationality, lives just three minutes away from the paddock during the time of the Monaco Grand Prix. He revealed in an interview with last year’s teammate Nicolas Latifi that by June 2022, he had only spent one month of the year actually in the Principality due to frequent visits to the simulator in the UK. Albon stated financial reasons as a motive, joking with his teammate that he wants “to keep his money”. He added, “Beyond the obvious [financial] reasons, Monaco is just a nice place, the weather is consistently nice and it’s quite quiet.”

Nyck De Vries 

The Dutch driver is set to take part in his debut season in Formula 1 with Alpha Tauri. The 2020/21 Formula E champion has previously said that he likes the communal element of living in Monaco. “I think it is a very sporty community. It is very international and welcoming. Everyone is very open and it is very easy to make contacts and friends. There are lots of sportspeople, especially in racing. It is just a nice vibe. I have the sea in front of me and then the mountains. I am very happy [in Monaco] at the moment,” he said in an interview with The Star. 

Nico Hulkenberg 

The German is making a return to Formula 1 this season with Haas. He previously revealed that the beauty of the local area was a driving force for his move to the Principality, but another factor was his reported pre-race ritual. Hulkenberg likes to sleep at home the night before a race, and living in the Principality allows him to do that on the eve of the Monaco Grand Prix. 

Lewis Hamilton 

The British driver, who will once again drive for Mercedes this season, holds the joint record for World Championships, which he shares with Michael Schumacher. Hamilton reportedly lives in Monte-Carlo after making the move from Switzerland to Monaco back in 2012. 

Does George Russell live in Monaco? 

The residence of the British driver is currently unclear. Although the London resident doesn’t officially live in the Principality, he has been spotted in Monaco with increasing frequency of late. Russell has reportedly set his sights on moving to Monaco for some time but has previously been hindered from doing so, most recently due to uncertainty surrounding his seat for the 2022 season. 

However, as an established Mercedes driver, he may now have made the move. He has been spotted at Nice Côte d’Azur airport, as well as at some restaurants around Monaco, where he has dined with team principal and resident of the Principality Toto Wolff. Nothing is confirmed, but the signs are – seemingly – that he is close to, or already has, moved to Monaco. 

Does Fernando Alonso live in Monaco?

Aston Martin driver Fernando Alonso’s residency status is also unclear. It is thought that he still lives in his native Spain, but the former World Champion is also regularly spotted around Monaco. Be it running on the digue or dining at Cipriani in Monte-Carlo, he certainly has a regular presence in the Principality, and perhaps more. 

Nine current Formula 1 drivers are confirmed to be living in Monaco, and if the residences of Russell and Alonso are confirmed, then over half of the 2023 grid would be based in the Principality. The host country of arguably the most iconic Grand Prix is the home of motorsport in more ways than one. 

 

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Photo above credit: Scuderia Ferrari press office