The Monaco Life Ski Report

02/03/2023

Fresh snowfall and clear skies will make for some idyllic skiing conditions in the region’s resorts this weekend, especially at Isola 2000 and Limone Piemonte.

Isola 2000 – There are currently 44 ski slopes and 19 ski lifts open in Isola 2000. On Thursday there was further fresh snowfall, meaning there will be up to 130cm at the summit. Skiing conditions will be perfect over the weekend, with full sunshine on Saturday and Sunday, and temperatures set to remain low, with highs of 4°C and lows of -7°C. There are two separate youth skiing tournaments taking place on Saturday and Sunday at the resort. The Col de la Lombarde road is closed until further notice.

Auron – There are currently 36 ski pistes and 19 ski lifts open at the resort, down on last week. Temperatures are expected to be higher relative to neighbouring resorts with highs of 6°C. Weather conditions throughout the weekend are expected to be pleasant with a mixture of cloud and sunshine. In terms of access, Route de la Bonette, Piste de la Moustière, Piste de Demandols and Route de la Lombarde are all closed for the winter season.

Valberg – There are 21 ski slopes and 13 ski lifts open. After the heavy snowfall towards the end of January, there is still 60cm worth of snow at the summit. Temperatures will remain above freezing throughout the weekend with highs of 8°C.

Limone Piemonte – The Italian resort is reporting 31 open runs and 13 ski lifts. The resort’s snow levels were topped up with fresh snowfall falling through Wednesday and Thursday, however, conditions are expected to clear over the weekend with sunny spells. There will be lows of 0°C and a potential high of 8°C. Passage through the Roya valley currently isn’t possible due to the collapsed bridge at Tende. The journey from Monaco is currently approximately three hours by car, although the train line is in operation.

Gréolières-les-Neiges – This popular family resort, which lies less than an hour from the coast, continues to struggle with poor snowfall due to its location at a lower altitude than other south of France ski stations. However, there are still six slopes that will be skiable this weekend, all of which are in close proximity to the village. Consistent with conditions throughout the region, there will be a mixture of sun and cloud, with a chance of some rain late on Saturday.

Val d’Allos – The resort, which combines Allos, Seigneus and La Foux d’Allos as well as access to Pra-Loup, is running close to complete capacity, with 25 out of its 27 lifts in operation and 51 out of 64 pistes welcoming skiers, snowboarders and the rest. Temperatures fluctuate from -7°C to 8°C. Conditions will be perfect for skiing on Saturday and Sunday with clear skies expected.

Chamonix – Deeper into the Alps and a five-and-a-half-hour drive to the north of Monaco, the resort of Chamonix has 99 pistes and 59 ski lifts currently in operation. There will be spells of sunshine at the resort, with no precipitation expected. Temperatures will range from 8°C to -6°C.

Note: Snow tyres or other suitable equipment must be used on the roads up to the ski resorts.

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Photo by Fun Radio Côte d’Azur/Facebook

Environmental impacts of yachting front and centre at La Belle Classe Superyacht symposium

by: Stephanie Horsman

02/03/2023

Last week’s La Belle Classe Superyacht Symposium at the Monaco Yacht Club put emphasis on the latest ecological developments in the sector while addressing the thorny issue of yachting and the environment.

The Yacht Club de Monaco hosted the La Belle Classe Superyacht Symposium on 23rd February.

Over its 15-year history, the event has morphed into a sounding board to discuss the most pressing issues and developments in the yachting industry. It is organised under the Monaco Capital of Advanced Yachting umbrella and brings together key players, including owners, captains, and suppliers. This year, its focus was squarely on how to move the industry toward more eco-friendly practices.

“The Yacht Club de Monaco’s unique and neutral position enables it to bring those involved across the industry together to analyse the situation and propose concrete solutions,” said Bernard d’Alessandri, General Secretary of the Yacht Club de Monaco and President of the Cluster Yachting Monaco, at the event. “You all coming here this evening reflects everyone’s involvement, which is essential if we are going to shift the goal posts.”

A thriving industry

Orders for new boats are off the charts, with 7% growth in 2023 and 648 yachts over 30 metres currently under construction.

“The shipyards have full order books and some shipyards have already sold yachts for delivery in 2028,’’ said Merjin de Waard, the founder of SuperYacht Times and a board member of the Superyacht Life Foundation, who then went on to explain, “New yacht sales dropped 29% in 2022 compared to 2021, however 2022 was still the second-best year (after 2021) of the last 10 years with 221 new yacht sales.”

Though the industry is clearly thriving, it has a certain perception issue, in that people look quite negatively upon superyachts as privileged polluters. The industry is making attempts to clean up its act, and a raft of environmental regulations coupled with international awareness is taking hold. Many of those in the sector are now actively looking at ways to improve, rather than playing catch up.

ESG objectives at the fore

To achieve this, industry leaders are looking at specific environmental, social and governance (ESG) objectives to support the industry in its transition.

“The ESG strategy promotes commitment and action towards decarbonisation and can help the superyacht industry meet the growing compliance demands of banks, insurers and legislators that is increasingly driving the licence to operate,” said Captain Nigel Marrison, the founder of Blue ESG.

The yachting industry’s new goal of making ocean protection a priority has turned the focus inward.

Nicolas Mior, the manager of Jutheau Husson Yachting, thinks that the insiders need to drive the change, saying, “Even though the yachting industry has a small impact on the planet in terms of CO2 emissions, these players have a big responsibility, particularly in image terms; they must be drivers and leaders to progress the technologies and habits of tomorrow, to raise public awareness and make the maritime world more eco-friendly.”

Boat builders and engineers are rethinking new builds and steering them towards more efficient propulsion systems, such as hybrids as well as using zero-waste construction techniques, but what about the ones already built?

Super yachts are estimated to emit five million tons of CO2 annually, a very small 0.3% of the maritime sector’s total emissions, but the industry is hoping to shave off even more. Converting to new hybrid engines, using electricity and methanol, or ones running solely on methanol, are a popular idea for the future.

“Yachts must be the drivers of green innovation by developing truly sustainable footprints by optimising energy use and efficiency, researching sustainable fuel options and adopting new technologies. Methanol has the potential to become a major fuel source for the maritime industry with forecasts predicting that by 2050, 40% of its fuel will be methanol,” said Daniel Chatterjee, Director of Sustainability Technology Strategy and Regulatory Affairs at Rolls-Royce.

Another solution is going back to the industry’s roots and constructing more sailing yachts, the obvious advantages being that wind propulsion is free and clean.

These kinds of ideas will set the yachting sector down the path those at La Belle Classe hope will alter its image, whilst also doing right by the planet.

Captain Sean Meagher of Latitude and a Captains’ Club member said, “We have the potential to change the face of the industry, to show we are not all about excess and frivolity, but an industry of innovation, altruism and passion. To do that, we need to tell the stories of vessels and their owners that do make the world a better place.”

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Photo by Monaco Life

Prince Albert’s academic visit to ancient city of Padua

by: Stephanie Horsman

01/03/2023

Prince Albert II has visited the Italian city of Padua, stopping by at Galileo’s alma mater, the University of Padua, as well as taking in some of the city’s exceptional sights.

Padua is an ancient place. Older than Rome and home to the sixth oldest university in the world, the University of Padua, which was founded in 1222, it was also famously the setting for Shakespeare’s The Taming of the Shrew. Needless to say, it holds a sort of magic that only old Italian cities can evoke.

Prince Albert visited Padua on 27th February in order to visit the university, which boasts an exceptional international centre of excellence in the field of cellular and molecular biology. He started his day with a trip to the Palazzo Bo, seat of the school, and went onto join Daniela Mapelli, the rector of the Anatomical Theatre, for a personal tour.

The Prince spent the next few hours in meetings with officials from the university, where they spoke on topics dear to him, such as the environment and health issues. After, he went to the Caffé Pedrocchi for an aperitif and then for lunch in a restaurant in the city’s historic centre.

After lunch, he was treated to a visit to the Basilica of Sant’Antonio and the Botanical Gardens, and then proceeded to the Venetian Institute of Molecular Medicine, where he met with researchers.

The evening was capped off in Treviso, where a private dinner was organised for him by Mario Moretti Polegato, the president and founder of shoe manufacturer Geox.

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Work begins on new cultural centre in Beausoleil: Village Charlot

by: Cassandra Tanti

01/03/2023

The first stone has been laid for Beausoleil’s new cultural centre, Village Charlot, whose features will include a free library with books from all over the world.

Early renderings of the new community centre were unveiled by the Beausoleil Town Hall in October 2022. On Tuesday 28^th February, Beausoleil Mayor Gérard Spinelli, ceremoniously laid the first stone for the construction of the €18.5 million project.

“The challenge is to create a place that promotes exchanges between the communities of Beausoleil, which tend to stay together, to offer them a common vision,” said Mayor Spinelli. “Culture is an essential element in the cohesion between inhabitants, and that is why we want to make it accessible to as many people as possible.”

It is for that reason, said the mayor, that Village Charlot will be free for all, regardless of the space they enter.

*The Village Charlot media library will be flooded with natural light. Image rendering by architect Marc Barani.*

A new culture hub in just over a year

The entire project is due to be delivered as soon as July 2024. Located between Avenue du Maréchal Foch and Avenue du Carnier in Beausoleil, Village Charlot will feature a media library, a toy library, a room for artistic expression, a digital museum, a restaurant area, a philosophy café, a social centre, an artists’ residence plus four large workshops, and 1,300sqm of manicured gardens.

With glass as its main architectural feature, the media library will look like a large greenhouse, designed to be flooded with natural light. “We wanted the culture to be visible from the street, whether on Avenue Foch or Avenue Carnier. This transparency will allow that to happen,” said project Architect Marc Barani.

The site was purchased by the local municipality in 2008 and the only property left standing on the plot is the 19^th century Villa Chêne, which has been completely gutted and will be rejuvenated to form part of the new “village”.

Meanwhile, Villa Emilie – which had to be demolished, will be rebuilt identically to the original, with the addition of an extra floor. This will house the artists’ residence.

The media library will have a collection of more than 30,000 works, some of which will be international books.

The Village Charlot logo is made up of the face of Charlie Chaplin, aka “Charlot”, formed by the five continents of the globe.

SEE ALSO:

Beausoleil unveils first photos of new cultural centre project

Photo above source: Ville de Beausoleil

Real Estate: Provence wins over Monaco in Knight Frank Wealth Report rankings

by: Elsa Carpenter

01/03/2023

Despite a strong year statistically for real estate in Monaco, the Principality has been overshadowed by luxury destinations just over the border in France, according to the fresh-off-the-press 2023 Wealth Report from Knight Frank.

Global real estate consultancy group Knight Frank has just published its 2023 Wealth Report and it’s full of surprises, particularly within the Prime International Residential Index, which tracks the annual performance of prime prices across 100 of the world’s most desirable destinations.

It’s an interesting read. 2021 is considered something of an “anomaly” characterised by “stellar price growth as markets reopened post-Covid, and revenge spending took hold”, writes the group’s Kate Everett-Allen.

“Off the back of such a boom, you might be forgiven for thinking 2022 would see a return to business as usual. Far from it,” she continues. “Omit 2021, and 2022 posted the highest level of prime price growth on an annual basis (5.2%) since the global financial crisis.”

Investments tapered off in the latter half of the year as inflation rose, the cost of debt increased, recessions were forecast and markets “went wobbly”, but even so, nearly 20% of the world’s ultra-wealthy added to their property portfolios in 2022, while 15% plan to do so in 2023.

Monaco holds on to its title as the world’s “most expensive residential market”, but…

Monaco retained its title as the world’s most expensive residential real estate market, but it was among just a handful of Knight Frank’s Top 100 to experience a fall in prime price performance in 2022.

Compared to the previous year, Monaco fell by 3.8%, leaving it in 92nd position in the rankings. The Principality now sits alongside a number of cities that saw the strongest price growth during the Covid pandemic but are now experiencing decline, such as Seoul (-5%), Vancouver (-7%), Stockholm (-8%) and the two New Zealand hotspots of Auckland (-19%) and Wellington (-24%).

South of France experiences a year of “no let-up in enquiries”

The same can’t be said for the south of France, however, which has performed spectacularly well in the rankings. Provence now finds itself in 12th position with a 12% increase, Cannes is in 17th with a 10% rise, Saint Tropez is in 22nd thanks to 9% of prime price growth, and Saint Jean Cap Ferrat is just behind in 26th with 8%.

Knight Frank’s Head of International Sales has described 2022 as a year with “no let-up in enquiries” for property in the region.

This is expected to continue into 2023, with France featuring in Top Five overseas markets likely to attract property investments from ultra-high-net-worth-individuals (UHNWIs).

“The wealthy are targeting markets offering lifestyle benefits along with currency diversification, stable political governance and high levels of transparency,” according to the group’s Wealth Report Attitudes Survey.

The era of the “resort” destination

One clear winner in the Prime International Residential Index is the resort.

“Dubai leads for the second year running, cementing its status as a second home hub for global UHNWIs,” writes Everett-Allen.

In 2022, it recorded a stunning 44.2% growth in prime prices, although the report is keen to point out that “values are rising from a low base”.

The next in the rankings is US ski favourite Aspen in Colorado, with saw a 27.6% rise. Riyadh comes in a close third with a 25% increase.

“In 2022, resorts shone bright, be they sun or ski locations,” summarises the 2023 Wealth Report.

Monaco Real Estate: New build sales top €1 billion for first time ever

Monaco Real Estate: A resilient market returns to near record-breaking levels

Monaco Real Estate: The private new builds that are changing Monaco’s landscape

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Photo source: Sébastien Jermer for Unsplash

Local tech heavyweight acquires major share in Superyacht Technology Network

by: Stephanie Horsman

01/03/2023

Will Faimatea, founder of Monaco-based Bond International, has acquired 42% of leading tech event company Superyacht Technology Network.

Australian-born Faimatea is the founder and director of Bond International and co-founder of several other tech based companies including bringing the environmental Pathogen detection service Poppy to Monaco, as well as being a major contributor to Yacht Crew Help and Life After Yachting. He has scooped up a 42% share of the company, and will act in an advisory position rather than taking on a formal executive role.

SYT is looking to expand its operations, including the popular Superyacht Technology Show, and Faimatea’s 30-year track record will be instrumental. The 2024 Show is set to be four times the size of last year’s event, due to increased industry demand, and will include a 500-delegate capacity, featuring talks and conferences from leaders in both tech and super yachting sectors.

“I’m proud that an industry giant such as Will Faimatea recognises the potential of the next phase of SYT Network and he is the perfect collaborator,” said Director of SYT Network Jack Robinson. “This investment will allow us to more quickly achieve our goal to bring innovators and buyers together in the superyacht marketplace.”

The injection of funds will help boost operational teams that will be in charge of anticipated sales from new exhibitors from the worlds of engineering and green technology.

“I am excited to be personally involved with the Superyacht Technology Network which Jack has founded,” said Will Faimatea. “The platform represents and allows all those companies and owners, representatives and crew with technology focus a place to visit and experience the technologies and the people behind them.”

SYT Network was founded in 2022 by Jack Robinson after an 18-year superyacht industry career, where he was primarily involved in media and technology. His vision was to create a platform for superyacht businesses in IT and AV to grow through networking events. The company’s membership stands at 18,000 individuals and companies.

“Will’s vision for the future of superyacht technology mirrors my own and we both acknowledge the industry’s desire for a dedicated, stand-alone, technology show,” said Robinson. “We are committed to delivering such a focused show with the expanded Superyacht Technology Show planned for Barcelona in March 2024.”

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The Monaco Life Ski Report