Contrary to all expectations the real estate market is unexpectedly buoyant in and around Monaco especially at the luxury end. One of the dominant real estate agencies has in fact just revealed in the press a mega-sale of an apartment in the Principality for over 100 million euros. Confidentiality written into the sales agreement means the exact figure cannot be disclosed but it is anywhere between 100 million and 1 billion euros! John Taylor has let it be known in the press that it is the biggest sale in its history and it is not even on the sea-shore.
The agency also included in its disclosure to the press other snippets of good news namely evidence of froth in the market all around Monaco on the Riviera including a French impresario of fashion taking up a dream residence in Nice in 2021 – a cute property on the seaside just outside Nice, on the Monaco side.
It is probably not surprising that two years ago, with the advent of Covid, doom and gloom was forecast for the real estate market. Yet sales are reportedly recovering in certain sectors, compared to 2018 and 2019.
The Côte d’Azur is Buoyant
John Taylor is a good indicator of what is happening because they have a major market share in hyperluxury, that is, houses above 10-15 million euros. And this year, they broke records in Monaco … but also around the Principality.
The most frothy segment outside Monaco is in the 1 to 2 million euros range on the Côte d’Azur and then up to 4 million euros. Reports are of sales increases in the double digits.
Who are the surprise new buyers? Apparently Monegasques are swooping up properties even in the 10 million euro hyper-luxury bracket which is more than making up for the absence of foreign investors.
There are records of a lot of transactions with Monegasques for houses by the sea and in the countryside . Demand is noted as very strong in areas like Saint-Jean, Mougins, Valbonne, La Colle and Saint-Paul.
Monaco: the Ultimate Safe Sanctuary
Monaco itself is more than holding its own, its attractiveness having perceived to increase during Covid. More and more young families are reported to be settling in, livening up the streets where the population is getting younger and adding growth to the schools.
Safe, stable and globally secure and close to Nice airport … its a recipe that continues to be appetizing.