The National Council approved a new law to decommission a plot of land between the state-owned building “Les Jacarandas” and 39 and 43 rue Grimaldi, to make way for new housing.
Bill No. 1103 declares the decommissioning of a 144 m² plot of land belonging to the State’s public domain. This will allow it to be transformed into a real estate project involving the construction of an 18-story building, primarily for residential use, in exchange for the donation to the State of three apartments, as well as four parking spaces and four cellars.
The bill was passed unanimously at the beginning of April, after being submitted to the General Secretariat of the National Council in October 2024.
“Real estate has historically constituted a significant portion of our GDP, and with the approaching decline in revenues, linked in particular to the end of the Testimonio II and Mareterra projects, the National Council considers it essential that new real estate projects be initiated. This is essential to ensure sources of revenue for the State budget and limit the impact on employment levels in the Principality, so as to preserve our economic and social model,” states National Council’s report on the new law.
The law will result in the transfer of the plot of land to the private domain of the State. This plot has been valued by the Government, based on its guidelines, at €11,445,585 excluding VAT. The land will then be transferred to a private developer for a real estate project involving the construction of an 18-story building, primarily for residential use.
The building will house the following Stat-owned real estate: two three-room apartments, with a total surface area of approximately 105 and 131 m² respectively, and one two-room apartment, with a total surface area of 60 m², as well as four parking spaces and four cellars, with a sale price of €40,000 per square metre, excluding VAT.
