There’s a French proverb that goes, “Plus ça change, plus c’est la même chose.” Or,
The more things change, the more they stay the same. The year 2020 has been unprecedented, with a once-in-a-lifetime pandemic upending our lives.
For real estate brokers, this means a pivot to new ways of doing things, reviewing property market trends, and adjusting their outlook for what’s to come.
Here are a few things to consider when it comes to residential or commercial property investment in Monaco.
Monaco continues to offer fantastic investment opportunities
The good news is, purchasing luxury real estate in Monaco remains a safe-haven investment. The principality benefits from a host of advantages other real estate markets can only dream of. Unparalleled exclusivity, an incomparable way of life, the tax breaks that come with being a resident, tight security, year-round sunny weather, and close proximity to major European cities have continued to contribute to Monaco’s resilience in the face of the global health crisis.
Monaco properties are still the most expensive in the world. While there has been a spike in interest in luxury properties, the global market has been soft in general. Property owners are as reluctant to sell as buyers are gun-shy about investing in available homes.
In Monaco, however, home prices have remained stable because there are always more buyers than there is inventory. Therefore, Monaco still offers fantastic investment opportunities.
Monaco remains impervious to instabilities
Because of a robust health care system, stringent lockdown policies, and public cooperation, Monaco was one of the cities in Europe least affected by the pandemic. The principality successfully flattened the curve, which makes Monaco well placed to weather the economic fallout of the pandemic. Seemingly impervious to political and economic instability, Monaco remains a sought-after destination.
The residential market in Monaco also promises an uptick in property sales. This is partly driven by a handful of villas being sold, mostly for redevelopment. Older residents may be giving up their villas and apartments, as they may be unable to maintain them.
The same is true for the rental market because Monaco still ranks as the most expensive location in which to rent residential property globally.
Monaco aces the factors affecting the future of its real estate
Real estate experts and professionals are looking at four main factors that may impact Monaco’s property market in the future.
- Market resilience
Experts agree that the durability of the real estate market in Monaco can withstand the current global pandemic, which makes it even more attractive to buyers and investors.
Real estate professionals have come to embrace technology more by maximizing the digital tools at their fingertips. Virtual home staging and virtual tours have increasingly become the norm as tighter travel restrictions have been imposed. These have helped real estate professionals to keep the ball rolling by making it easier and safer for overseas clients to take a look at properties they are keen on purchasing.
- Environmental mindfulness
Monaco’s developments highlight the shift to more environmentally mindful buildings. Now, construction firms are required to comply with compulsory eco-friendly practices.
- Changing skyline
There are a few major developments in the pipeline for Monaco, making it an exciting time for investors.
Monaco is set to unveil a brand new district in 2025
Portier Cove or Monterra is a construction project that will create a new district in Monaco by reclaiming 60,000 square meters of land from the sea. This project will increase the size of Monaco, and promises to be the most dramatic development in the principality.
This pedestrianized eco-district is set to open in the Larvotto district by 2025 and features a public park, a port with 30 boat slips, and luxury housing including multi-tenant buildings and private waterfront villas.
Though ambitious, this does not in any way indicate a drop in the prices of property in Monaco, as the promised new units may still be fewer than needed, which means prices are expected to remain stable.
Spark and Partners will help you find your luxury investment in Monaco
When looking to invest in property in Monaco and the French Riviera, Spark and Partners offers the most stunning and diverse selection. We’ll be able to guide you through the complexities of every transaction, as well as offer expert advice for your next investment venture.
Ask us, Spark and Partners, about the luxury homes for sale in these areas. After operating in the principality for over 10 years, we know just about everything there is to know about real estate in Monaco. Allow our personalized service to simplify your search for the right properties to invest in.
Call +377.97.777.000 or email hello(at)spark-estate(dotted)com to begin your search Monaco property now. You can also send a message here.