A research produced by
Monaco is one of the few places in the world that shares characteristics of a world city, centre of commerce and top tier ‘recreation destination’, providing its residential markets with a broad demand base.
A centre of global wealth, Monaco has the world’s highest density of ultra wealthy individuals, and is the sixth most important world destination for their direct real estate holdings.
Demand for a limited pool of stock has pushed ultra prime prices to the highest globally, at €91,000 per square metre, or $12,000 per square foot.
While transaction numbers and average values stand below their 2007 peak, sales by total value are 23% above their former high. As a real estate investing ‘safe-haven’ Monaco has seen increased activity – focused at the very top end of the market.
In order to remain competitive on a global stage, the Principality is building into the water (on reclaimed land), and skywards. New product is comparable to that found in the best addresses in London, New York and Hong Kong.
We foresee continued price appreciation in Monaco’s residential markets due to demand from a growing number of global UHNWIs, set against restricted levels new supply. We expect prices to return to peak in the next 12 months, implying growth of around 20% before June 2015. Monaco is one of the few places in the world that shares characteristics of a world city, centre of commerce and top tier ‘recreation destination’, providing its residential markets with a broad demand base.
A centre of global wealth, Monaco has the world’s highest density of ultra wealthy individuals, and is the sixth most important world destination for their direct real estate holdings.
Demand for a limited pool of stock has pushed ultra prime prices to the highest globally, at €91,000 per square metre, or $12,000 per square foot.
While transaction numbers and average values stand below their 2007 peak, sales by total value are 23% above their former high. As a real estate investing ‘safe-haven’ Monaco has seen increased activity – focused at the very top end of the market.
In order to remain competitive on a global stage, the Principality is building into the water (on reclaimed land), and skywards. New product is comparable to that found in the best addresses in London, New York and Hong Kong.
We foresee continued price appreciation in Monaco’s residential markets due to demand from a growing number of global UHNWIs, set against restricted levels new supply. We expect prices to return to peak in the next 12 months, implying growth of around 20% before June 2015.
Source : Savills
