Despite being smaller than Hyde Park and Kensington Gardens combined, Monaco is now home to 12,200 millionaires. A “benign” tax regime, privacy and security continue to attract HNWIs in their droves – the number of inhabitants with US$30m+ to their name has shot up by 62% in the last decade alone – but what kind of stock is being delivered to cater for their rarefied needs and super-deep pockets?
It’s not hard to see where the demand is. According to Knight Frank, the average price of a resale property in Monaco stood at €3.5m in 2015, whilst the average for the 38 new-build apartments sold last year was closer to €11.9m.
The lack of available land keeps a firm lid on the number of box-fresh units being delivered of course – 2015 was a bumper year in comparative terms, as 195 new apartments in three new prime developments (Tour Odéon, Le Meridien and Le Petitie Afrique) hit the market – and the next tranche will come with the completion of Testimonio II, a 150-unit scheme being built by the firm behind the bar-raising Tour Odéon (where the penthouse is currently rumoured to be available at $335m).
Here’s where to look…