Why The Monaco Real Estate Market With Michele Tecchia is Still Worth It

Have you thought about making the move towards Monaco as well as making a property investment in the Principality? There are many advantages that inspire you to make an investment in the exclusive nation of Monaco. Although it’s second-smallest country worldwide, it’s exclusive position on the Mediterranean close to France means it is the most expensive property in the international market. Although a majority of the properties available for sale are built-in properties that provide the space constraints to create prime development opportunities, a few new developments have made it possible to find the Monaco housing market attractive.

Monaco luxury real estate at a glance

What makes property investments in Monaco such a desirable investment? A variety of factors are currently putting the market so in demand. One reason is the fact that Monaco has an extremely minimal tax cost. The income tax rate in Monaco being zero percent since the 1850s, as well being free of capital gains and council, or annual property taxes, and no tax penalties for the purchase or sale of real estate in the local area You’ll definitely enjoy the full benefit of your investment in property in Monaco.

People with high net worth who want the peace that comes with an exclusive life surrounded by friends will be hard pressed to find a better destination similar to Monaco that is expected to see 30 percent of its residents to be millionaires. For help finding property in the area contact Michele Tecchia Monaco.

What is the price of the value of real property in Monaco?

How much is real estate priced? The costs per sq m of housing increased by more than double between 2009 and up to EUR48,799 in 2018. This shows an increase in the cost of housing throughout the years. These most recent figures that we could find show that the average price per square metre meant that Monaco real estate prices were 96% higher than New York and 10% higher than the second-most-expensive city, Hong Kong. If you are a person who is able to pay for the prices that market dictates, there is certain to be a property that is suitable what you need.

According to an Savills research report the worth of real estate transactions in 2017 was estimated to be EUR2.1 billion for the entire city state. Although the figure was quite high however, it was down from the previous year’s sales. These numbers show that the demand for homes within Monte Carlo and the other Monagesque areas remains extremely desirable. Real estate companies argue that the absence of land as well as how people tend to hold onto properties for longer makes it difficult for buyers to buy properties. A lot of people choose to rent before deciding to buy because it is easier to access the right rental property that meets your needs. But, this should not hinder your search to find the perfect house in Monaco.

There is an abundance of homes, but be aware that the majority homes were constructed between 1950 and 1970 which gives the apartments and flats that are that are available for resales a distinct style. A lot of ultra-high-net-worth people who purchased luxury apartments in Monaco did not invest hours renovating their homes. However, Knight Frank noted that the owners are starting to do these improvements to rid their homes of the glitzy and make the homes similar to their residences across the world.

What does the Monagesque government responding to real property investment demand?

News has recently surfaced about the Monagesque administration is now claiming land off Mediterranean sea, which has led to an increase in its land of six ha. The increase in landmass could be in response to the pressure currently being imposed by the market. The plan will include 60,000 square metres of luxurious housing, along with an individual port as well as 3000 square metres of retail space that will be built at a price approximately EUR2 billion. Bouygues The French industrial company, constructed an 800-metre-long wall which was filled with sand after taking out seawater. They’re currently using the technique of jet grouting to stabilize the area prior to beginning construction from October 2020. Jean-Luc Nguyen, the Monagesque official in charge of the project, stated that “[w]hat we’ve tried to achieve is to create within the new infrastructure , ways for the flora and the fauna to recover as quickly as they can.” In the end the new plan which drained seawater implied that there was going to be a loss of habitat and was designed to occur in a way which would minimize the negative impact.

As part of this project, Groupe Marzocco, the architect firm responsible for The Tour Odeon, the principality’s most tallest structure, is engaged in the construction of Testimonio II along the Avenue Princess Grace at the water’s edge. While the majority of the homes in the project are owned by the state however, there will 49 homes for private residents available. Additionally, there will be a brand new campus for the International School of Monaco, as well as a kindergarten, to enhance urban living conditions in the city.

The two projects are certain to provide much-needed supplies to a growing world land-constrained real estate market, which is in significant demand.

Are you ready to start an investment in Monaco luxury real property investment?

If you’re looking to pursue Monaco residence and investment in property our team of Monaco relocation specialists can assist you throughout the process. We’ll ensure that the property you’re considering purchasing to be your main home, it’s big enough to accommodate your family and will take care of other aspects as you start your journey as an Monaco resident or relocate to your new residence. Are you prepared? If yes you are, don’t hesitate to reach us.

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