The General Manager of Agedi Monaco, Sandrine Bastien, was interviewed by Comtesse Natalia Valevskaya in her column “Art de Vivre & Savoir Faire” for Rus Monaco magazine. Here is the complete interview.
The international real estate group Agedi, whose portfolio includes a long list of assets in Italy, Principality of Monaco and France, enjoys an impeccable reputation. Add to that the fact that it manages the real estate of Ecclesiastical Bodies, which already speaks for itself. I was personally interested in taking part in this interview to discover the subtleties of their work and organisation, particularly with regard to their Monaco offices. Having control of real estate assets, wherever they are located, is first and foremost a matter of responsibility, which the owner assumes. Fortunately, I received answers to many of the questions I had. I hope the information will be useful to the readers of my column.
Our chat with the General Manager of the Agedi group company, Agedi Sam, in Monaco, Sandrine Bastien, on what is currently happening in the Monaco property market.
Dear Sandrine, tell us briefly about the company and its strengths.
Our company manages a portfolio of approximately 500 real estate assets spread over the whole Northern European territory. The owners are private individuals, corporations, real estate funds, investors and non-profit organisations, in particular ecclesiastical bodies in Italy. Our knowledge of the sector, acquired over more than 60 years, is reinforced by a team of staff who are specialists in their field. Agedi Sam and the Agedi Group in general are always at their clients’ side, wherever they are, regardless of the type of real estate they own (residential, offices, warehouses, entire buildings, financial assets, etc.).
Asset management is our core business. It consists of carrying out all the owner’s tasks in the owner’s place, including tax declarations, relations with the administration, suppliers, accounting (receipts, expenses), and maintenance. These services are scalable according to the client’s needs, but – especially in these times of pandemic – we recommend a comprehensive management.
You have a lot of experience in asset management, but because of Covid-19 this expertise has become more relevant than ever. The closing of borders and the freezing of air routes led to a situation where many European and Russian owners could not access their real estate. This is despite the fact that the costs – far from moderate! – were not amortised in any way. Could you have helped in this circumstance?
The onset of the crisis has not affected our approach and global vision to optimise our clients’ assets. Agedi’s wide range of services allows our clients, whatever their capital situation, to pull the reins according to current market and world events. Several leverages can be activated to minimise the negative effects of the current crisis. Precisely for second homes, we could propose: seasonal rentals or furnished homes for long-term contracts, maintenance and assistance service, possibly monitoring, or customised according to the client’s needs, sale.
Our range of services covers all aspects of real estate and is based on coordinated and integrated management. From a financial point of view, we rely on a large network of trusted people who are able to give practical advice and provide practical solutions to solve problems in a timely manner.
What is your forecast for the coming years? What is happening on the Monaco property market today? Is the market really overloaded and is supply higher than demand? Are prices falling, are rentals standing still?
If one looks at the statistics, the prognosis of the housing market is difficult to determine as it no longer depends only on direct constraints related to the health crisis. In short, it is no longer just a question of travel restrictions, but of the future political management that will follow the global economic crisis. The real estate market fell less sharply than analysts had predicted and unevenly across the map. That’s because the supply of properties for resale on the Côte d’Azur market fell but prices remained stable.
The sale and purchase market in Monaco also withstood the crisis. It was the market for the sale of new properties that suffered the most. The next two years will certainly be marked by an inexorable drop in prices. Prices that are no longer in line with demand, after having risen steadily in recent years. The crisis has reconfirmed that real estate will remain an excellent investment – as if we needed to stress that!
It should also be noted that market prices for high-end or luxury property in France have risen by 3 to 9% in 2020. It therefore remains a valuable, somewhat niche but secure asset.
Are Agedi Sam and the Agedi Group also involved in optimising the costs and revenues of their clients’ real estate?
We are involved in all phases and areas of real estate asset management. As a result, we are able, within the framework of global management, to optimise the investment in all its aspects, including taxation. Thanks to our technical division, we offer a turnkey service for all projects entrusted to us. Finally, we act as a joint venture for all projects that our clients wish to launch on the French Riviera and other countries in Europe.