Monaco: Luxury Real Estate never goes out of style
Why is Monaco building more and more villas, triplexes, and penthouses? This is the question posed in a recent article in “L’Observateur de Monaco”.
This has been a trend observed for several years now. Monégasque real estate developers have been engaged in constructing apartments and villas spanning hundreds of square meters, offering high-end amenities. This new direction caters to the desires of an extremely wealthy clientele in search of exceptional real estate.
The reasons for this shift are manifold. Firstly, the Monegasque real estate market suffered from a shortage of spacious apartments, prompting developers to reconsider their development strategy. Furthermore, the level of service in high-standing buildings did not meet the expectations of this demanding clientele, accustomed to a certain standard in other international capitals.
However, this upscale trend comes with a price, literally. The exorbitant prices are often referred to as “extraterrestrial” by real estate agents themselves, sometimes exceeding 80,000 or even 100,000 euros per square meter, well before the delivery of real estate projects.
A new trend is also emerging, that of staged and decorated apartments to facilitate their sale. Some clients, lacking a local network to oversee the work, prefer to acquire turnkey properties. Consequently, more and more real estate professionals are resorting to staging apartments, creating vibrant settings with furniture, decorative objects, and even clothing in the wardrobes, allowing potential buyers to envision themselves living there.
However, this shift is not without consequences. While new luxury villas are being built, older constructions have been demolished to make way for modern residential buildings. For example, the IMSEE study of 2019 reminds us that some villas have made room for residential towers, highlighting the extent of the urban changes in Monaco.
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