The Principality of Monaco gears up to live to the rhythm of Formula 1 from May 23rd to 26th, 2024, for the 81st edition of its renowned Grand Prix.  

This event, one of the most prestigious in the world of motor racing, transforms the small city-state into a lively hub of activity, attracting visitors from around the globe and generating significant economic benefits for the Principality. 

A Historic and Prestigious Event 

The Monaco Grand Prix is renowned for its unique urban circuit, designed in 1929 by Antony Noghès with the support of Prince Louis II of Monaco. This event, serving as an international showcase for the Principality, not only draws motor sports enthusiasts but also the international jet set clientele, eager to partake in the exclusive events organized during the race weekend. 

Economic Benefits and Local Impact 

The Monaco Grand Prix generates significant economic benefits for the Principality, estimated at around 90 million euros. Most hotels are booked a year in advance, and spectators crowding the terraces and balconies contribute to creating a unique and vibrant atmosphere.  

Revenues from ticket sales and the rental of terraces and balconies alone surpass 20 million euros, confirming the economic importance of this event for Monaco. 

Sky-High Rentals for Balconies and Terraces 

During the Grand Prix, the demand for apartments with views of the circuit reaches extremely high levels.  

Apartments, especially those with terraces or balconies overlooking the track, are rented out at exorbitant prices.  

Owners or tenants of these spaces can host spectators, but only with prior authorization from Monegasque authorities to ensure safety and compliance with the structures, including requirements such as verifying the stability of the parapet and compliance with fire safety standards. 

Recent measures introduced stipulate that owners must ensure that apartments are equipped with smoke detectors and, if necessary, carbon monoxide detectors. Furthermore, it is necessary to appoint a security manager to monitor the number of people present during the event and ensure communication with authorities in case of emergency. 

Real Estate Market and Opportunities 

The Monaco Grand Prix represents an unmissable opportunity for the real estate sector of the Principality.  

The most sought-after apartments are in the La Condamine district, the second oldest district of Monaco, where Port Hercule is also located, with its numerous bars and restaurants and, precisely, the start and finish of the Grand Prix. 

This is one of the reasons why La Condamine is generally highly sought after for renting or buying an apartment.  

Official data from the Monaco Statistics Office recorded in 2023, within the La Condamine district, an increase in apartment prices of about 20%.  

The average price exceeds 54,000 euros per square meter, a significant increase compared to about 36,000 euros per square meter in 2014. 

Moreover, it should be noted that in the Principality, balcony and terrace areas are computed in full (100%) and added to the internal area.  

Owners of apartments with views of the circuit often include a clause in lease contracts excluding rental during the Formula 1 Grand Prix week, to reserve the possibility of renting them directly and obtaining the relative profit. 

Most apartments overlooking the circuit are rented out on a daily basis, often at very high prices, particularly for terraces located in strategic positions like Port Hercule, which offers a privileged view of the race start.  

Prices vary depending on the view and floor. This year, for the weekend, prices for Terrace-Suites in the most prestigious buildings along the race start/finish range from a minimum of €1,500 to €7,000 with catering service included. 

But for VIP Gold packages (including services such as VIP apartment layout, ultra-flat mega screens, noise-cancelling headphones, all-day catering including gourmet buffet, Champagne Open Bar, wines, service personnel, etc.), prices can go even higher. 

To discover the apartments and other real estate opportunities selected by Agedi in the La Condamine district or with a view of the Monaco Formula 1 Grand Prix circuit, we are at your disposal.