Monaco is both a home and a haven for high-net-worth individuals, located on the stunning Côte d’Azur between France and the Mediterranean, and just a stone’s throw from Italy.
According to the most recent AfrAsia Bank Global Wealth Migration Review, the tiny principality of 39,000 residents occupying what is described as Europe’s safest square mile leads the ranking of countries with the highest average wealth per capita—about $2.1 million.
It’s easy to see why so many high-net-worth individuals choose to live in the nation-state with the highest standard of living in the world, given its prime location, luxury lifestyle, and favourable tax system—that is, no personal income tax or capital gains tax.
Monaco’s allure has been captured in dozens of Hollywood films, including Ocean’s Twelve, Iron Man 2, and GoldenEye, and ranges from its pristine beaches to the glamorous and storied Monte-Carlo Casino. The principality hosts the famous Formula One Grand Prix as well as the Monaco Yacht Show, the world’s premier superyacht exhibition with 100 superyachts on display.
Monaco also has internationally renowned restaurants, such as the three Michelin-starred Le Louis XV-Alain Ducasse, which is located within the grand Hôtel de Paris Monte-Carlo. There are also five-star spas, high-end shopping, a historic opera house, and marinas for massive megayachts.
According to Savills, one of the world’s leading property agents, luxury residences, whether on the waterfront or in elegant, centrally located high-rises, keep the principality at the top of the list as the most expensive location to buy residential property worldwide, with an average price per square metre of more than €47,000 ($54,000).
“Within Monaco, the district of Monte Carlo is even more expensive, with an average price of €53,000 euros per square metre,” according to Savills.
Despite continued global disruption from the pandemic, Monaco’s “property market clocked up 303 re-sales (i.e. sales of properties over 5 years old) in that quarter, up nearly 10% on the same quarter in 2020,” according to sales figures for the third quarter of 2021. And 12 new property sales, compared to 11 in the same period last year,” Savills reported on January 5th.
The 35,000-square-foot “sky penthouse” at the Tour Odéon, listed as the most expensive penthouse in the world and priced around $387 million, is the pinnacle of Monaco luxury real estate. Atop Monaco’s tallest building, the five-story residence with 360-degree views literally towers over the principality. Two rooftop pools connected by a waterslide; an outside bar and dance floor; a private cinema; and a staff that includes a personal chef, caterer, chauffeur, and 24-hour concierge are among its opulent amenities.
Residences in the new eco-district Mareterra, designed by award-winning architects Renzo Piano, Denis Valode, and Michel Desvigne, are among the other top-of-the-list properties. Mareterra, formerly known as “Portier Cove Monaco,” is part of a massive $2.4 billion land reclamation project that artfully extends the principality’s coast while preserving the integrity of marine life along its shores. When finished in 2025, the elevated waterfront apartments will provide pedestrians with unobstructed views of the sea and will be complemented by lush gardens and open, recreational green spaces.
Two wave-inspired waterfront towers with 348 residences are set to open in the vibrant Larvotto district in 2024.Alexandre Giraldi, the same architect who designed the Tour Odéon, will also design Testimonio II, which will include 56 large Bay House apartments and five stunning villas with private roof gardens and pools.
A rendering of a residential terrace at Bay House in Monaco. (Photo Credit: DBOX)
A rendering of Mareterra in Monaco. (Photo Credit: Mareterra Monaco)
Testimonio II in Monaco. (Photo Credit: Testimonio II)
A rendering of a residential terrace at Bay House in Monaco. (Photo Credit: DBOX)
A rendering of Mareterra in Monaco. (Photo Credit: Mareterra Monaco)
Testimonio II in Monaco. (Photo Credit: Testimonio II)
A rendering of a residential terrace at Bay House in Monaco. (Photo Credit: DBOX)123
In the heart of Monte-Carlo, just a short distance from the palm tree-lined esplanade of Casino Square, the reimagined Villa Palazzino offers luxury condominiums with patios and private gardens, among other amenities.
A sought-after address in the principality’s northwest, L’Exotique Monaco in the Jardin Exotique district, features French architect Rudy Ricciotti’s inspirations from nature. These luxury residences are notable for their hanging gardens, lush tropical foliage, and broad terraces facing the Mediterranean Sea. Available residences are priced from €1.93 million (US$2.15 million).
With its luxury condominiums, moderate Mediterranean climate, high level of security, including 24-hour video surveillance throughout the principality, significant financial advantages, and singular