As the world’s rich and famous gather in Monaco ahead of this weekend's Grand Prix, the annual race’s cars won’t be the only thing refusing to slow down. The housing market in the tiny principality continues to attract wealthy buyers from around the world with its offering of both a low tax regime and a glamorous lifestyle. Less than a quarter of Monaco’s residents are Monegasque, or native to the country.
This continued strong demand has resulted in Monaco’s luxurious homes being the most expensive in the world at $4,500 per square foot, according to Christie’s International Real Estate.
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It is for this reason that much of Monaco’s new buildings such as Tour Odéon and La Petit Afrique are being targeted squarely at the billionaire market. At the former, a penthouse is up for sale for $330 million. If this price is achieved, it will be the most expensive home to ever change hands.
Paul Tostevin, a researcher at Savills, a real estate consultancy, said: “Demand from a broad, global base, coupled with restricted supply, means that Monaco remains one of the most expensive destinations for ultra-prime property in the world.”
What’s on the market?
Price: Upon request
This 3,327-square-foot serviced apartment is on sale in Tour Odéon, Monaco’s tallest tower. A 24/7 concierge service will ensure each resident in the building’s 70 super-sized apartments benefits from a five-star-hotel experience including organizing private jet or helicopter hire.
Price: Upon request
This 5 bedroom, 8,859-square-foot penthouse is on the uber exclusive palm tree-lined Avenue Princess Grace, which overlooks the water and is one of the world’s most expensive addresses. This property boasts two entrances, a wide living/dining room and a private roof terrace.
Price: $8.9 million
This 1 bedroom, 1 bathroom 1,647-square-foot partly furnished waterfront residence located in the heart of the Golden Square has sea views and also looks out towards the palace. It is also close to designer stores and Monaco’s famous casinos.