Savills Monaco has found the market more active than usual in August, with all sorts of nationalities and profiles, Eastern European and British especially. Some have been definitely looking around and deciding if Monaco is for them, but some taking the plunge and renting for sure and making a move here.
The Columbus serviced apartments have done well with more units being rented and the penthouse being taken again by clients obviously happy to be there.
Stats on activity for the summer months are not yet available. The first quarter showed a decline in the number of transactions during January and February but activity picked up in March and we expect that this trend will have continued since. Prices per square metre, too, have stood up, in our experience. Monaco is still on the radar as a very good place to be in Europe: central, safe and tax-friendly.
Interest in new developments continues, especially in the big one, the Mareterra project off the Larvotto beach area. This will create a totally new offering for Monaco: apartments, townhouses and villas built around a marina. Developed using pioneering, sustainable
building techniques and designed by the remarkable Renzo Piano, sales off plan are well underway and construction is on target to complete end 2024.
Buying off plan also has the advantage of attracting lower purchase costs in comparison with purchases in older buildings: 2.5 percent as opposed to six or nine percent.
We believe the outlook for the rest of the year remains positive for Monaco.
The Monaco Yacht Show is taking place this year of course around Sept 23, after being cancelled last year: that is a positive sign in itself and we are sure that it will attract attention and draw people here.
Savills Monaco believes it is a good time for any seller to be thinking about selling: prices are stable (and high!) and people are looking at a diminishing supply chain at present.