The Monaco Economic Board hosted a conference/workshop on digital transition in the real estate sector at Monaco Yacht Club on Wednesday evening, together with the Digital Transition office. The event was attended by real estate professionals and investors.

Frédéric Genta, who has overall responsibility for digital transition in Monaco, told attendees that the real estate sector in the Principality is responsible for 20 percent of GNP and therefore has a vital part to play.

Michel Dotta, President of the Monaco Economic Board and former president of the Monaco Real Estate Chamber, also emphasised the importance of the sector in Monaco’s economy. He said that he was always asked about it when on official visits to other countries and there was an international fascination with Monaco property.

He pointed out that Monaco has been slower to embrace digital solutions in the sector than other countries, but this needed to change and it was his hope that Monaco would become “the Singapore of Europe.”

He pointed out how several relatively new technologies are already being used in the sector, such as virtual visits, 3D printing, connected devices, predictive maintenance and remote controls.

Robin Rivaton, Investment Director of Eurazeo, specialising in smart cities, said that slowness to change in the sector was not caused by conservative attitudes, but by the disparity and small size of many real estate players. An additional factor was that the property market is imbalanced between supply and demand. Eurazeo describes itself as the leading European Private Equity player with a global reach.

Professor Jaime Luque, director of the Monaco Real Estate Tech Innovation Program at ESCP in Madrid, speaking in English, gave a detailed analysis of real estate investment figures over the last two years, by sector and by country, both in terms of sources of finance and destinations.

© NEWS sarl. Words and images on this site and in our daily newsletter Good Morning Monaco are protected by the Universal Copyright Convention unless otherwise indicated and must not be re-used, rewritten or re-published in whole or in part without the written consent of NEWS sarl, a Monaco company.

PHOTO: Michel Dotta speaks