The consensus is that it’s too early to say if the war in Ukraine will have a major impact on Monaco’s real estate market, according to several agencies contacted by Monaco Daily News on Wednesday.
Savills Monaco said: “All we can see for the time being is a hold-off situation from a global real estate market point of view. Most of our clients are not Russian and our Savills Russian clients do not support Putin and disapprove of his actions. Monaco is a very small country hosting the wealthiest people on earth of multi nationalities. Everyone is feeling concerned about the war. However, we think it is too early to say and to measure what impact this war will have on the Monaco real estate market.”
Caroline Olds, owner of an independent agency, said that her clients are mostly from the UK and local. “I used to work with good Russian clients, 10 years ago, but hardly anymore. Also, the Russian families in Monaco have usually been here for a long time and are almost local now. In my view this will not have a major effect on the market in Monaco (more so in France). There will be a few opportunities to buy apartments perhaps, but no major shift in annual sales numbers.”
Icon Property also pointed to the fact that there have been fewer Russian buyers over the last couple of years.”In my opinion, it’s far too early to tell at this stage,” Myles Mordaunt said. “Indeed, I think it will take at least a few months to filter through if there are going to be any issues specifically affecting the Monaco real estate market. In reality, we have also seen far less ‘new’ Russians moving to Monaco over the past two to three years in any case which I would suggest means they have made up far less of the transaction volume during this time frame – certainly compared to three or four years ago when I believe they were very active as buyers.”