In Monaco’s steady-as-she-goes real estate market, with little change in prices over the last 12 months, other aspects of the marketplace are changing, Irene Luke of Savills Monaco told NEWS.MC.
Prices of older properties, in particular, have been stable, but with slightly fewer transactions than in 2022, Irene says. This year will be very interesting, as people move into completed properties at Mareterra and at Bay House, at the eastern end of Larvotto, she adds.
“We’ve had a good start to the year, and it’s been busy on the viewing front, with a wide spread of interest.”
There has been a growing trend for properties to be offered for sale without open publicity: “Off-market properties are a growing segment for us. We are very respectful of a client’s privacy,’ Irene says.
“We are a multi-disciplinary property company, not just an agency. Here in Monaco we are not a franchise, but fully plugged-in to a multi-national company.”
With six people in the office, Savills Monaco is engaged in valuations, rentals and management, as well as sales. Emphasising the strong link between Monaco and the UK, Irene spends one week a month in London. Worldwide, Savills has 800 offices and employs 38,000 people.
Monaco-based clients often have an interest in properties beyond the boundaries of the Principality, and in this sense Savills Monaco is uniquely qualified to help. Whether it’s a vineyard in Provence or a ski chalet in the mountains, Savills has direct links to specialists through offices affiliated with Savills, which owns 51 percent of the Monaco operation.
Irene’s own background is as a private client lawyer. But she wanted to do something more flexible and at the same time more interesting.
“I have been with Savills for 12 years now, and moving from the narrow confines of the legal profession to top-end Monaco real estate was the best move I could make,” Irene says.
PHOTO: Irene Luke of Savills Monaco