Some of Monaco’s largest employers are now buying or building residential properties across the French Riviera to secure housing for their staff…
With soaring real estate prices, limited space in the Principality, and worsening traffic congestion, the labour market has reached a critical point where even competitive salaries and benefits are no longer enough to attract or retain workers.
As reported by L’Observateur de Monaco, among those taking action is the Société des Bains de Mer (SBM), Monaco’s largest employer, which already manages more than 200 staff housing units. The company has now launched two new residential projects — one in Roquebrune-Cap-Martin and another in Beausoleil — providing over 100 additional beds for employees by 2027. “We’ve seen candidates decline job offers or leave due to housing issues,” said Sophie Vincent, SBM’s Director of Human Resources, in comments to Monaco Business News.
Other companies, such as Riccardo Giraudi’s Giraudi Group and the logistics firm Transcan, are following suit. Giraudi has purchased housing for seasonal employees, while Transcan has acquired six apartments in Nice for staff accommodation. As Franck Cannata, CEO of Transcan and President of UPE 06, noted, employers are now pushing for a legal framework that would allow rental contracts to be linked directly to employment agreements, ensuring stability for both workers and businesses.
Photo by Matthias Mullie
