Monaco is a country that is constantly changing, and impressive commercial and real estate developments are frequently popping up throughout the principality. While the principality already benefits from many things other real estate markets do not have, such as fiscal advantages, Michelin star restaurants, a sun-soaked climate, high security, and proximity to other major European capitals, the quality of life keeps getting better.
With the continued growth of new property developments, Monaco real estate will long be a superb investment opportunity. Find out how the ever-changing Monaco real estate market will benefit the principality.
Sustainable future
One of the most significant new property developments in Monaco is the impressive Mareterra, which will gain six hectares from the sea to form 60,000 sqm of residential property. With Monaco only measuring in at 2kmsq, this is a significant increase in the principality’s landmass and has already created a buzz from investors worldwide.
In a feat to tackle the climate emergency, it is already an obligation for all new property developments to meet specific eco-conscious standards in Monaco. As a result, new property developments in Monaco are becoming more environmentally focused, as we see with projects such as Mareterra, which is set to be Monaco’s first green district.
Developers have made considerable efforts to ensure that Mareterra has a reduced carbon footprint by introducing 4,500 metres squared of solar panels, 200 electric charging stations, 800 newly planted trees, 600-metres of cycle paths and extensive rainwater collection systems.
Mareterra is not the only environmentally-focused construction project in the principality. In fact, it is almost certain that these green building principles will carry into the next decade of new developments in Monaco and beyond.
International residents
Thanks to the influx of exceptional new property developments, Monaco enjoys a uniquely multicultural and multilingual society. Monegasque residents make up just one-quarter of the principality’s total population; the rest is a cosmopolitan mix of Europeans, Americans, Australians, Africans, Russians, and Middle Eastern citizens, making Monaco truly a home away from home for many foreign nationals.
The Monaco real estate market is considered one of the most desirable in the world, sought-after by discerning individuals seeking to reside in a safe European location with high-class leisure facilities, a pleasant climate, and a favourable tax system.
As a result, Monaco is a cultural hub, providing residents with unparalleled networking and international connections.
Economic activity
Monaco’s exceptional new property developments have also turned the principality into a thriving business and financial centre.
The absence of personal income tax has long attracted many wealthy residents from European countries who derive most of their income from activities outside Monaco. While many VIPs such as Formula One drivers and international celebrities reside in Monaco’s luxury apartments, most are less well-known individuals, such as entrepreneurs, business managers, financial services professionals, and retirees.
Residents of the new property developments in Monaco benefit from the principality’s modern infrastructure ranging from reliable phone and internet service to secure banking to well-established air and sea routes to international destinations.
It is also one of the best countries to set up and run a business in, as you are ideally situated to travel to most European cities. The principality is just 30 minutes drive from Nice Côte d’Azur Airport, France’s second largest airport and a hub for International flights.
If you are interested in residing in one of the exquisite apartments for sale in Monaco, contact a trusted real estate agency in the principality.
