UHNWis queue to move to Monaco
There is something pretty unique about the principality of Monaco which, with an area of less than one square mile, is the second smallest and most densely populated country in the world. For Monaco combines the characteristics of a world city, a centre of commerce, and a top tier playground for the rich and famous, making its property market the hottest on the planet.
In 2014 estate agent Savills published its annual spotlight on the Monaco residential real estate market. It found demand for a limited pool of stock has pushed ultra prime prices to the highest globally, at €91,000 per square metre. According to its report, Monaco has the world’s highest density of ultra wealthy individuals, and is the sixth most important world destination for their direct real estate holdings.
Savills predicted continued price appreciation due to demand from a growing number of global UHNWis trying to move in, against restricted new supply (though there are plans to reclaim land to build into the water). Prices were expected to go up another 20% before June of this year.
Peter Walford, senior partner in the Monaco office of law firm Wragge Lawrence Graham & Co, says: “The issue I’m finding is that the property market continues to be very hot indeed. People that do want to move to Monaco for various reasons are finding….To read the full article, please subscribe to our e-magazine.