Halfway through the first year of the 2020s, Monaco real estate agent John Taylor answers all the key questions about how the Principality’s property market will change over the next decade. Looking at market resilience, technology, skyline, and environmental construction, here’s what will change – and what won’t.
Monaco: Still a good investment opportunity?
Monaco benefits from a multitude of advantages that other markets don’t have, including fiscal advantages, great quality of life, a sun-soaked climate, high security and close proximity to the major European capitals.
Thanks to these benefits it offers a very resilient market: in times of crisis, the sales volumes decrease, meaning that people don’t buy or sell property, but prices remain stable as there is always a high demand.
So, Monaco real estate is set to stay a very good investment opportunity for the 2020s and beyond.
The rising role of technology
The restrictions of the COVID-19 crisis forced real estate agents to up their game on virtual tours, which should make the viewing process a lot easier for overseas investors. However, it is likely that the vast majority of investors will still want to see a property in person at least once before committing to a purchase – John Taylor does not foresee this changing over the next decade.
Blockchain technology is likely to be used more in the 2020s to speed up Monaco property transactions. However, John Taylor has not received any requests for selling properties with cryptocurrencies as of yet.
The changing skyline
The project that has received the most buzz is Portier Cove or Mareterra, a construction that will create a whole new district for the Principality by reclaiming six hectares of land from the sea.
Promising 60,000 sqm of residential property and parking spaces and one hectare of park/forest, it will significantly increase the size of Monaco, which currently measures in at just 2kmsq. Monegasques, plus plenty of investors from overseas, are hotly anticipating its delivery in 2025. Many other new developments will change the Principality’s skyline, but Portier Cove is by far the most dramatic.
Eco-friendly developments
Mareterra is also set to be Monaco’s first completely green district, highlighting the movement in the Principality towards environmentally-focused building. In Monaco, building firms are required to follow compulsory eco-friendly practices, something that seems certain to continue into the rest of this decade.
Within John Taylor’s group of real estate agents, there is also a new tower being built, which is set to be the most ecologic tower in the Principality when completed. Today, there are plenty of eco-solutions that can be implemented to help reduce the carbon footprint of a building, even in renovations of older properties.
What the future will bring
A decade in construction is not very long at all, due to the typical length of projects from concept to delivery. What’s more, in a stable market like Monaco, there are never too many surprises. However, John Taylor predicts that the next decade will be a highly exciting time in Monaco real estate, with a number of eagerly-anticipated building projects in the pipeline.
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