One thing that has become apparent in the UK property market is people want more room. This trend can be found all over the world and even a country such as Monaco, not known for an abundance of space, is finding it now tops many home-hunters wish-list.
John Taylor Monaco is one of the leading estate agencies in the principality, and they’ve seen a huge increase in the number of clients seeking larger properties and those offering outdoor space over the summer months.
The property broker experienced around a 40% increase in people wanting larger homes to rent, and in particular those with a terrace or balcony. The increase for those seeking to purchase a larger home in Monaco was also significant, rising by ca. 25%.
Rocketing demand for outdoor space in Monaco
The lower rates of those seeking properties for sale with outdoor space can be attributed to the fact that people buy and sell properties much less frequently than they switch between rentals. Indeed, John Taylor Monaco typically manages up to 5 x as many rentals than sales.
The brokerage also noted that people were more willing to look for rental properties around Monaco than in the centre this summer, sacrificing a prime location to benefit from more space at home.
Jean-Yves Le Graverend, Director of John Taylor Real Estate Monaco, said: “We have definitely seen an increase of requests for properties that are slightly bigger and have a terrace or balcony, and we have also seen an increase of local people who are willing to rent properties around – rather than in the middle of – Monaco over the summer, allowing them to enjoy a garden and more space.
Having a garden is a luxury – it’s fantastic, the people who have them are fortunate, and that’s why we have seen an increase in people searching for them. Lockdown has made us notice how valuable outdoor space is, and I think it will continue to be a more vital part of property searches in the long term future.”
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