Monaco’s wealth and status, nevertheless, goes hand in hand with some of the world’s major urban centres where many Monaco residents will also spend some of their time. The lives of the ultra-rich in London, New York and Moscow are often intertwined with Monaco.
To classify Monaco solely as another world-class urban conurbation misses the point. It occupies a unique position as a hybrid centre that incorporates not only commerce and ultra-wealth in a low-tax jurisdiction but also a Mediterranean playground for the world’s wealthy.
Aside from the clear parallels with other world centres, Monaco is a premier destination for gambling, motor sport, yachting, recreation and relaxation. This combination, right on Europe’s doorstep, sets it apart from almost any other city or state. Only Macau, on the doorstep of China is beginning to come close but the attractions of the South China Sea are not the same as the Mediterranean. In the longer term, Gibraltar has the potential perhaps to be a regional rival but will need huge amounts of investment and infrastructure to approach Monaco’s prestige.
The unique offering of Monaco’s global appeal and its extremely limited land supply will all combine to keep Monaco’s real estate prices high with few or no mechanisms for them to fall. We anticipate they are at, or near, a high plateau, in common with many other ultra prime markets globally and will be for some time to come.