The Principality is a low-tax centre of commerce with all the characteristics of a leisure destination. This makes it very appealing to high-net-worth individuals as a place to live, do business and play.
At a time when prices have adjusted in the prime residential markets of many world cities, prices in Monaco have continued to rise. In 2016, average sales prices reached a record high of €41,400psm, overtaking Hong Kong to become the most expensive residential real estate in the world.
This comes as a number of high-profile new developments have completed, although fewer are expected in the near term. Wealthy residents hold their properties for long periods, so market liquidity is low. Monaco’s position on the global stage is assured, but owning a piece of it will be more difficult and come at an ever-higher price.