New Look For Monte Carlo

The area of Monaco known as Monte Carlo has for the last hundred years been a favourite destination for the rich and famous, along with more pedestrian tourists who are drawn by the glamour of Casino Square.

But the government in Monaco has decided it’s time for an update, and they’ve commissioned British architect Lord Rogers to do a makeover.

There will be three new buildings replacing an established one which will include new boutiques, good news for those who like nothing better than shopping in the world’s most exclusive stores within close proximity of each other, helping to ensure that Monte Carlo remains synonymous with the best retail available.

There will also be a range of new apartments available to buy - for those who want to buy a Monaco property it will be one of the best real estate addresses in the world, and among the most expensive.

In recent years property price surveys have shown that real estate in the Principality has been consistently among the most expensive in the world, and Princess Grace Avenue the most expensive street globally, so new apartments might help to moderate the cost of buying a Monaco property.

Demand is particularly strong for apartments for sale within walking distance of Casino Square where the redevelopment by Lord Rogers is going to take place, and with new offices included in his plan as well as living accommodation it could take the edge off the sky high prices people have been willing to pay to move to Monaco, and in many cases take residency.

The architect commissioned for the project, Lord Rogers, designed both the Georges Pompidou centre in the French capital Paris, and also the Millennium Dome in London.

Once complete it will be part of Monaco’s drive to attract new business, from trade delegates attending conventions, who will assumedly stay in one of the hotels the Principality is so well known for.

Up to now there have been a good number of events and conventions taking place, but the best known of all is the Monaco Grand Prix, held over the last weekend of May traditionaly, attended by celebrities and business people and televised globally to an audience of hundreds of millions - the Grand Prix is the best known of all the F1 races that take place during the year.

Some of the F1 drivers are residents, and the most recent to join their ranks is British driver Lewis Hamilton, former World Champion and currently driving for Mclaren. He was a resident of Switzerland but found life too dull there compared to Monaco, and he cited a better climate and social life as two of the reasons he moved from Switzerland to take residency and buy a property in Monaco.

Another event that draws people from around the world is the superyacht show in September, with some 30,000 people a day attending to see the best yachts in the world, and quite a few deals are done over the course of the event, and it is now firmly established as the best superyacht show of the year, and like the Grand Prix the hotels in Monaco are at capacity.

With two global events already, the new look Monte Carlo could well attract a third in the near future.

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Roger Munns

MD

International Property Tribune

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