Monaco,
home
to
world-class
sporting
and
What are the other interesting facts about the real
entertaining events, continues to be an exceptionally
estate in Monaco?
attractive location for wealthy individuals and
Vadim
remains a global centre of commerce. Monaco's
approaches to new urban developments and is
security and political stability, and a business friendly
expanding and rebuilding to meet the modern-day
environment make real estate in high demand and
occupier demands.
Blaustein:
Monaco
is
taking
innovative
attract a broad base of global occupiers and investors. What
are
the
recent
and
future
property
Vadim Blaustein, a resident of Monaco and an
developments?
experienced lawyer dealing with numerous real state
Vadim Blaustein: Tour Odéon was completed in 2016
transactions provides an insight into the residential
and is considered to be one the most expensive
market and property developments in Monaco.
luxury homes in the world. La Petite Afrique
What is the current status of residential properties in Monaco in terms of price?
apartments with 'flow through' terraces, designed by Brazilian Isay Weinfield were completed in 2016.
Vadim Blaustein: Residential property in Monaco has
Sporting d’Hiver, designed by Richard Rogers, was
been recorded as the world's most expensive,
redeveloped as a whole new city quarter providing
overtaking
an art gallery, conference centre, as well as
Hong
Kong
to
become
the
most
expensive residential estate in the world.
residential and commercial space.
What is the highest sale price per square meter for a
What interesting projects can we expect in Monaco in
residential property?
the coming years?
Vadim Blaustein: The average resale price in 2016
Vadim Blaustein: Monaco’s government has acquired
reached €41,400 per sq m and luxury residential
a marina situated in the Italian town of Ventigmiglia -
prices in Monaco reached €53,000 per sq m in the
Cala del Forte Marina - to meet the demand for
second quarter of 2017.
Monaco’s marinas. Expected to be completed in
Which part of Monaco is the most expensive to buy a property? Vadim Blaustein: Exclusive properties in Monte Carlo’s Carre d’Or can reach beyond €100.000 per sq m. Why do high-net-worth individuals choose to buy properties in Monaco? Vadim Blaustein: Owing to Monaco's security and political stability, Monaco attracts international buyers seeking safety, wealth preservation or a business base. What is the current of population in Monaco? Vadim Blaustein: On 31st December 2016, the number of residents was estimated at 37,550. The number of millionaires living in Monaco is expected to reach 16,100 in 2026. What is the average new-build sale price? Vadim Blaustein: In 2016, the average selling price of new-build properties in Monaco was €13.7 million. In total, 33 new-build properties were sold in 2016.
2019, Cala del Forte Marina will be fully integrated into the Port of Monaco and will offer 171 berths for yachts of up to 60m in length. In addition, six hectares of land will be reclaimed from the sea for the expansion of the Grimaldi Forum and construction of new villas and apartments, a marina, as well as public space in the form of a park and promenade. This project is due to complete in 2025. How will Monaco further develop in 2025? Vadim Blaustein: Monaco is planning for the future in order to cement its position on the global stage. The next decade will see many developments, such as land expansions, building of new marinas, new cultural facilities and public spaces, as well as more than 100,000 sqm of residential and commercial floorspace. To conclude this interview, we would like to thank you for your time and for sharing with us your valuable insights and expertise. More info about Vadim BlauStein and BlauStein Business Lawyers you can find on www.blaustein.pro
