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Monaco’s Luxury
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Shortage of New Homes Sends Monaco’s Luxury Prices Soaring
Photo: courtesy of Monaco Yacht Show
A new report finds them clocking in at €53,000 per square meter.
Luxury residential real estate values in Monaco reached €53,000 (US$61,832) per square meter in the second quarter of 2017, according to a new report by Knight Frank.
The tiny, independent region on the French Riviera has led Knight Frank’s annual global comparison of residential values since 2008, the report said, and was followed by Hong Kong, New York and London.
“Monaco remains at the top of global wish lists,” said Kate Everett-Allen, head of international residential research at Knight Frank, “with no other city in the world boasting the same wealth density.”
Prices are being supported by a lack of new development. Not one residential unit was completed in the Principality in 2016, according to the report released Monday, likely to put further pressure on prices in the short to medium term. While there is residential development underway, it’s a way from completion, the report said, and 75% of properties under construction are either social housing or high-end built-to-let apartments.
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With its only opportunity for expansion to extend into the sea, Monaco’s latest €2 billion land reclamation program will see six hectares of new land created from Sicilian sand, according to the report.
On it will sit 120 new high-end apartments, whose prices will be in excess of €100,000 (US$116,659) per square meter, prices that ultra prime stock in Monaco are already achieving, especially in places like the affluent Carré d’Or area. Of those 120 units being built, 50 have already been retained by the developer, leaving just 70 to be sold, the report said.
Knight Frank estimates that by 2026 Monaco will be home to 16,100 millionaires and 1,450 ultra high net worth individuals.
Anse du Portier – The real-estate future of Monaco
Monaco was always the symbol of luxury and success. To answer to its growing need the Princely government decided to extends the borders of the country by adding 60,000m² of new land to it. The project two billion euro project is a sea extension which will have a serious impact on the environmental and social landscape.
The author Zsolt Szemerszky intended to hunt down the myth around Monaco and to go beyond gossips. Zsolt is also know by releasing Monaco’s first gourmand book. The Signature Dishes of the Principality of Monaco was launch last December 2016 as the number one release in wine pairing at Amazon.com allows gastronomy lovers to discover the excellence of the Principality of Monaco thanks to recipes and interviews with Executive Chefs who hold together over 50 Michelin stars.
However Living in Monaco is significantly different from his other books. It is not a travel book, it is an ultimate guideline to those who are aiming to get a glimpse about the real Monaco and who have the desire to relocate their personal or business life to the Principality.
The book explains the benefits of the relocation (both for private and business reasons), the life quality in the Principality, and reveals how can one capitalise the unseen treasures and business potentials of Monaco. The “Relocation and what it takes” chapter also explains all the tiny details, traps, tips and best practices while it offers a detailed overview of the administrative mechanism of the Principality.
One of the interesting part of the book is the second part which focuses on the people, the opportunities, and the traps in Monaco. It offers a first hand guidance to avoid to fell for the catchy workings and the illusions of luxury. Understanding the real-life examples one can truly enjoy the Principality with all its safety and protective legal systems for families and businesses.
How Big Is the Online Art Market? Depends Who You Ask The latest report from Hiscox estimates that the online art market hit $3.75 billion in 2016. Eileen Kinsella , April 26, 2017 Is the change-averse art market finally beginning to embrace the internet? The ArtTactic/Hiscox Online Art Trade Report 2017, released this week, describes the online sphere as “a market yet to awaken”. For the fifth year, the analytics company ArtTactic teamed up with the insurance company Hiscox to survey the field. The report is based on responses from 758 art buyers, 132 galleries, and staff from various online art platforms. Despite a relative slowdown in the global art market, the online art market grew by 15 percent, to $3.75 billion, last year, according to Robert Read, head of art and private clients for Hiscox. The online art market’s share of the total art market also grew last year, from 7.4 percent in 2015 to 8.4 percent. While that may seem small, it is roughly equivalent to
When He Was not Making History, Winston Churchill Made Paintings At the age of 40, Sir Winston Churchill found himself at a career low: After the World War I attack he ordered Gallipoli, Turkey, got horrifically awry, he was demoted from his role as Lord of the Admiralty in May 1915. He resigned from his government post and became an officer in the army. Deflated or power and consumed with anxiety, he took up an unexpected new hobby: painting. "Painting came to my rescue in a most trying time," Churchill would write later in the 1920s, in essays that would turn into a small book, Painting as a Pastime.
Dordogne: according to the mayor of Beynac we can cross the city without problems. !!!!!!! " Broken mirrors BEYNAC cost community 50 million " Alain Passerieux reveals the results of a study conducted this summer. It proves that there were no blockades in the crossing during the observed period. Hope or lose,!! don't stop ...... sign the petition.!! This will not soften the relations between Germinal Peiro and the opponents of the bypass of Beynac. Among the arguments put forward by the president of the department to justify the establishment of the bypass, there are repeated blockades on this route, which is very popular with tourists in the summer. Development work was carried out between 2015 and July 2017 to secure and increase the lane. According to the mayor, Alain Passerieux, they have paid off. Between 7,000 and 9,300 vehicles a day at the intersection The chosen person is based on a study conducted by an independent company between 3 and 9 Aug
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