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Legendary Sporting d'Hiver Sacrificed for New Development Following Boost in Monaco Property Market

Booming market of Monaco real estate causes historic Sporting d'Hiver to be demolished to give room for modern development.

Modern property development in the heart of Monaco will replace the historic Sporting d'Hiver to meet the rising demands of the flourishing real estate market in Monaco.

    MONACO, December 18, 2013 /24-7PressRelease/ -- Under the patronage of Prince Albert II, modern property development in the heart of Monaco will replace the historic Sporting d'Hiver to meet the rising demands of the flourishing real estate market in Monaco.

The principality comprises several areas, the most desirable and expensive being the one around Casino Square. The area is home to one of the last Art Deco historic buildings in the region, Sporting d'Hiver, which is now being demolished. In place of the legendary building, the Royal family together with SBM is building a modern property development, which will house a combination of residential, cultural and commercial spaces.

Ivan Harbour, chief architect of the project, says, "The principle urban move was to create a major new pedestrianised street lined with shops, restaurants and a public art gallery. Above the shops, the adjacent Hotel de Paris is extended with serviced apartments and offices."

Though unpopular among Monaco residents, the decision to demolish the famous building was taken to respond to a surge in the Monaco property market. High demand for luxurious Monaco real estate is a mere reflection of the world's growing number of billionaires. Consequently, the new-built apartments for sale in coveted Monte-Carlo will be competitive to acquire.

While world economies ebb and rise, the Monegasque economy steers clear of this turbulence, preserving solid economic growth over the last few years. Yesteryear's gross domestic product figures show that the Monegasque economy grew by more than 6 per cent. The unemployment rate in the principality is preserved at zero per cent. In 2012, GDP per capita in Monaco reached 80,415 euros, keeping the Principality among the most lucrative places to live. Although Monaco is not a tax haven, the residents and property buyers are exempt from property tax; the latter often reaching a significant figure. In view of such benefits, the market of real estate in Monaco is booming.

La Costa Properties Monaco represents the finest Monaco properties throughout the Principality and in the neighbouring French Riviera. Whether you are seeking to buy or rent Monaco apartments, offices, villas, penthouses, or make other real-estate investments, our website is regularly updated with listings of properties for sale in Monaco that will be of interest to the serious and discerning buyer or tenant.

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