All Press Releases for November 22, 2013

Monaco Luxury Real Estate Booms with Rise in GDP

Monaco luxury real estate sees another year of success, bucking European trends.

    MONACO, November 22, 2013 /24-7PressRelease/ -- Monaco luxury real estate sees another year of success, bucking European trends.

The principality's GDP is back to pre-recession levels this year, unlike France who lulled at 0% and Italy, which continues on its downward trajectory. This against a global backdrop of -2% means that an affluent Monaco has good reason to publish its' GDP report on publicly accessed statistics body IMSEE.

With the completion of notorious "Tour Odeon" due for July next year, the continuation of Monaco's reputation for the most expensive real estate in the world is unlikely to change. The tower, which will be the second highest on the Cote D'Azur, is set to contain 70 apartments, two duplexes and one unique and exclusive penthouse.

At three times the price of New York City's most expensive penthouse [1] it is currently priced at $360,000,000. Highly priced real estate such as this is part of the reason Monaco is proving to be one of the few parts of the Western world to emerge strongly from the global property recession.

Prices per square foot stand at $3600, which is double that of 2006.

Other reasons are the high financial incentives of owning luxury real estate in Monaco; residents pay no income tax, capital gains tax or property tax to the government. When property is so high in value these taxes would account for much. Another attributing factor is simple supply and demand. The sheer lack of land in the principality (a tiny 2km squared) means that property is highly exclusive and in demand.

La Costa Properties Monaco have several listings for highly exclusive luxury properties this month including a stunning 8-roomed unfurnished apartment in the prestigious area of Fontvielle Marina (p.o.a), a studio in Carre d'Or reasonably priced at 1.9m, and a 3-roomed apartment in Golden Square.

[1] ... llion.html

La Costa Properties Monaco represents the finest Monaco properties throughout the Principality in the neighbouring French Riviera. Whether you are seeking to buy or rent Monaco apartments, offices, villas, penthouses, or 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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