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Anse du Portier – The real-estate future of Monaco

Anse du Portier
Anse du Portier - The real-estate future of Monaco

This summer we started an article series on the exceptional real-estate market of the Principality of Monaco. The small Sovereign state has a unique landscape however not so many people knows that it will change dramatically in the upcoming years.

Together with Monte-Carlo Estates director Gianluca De Lucia we decided to dive into the  future landscape changes of the Principality of Monaco.

Previously:

Anse du Portier
Anse du Portier – The real-estate future of Monaco

Monaco was always the symbol of luxury and success. Even in the great global recession and economic crisis around the year 2008, the Principality of Monaco maintained its shine and glory. Thanks to its national and international effort Monaco’s population is continuously growing as more and more residents are coming to the Principality in each year. Not to mention its economy which closed a record year in 2016.

To answer to this 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. Truth to be told it will forever change the topography of the Principality of Monaco.

Anse du Portier
Anse du Portier – The real-estate future of Monaco

But why is this urgency?

“Monaco is the second smallest country in the World, right after Vatican City. Having more than 38.000 people in its less than 2 km² territory generated a housing crisis. The need is way bigger than the demand.”
– explains it Gianluca De Lucia, director of Monte-Carlo Estates

What is interesting the Monegasque government decided to extends its border by using the sea. The name of the new district will be “Anse du Portier” which means Portier Cove.

The Monegasque government gave Bouygues Construction a mandate to build the new Anse du Portier district, a six hectare development in the waters off the Grimaldi Forum and Avenue Princesse Grace. And this will change everything since the plage and the walking/running road in front of the Grimaldi Forum was one of the most seek part of the Principality.

Anse du Portier
Anse du Portier – The real-estate future of Monaco

Why towards the sea?

Monaco and France have always worked hand in hand throughout the history and often France provided protection for the population of this tiny country. This French-Monégasque relationship was also built on very strategic pillars. Due to its location between the borders of Italy and France Monaco always played an important strategic role.

However we have to emphasize that the Principality of Monaco is not a French county or a French territory. There are many differences between the two cultures even if they share some of the social backgrounds and the economic aspects. Monaco’s low local population has been always isolated by the sea and the surrounding mountains. Its natural boundaries created for the Principality a great isolation protecting Monaco from the external influences.

Therefore it was the obvious choice to extends towards the sea and to to be dependent on France or Italy.

“It is an extremely complex project which requested very careful planning, however the government and the town’s representatives unanimously approved the land extension.”
– explains it Gianluca De Lucia, director of Monte-Carlo Estates

Anse du Portier
Anse du Portier – The real-estate future of Monaco

How to start?

The first steps were already done back in 2016 by the removal of the protected marine species, which were relocated carefully in nerby natural reserves. It was a very important steps in order not to disturb or damage the coastal ecosystem.

Of course a transformational project such as Monaco’s extension requests at least 10 years until residents will be able to enjoy the new district with all its urbane developments, including housing, shops, marina and beautiful garden areas.

Just to understand the size of this development, even the foundations for the new district will take approximately 40 months to complete and require dredging up and transporting hundreds of thousands of tons of sand from Sicily in order to create the new dry land.

“What makes this extended territory also special is that Monaco, one of the smallest country in the World is reclaiming new land, new territory peacefully.”
– explains it Gianluca De Lucia, director of Monte-Carlo Estates

Truth to be told there are not so many countries that can expand without any war. So big-big applause for the ideal solution.

Anse du Portier
Anse du Portier – The real-estate future of Monaco

The new landscape

With this approximately 60,000 sqm development Monaco will be able to maintain its sustainable development and also to offer new, high-end luxury standards to its residents. Truth to be told there are new apartments planned for over 700 people.

Also the famous Grimaldi Forum, the location of some of the most important conferences in Monaco will be extended during the upcoming years. Just as a new waterfront promenade will provide a spectacular view to the Rock and to Monte-Carlo.

It is luxury and business as well however the two billion Euro project will be done at no costs for Monaco.

“What can be more prestigeous than living in a country where the people simply can finance the country’s own development. That shows a level of well being for sure.”
– explains it Gianluca De Lucia, director of Monte-Carlo Estates

Yes, it is free and sponsored by the involved companies, entirely financed by the private sector.

All these effort shows that the Monegasque Government is able to fulfil the needs of the residents and find a balance solution for everyone. And when a good offer happens, the happy residents are ready to support the project.

And price wise, well Monaco recently become home to the world’s most expensive penthouse in the Tour Odeon at an estimated €300 million, probably the new sea-front villas will reach similar price-heights.


Monte-Carlo Estates

[ For those who are interested to know more we recommend to contact Monte-Carlo Estates or to read the Living in Monaco book. 

Monte-Carlo Estates is a dynamic agency, specialized in the sale of high quality properties in Monaco and French Riviera area, both new and resale, including commercial and investment real estate. If you are looking for an apartment in Monaco, an outstanding villa on the coast or an interesting asset investment Monte-Carlo Estates shall help you find the property of your dreams.]

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