For the Noncommittal Oligarch, a $3.4 Million Rental in Monte Carlo

 May 16, 2019

The curved-glass facade of One Monte-Carlo. Source: Monte Carlo Société des Bains de Mer


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“A new residential project in Monaco rethinks the heart of the Golden Square.” – reports Bloomberg

A relatively easy way to enter the Monegasque real estate game, and get the benefits of residency, is to rent. And one of the most promising new builds is One Monte-Carlo, a modern, eco-friendly residential project. Its seven curved-glass buildings sit along the principality’s most coveted strip of land—Place du Casino, the chicest corner of Monte Carlo.

One Monte Carlo district / Photo via VisitMonaco.com

This undertaking and a toe-to-tip renovation of the Hôtel de Paris Monte-Carlo, both spearheaded by hospitality juggernaut Monte Carlo Société des Bains de Mer, cost €600 million ($672 million). The Monegasque architect Alexandre Giraldi designed the One Monte-Carlo buildings, while Ivan Harbour, a senior partner at Rogers Stirk Harbour + Partners, imagined it as a new ecosystem within the city.

“It’s a piece of urban renewal,” Harbour says. “It is very much about improving the livability, making the city more pleasant to walk around, trying to humanize it.”

The 37 apartments have Mediterranean views and interior design from Bruno Moinard, who did the revamp of the Plaza Hôtel Athénée in Paris and the new Four Seasons Hotel in London. The annual rents range from €250,000 (for 60 square meters) to €3 million (for 800 square meters) for the apartments, which have herringbone-patterned parquet floors and all-marble bathrooms. Some of the upper-level units come with private swimming pools.

One Monte Carlo district / Photo via VisitMonaco.com

Residents are also afforded valet parking, 24-hour concierge service, and access to one of the finest spas in Europe—the pink-marbled Thermes Marins Monte-Carlo, which includes a heated seawater pool and cryotherapy room. Downstairs, Michelin-star chef Marcel Ravin’s new bistro-patisserie concept Mada One is available exclusively to One Monte-Carlo residents and visitors, who also have the option to order room service from the Hôtel de Paris Monte-Carlo.

But in a principality where high-net-worth individuals keep pied-à-terre just to receive Monaco’s famous tax advantages, the One Monte-Carlo project discourages mere key holders. The development courts active tenants who want to be a part of the community, and they must sign leases for a minimum of one year. Some 65% of the available apartments at One Monte-Carlo are already rented, and tenants consist of an international clientele from the U.K., Russia, and the Middle East.

Whereas the surrounding belle epoque buildings took inspiration from the dawn of aviation and automobiles, the One Monte-Carlo buildings’ steel-and-aluminum balustrades feature stress lines that Harbour says are in conversation with the future of driverless cars and similar technological advances.

One Monte Carlo district / Photo via VisitMonaco.com

The area also stands to be one of the world’s premier shopping areas. The luxury stores nearby can offer one-of-a-kind merchandise: The Goyard store has a limited collection of bags with a seahorse design that’s exclusive to the principality, and Celine has limited-edition couture available only in Monaco.

This project has been a long time in the making, far before Prince Albert II, son of Grace Kelly and Prince Rainier III, laid the first stone in 2016. When Harbour got the go-ahead from SBM Chairman and Chief Executive Officer Jean-Luc Biamonti, it was the day Lehman Brothers collapsed, in 2008. In times of economic uncertainty, Harbour says, Monaco remains attractive as a safe place.

The principality is riding this momentum toward the next big residential development on the horizon. Renzo Piano, who teamed with Rogers Stirk Harbour + Partners in the Centre George Pompidou in Paris, is designing the $2.3 billion Portier Cove, a 15-acre neighborhood with 120 luxury apartments and 10 villas, due in 2025.

Originally published at Bloomberg by Ross Kenneth Urken

In case you are interested in properties in Monaco please contact CM Monaco Real-Estate.


How to buy a property in Monaco

Purchasing real estate in the Principality of Monaco is not as easy as many people believe and it requires the support of an advisor or real estate agency. Monaco is in the unique position of high demand and low supply, its real estate prices have been continuously growing during the last few decades, therefore unlike most European real estate markets, in the Principality of Monaco, property owners usually do not negotiate much. This make’s complete sense when one sees the facts.

Discover more…


Monaco Real Estate Market Figures:

“Overall, 2018 was a good year for real estate in Monaco, and with the new developments in and around the country, the trend looks to continue.” – says Christian Miceli, Associate Manager at CM Monaco Real Estate

  • Number of transactions +11% in existing apartments and a record number of sales for new apartments. Approx. 2.7 billion euros were exchanged on real estate transactions in 2018.
  • Prices have been up +18.1% on average from 2017. Mean value in Monaco is now 48,799 euro’s per square meter, which is a new record; this is almost two times the average price of 2009.
  • In the new property market, mostly one bedroom’s have been sold. In the resale market, we have seen a decrease in studios transactions due to tighter restrictions on residence card applications regarding minimum living spaces. One, two and three bedrooms have been sold more than the previous year.
  • Regarding the districts, Monte Carlo is still the place to be combined with La Rousse where these two areas represent 60% of the number of transactions completed and 66% approximately of the amount exchanged.
  • Prices have been up everywhere except Larvotto. There is a large gap between the Monte Carlo average of 56,000 euro per sq. meter and the less expensive Moneghetti at 36,000 euro per sq. meter.

Monaco works hard to attract further UHNWI’s from around the world. One of the safest places worldwide, 300 days of sun per year, no direct tax 130+ nationalities, good education and health system, modern infrastructures and an easy connection to Nice airport, make Monaco a business-friendly and lifestyle attractive option for HNW and UHNWI’s.

“The Principality of Monaco is a safe haven. When you buy real estate in Monaco, you don’t just buy an apartment, you buy something unique which is “Monaco” – explains Christian Miceli, Associate Manager at CM Monaco Real Estate

All that is included in the price you pay to become a resident and property owner in Monaco, so don’t wait to buy real estate in Monaco, buy real-estate and wait.


Why CM Monaco Real-Estate?

CM Monaco Real Estate is a family owned Monégasque real estate agency with its core focus being on real estate in Monaco, including a large selection of on and off-market properties.

Also CM Monaco Real Estate is the Premium partner of Monaco Wealth Management, providing high-quality real-estate offers and excellent property choices paired with the highest quality real estate services in the Principality of Monaco.

Created in 2017 by Jocelyne Beraudo and her son Christian Miceli, the agency offers incomparable knowledge on renovations and UHNWI services, alongside with purchase, sell, rent and property management.


Do you have a question regarding relocation or taxation?

Please feel free to contact us or our trusted Monaco Relocation advisor Rosemont Consulting.

Why Rosemont Consulting for relocation?

A unique combination of tax advisors, lawyers and business advisors with years of experience to help you with all the practical aspects of taking up Monaco residence.

CLICK HERE for contact information.


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