La Condamine – Districts of Monaco (Part 3)

 January 7, 2020

Photo via VisitMonaco.com


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It is very interesting to see that most of the ultra-high net worth individuals who are investing in the Principality of Monaco are non-European. The political and the economic stability plays an important role in the safety of their real estate assets, making the Principality of Monaco the ideal destination for property investments. 

The Principality is built-up from ten wards and divided into five districts. In this article series we asked Monegasque real-estate specialist Christian Miceli, the co-owner and director of CM Monaco Real Estate to guide us through the districts of the Principality of Monaco.

The five districts and the ten wards are (the numbering is for illustration purposes only): 

Monaco-Ville:

1. Monaco-Ville 

Monte-Carlo:

2. Monte-Carlo / Spélugues
3. La Rousse / Saint Roman
4. Larvotto / Bas Moulins
5. Saint Michel 

La Condamine (including Jardin Exotique): 

6. La Condamine
7. La Colle
8. Les Révoires 

Les Moneghetti:

9. Moneghetti / Boulevard de Belgique / Ravin Ste Dévote 

Fontvieille:

10. Fontvieille 

Monaco is also in the middle of a land extension project, and by 2022, the new district called Anse du Portier will be completed.” - says Christian Miceli, Associate Manager at CM Monaco Real Estate

La Condamine

The La Condamine district covers the northwest section of Monaco, which includes the port area and the Exotic Garden, known as Jardin Exotique de Monaco.

La Condamine is the oldest commercial quarter of the Principality of Monaco, known for its Condamine market and its various restaurants and stores.

The Le Condamine district is a sought-after area for real estate buyers because of its proximity to the world famous “Formula 1 Grand Prix” track. Good investments in this area would be the apartments with terraces facing the track as well as those that have a straight on view of the port, as prices will automatically nearly always increase per year. Certain buildings in the area like the “Palais Heracles”, the “Ermanno Palace” and the “Bristol” give you an exceptional view of the Monaco Grand Prix.

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The Port also offers you the charm of a quaint shopping district with Rue Grimaldi, with its many local stores, pedestrian area of Rue Princesse Caroline, and the quays at the port with its many bars and restaurants.

As a result, the price per square meter in this district can vary from 38,000 euros to more than 52,000 euros per square meter. The most prestigious building in this district is the “Porto Bello” due to its luxurious modern living standards, however, buildings that are behind the boulevard Albert 1st are less expensive, mainly because they do not benefit from a view of the port or the Formula 1 track.

The Ruscino, located on the “Quai Antoine 1st”, is a very pleasant building with an exceptional location on Port Hercules; prices in this building are much more affordable compared to that of other buildings located on the port. This building also benefits from a panoramic view that adds strength to its apartments and resale value.

Going up from the Port is the La Condamine district of Laso, where the Princess Grace Hospital is located as well as the Exotic Garden area. Beautiful buildings such as the Ligures, the Patio Palace and the Harbour Light Palace offer a panoramic view over Monaco and the sea.

This district can be one the most attractive places for the investor or family with a lower investment budget, moreover, La Condamine offers different construction styles to suit your preferences, from the modern to the Bourgeois style.

Rent or Buy a property in Monaco

The Principality of Monaco is becoming more and more attractive to individuals, families and family offices seeking the safe/diversified benefits of its real estate market, as well as the benefits of becoming a potential resident. 

Relocation in Monaco can be very financially rewarding, as there is no income tax or capital gains tax on individuals residing in the Principality. In addition, there is no Monégasque estate duty on assets situated outside the Principality.

“The demand is high, supply is low, and the competition is fierce, this is the way that we could summarize the real estate market of Monaco.” - says Christian Miceli, Associate Manager at CM Monaco Real Estate

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.

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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 […]

An investor wishing to allocate funds in a low-risk asset could eventually include a Monégasque property in his or her international portfolio. 

In case if you have an inquiry we encourage you to contact CM Monaco Real Estate, which offers you transaction, sales, rental and high-end property management services for real estate located mainly in the Principality of Monaco.

“We are glad to start the partnership with MWM which has a long track record in Monaco. With them, we will be able to accelerate our development and improve our visibility with UHNWI’s.” – said Christian Miceli, when CM Monaco Real Estate joined as a Premium partner of Monaco Wealth Management

CM Monaco Real Estate would be delighted to welcome you to their agency in the “Montaigne” residency, 7 avenue de Grande Bretagne, in the heart of the prestigious “Golden Square” area, close to the Casino and its famous hotels.

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.

CM MONACO REAL ESTATE

7, avenue de Grande-Bretagne

« Le Montaigne » Bloc B

Monte-Carlo, 98000 Monaco

Phone: +377 99 90 80 59

E-mail: info@cm-monaco.com

Website: https://www.cm-monaco.com/en/

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