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Monaco: Pole Position

The Principality remains the single most expensive residential market in the world

Tour Odéon
Tour Odéon
21 Avenue Princesse Grace Credit: Savills
21 Avenue Princesse Grace Credit: Savills
Sun Tower Credit: Savills
Sun Tower Savills

The Principality’s prestigious property continues to lead a charmed life. The average price per square metre for Monegasque real estate currently stands at €53,000, “but prime locations, like the Golden Square opposite the Casino and Hermitage,” says Irene Luke, head of Savills Monaco, “can be much more expensive than that.”


A population of just 38,000 or so crowds into the Principality’s exclusive 2.02 square kilometres, so only 400 to 500 homes change hands every year. A zero rate of income tax for Monaco residents is part of the equation, as is 24-carat security, and Luke suggests lifestyle benefits have also improved substantially in recent times.


“Monaco is more lively than it used to be: it’s younger, has better restaurants and appeals more to families – the international school, which teaches the IB, has a terrific reputation.” Any number of world-class tennis players find the courts to their liking, while its Formula One Grand Prix heritage is pure platinum.


There’s an engaging view of all the sporting action from the palatial five-floor penthouse on floors 45 to 49 of the very contemporary Tour Odéon.


This 3,500sq m residence has its own private lift, a dance floor with a water slide to an infinity pool, cinema room, library and billiards area, many bedrooms and staff quarters. One of several living rooms even has an extravagant 6m double-height ceiling. Its price tag makes it almost certainly the most expensive apartment currently available worldwide.


On a marginally more modest scale, at 21 Avenue Princesse Grace, opposite the culinary and recreational delights of the Larvotto beach, another apartment has four en-suite bedrooms, fully fitted kitchen, open-plan living and dining room, plus a swimming pool terrace with lovely sea views.


Rather more valuable than gold dust in Monaco, two underground parking boxes accommodate four cars, with 24-hour concierge and a cellar combining to make this a substantial, family-friendly residence.


For such a tiny enclave, precise location is all-important, and none is better than the Golden Square. A position next to the Hermitage, a view over the 1897 Charles Garnier-designed Casino de Monte Carlo to the Mediterranean beyond, and front-row seats for the F1 action all add lustre to a three-bedroom apartment in the 1970s Sun Tower.


Recently refurbished to a very high order, this, at just 125sq m, is a relatively compact proposition, but its location is golden – both Alain Ducasse’s Michelin three-starred restaurant and the late Joël Robuchon’s two-starred establishment are a short 
walk away.

A two-bedroom duplex in the Art Deco Victoria building, near to the Café de Paris, is almost twice as big and has an exceptional terrace planted with all manner of Mediterranean greenery. The sense of space is enhanced by light streaming into grand reception rooms through elegant, period windows.


The building is also close to the retail heaven that is the Metropole mall, where Saint Laurent, Swarovski, Versace, Rosenthal, Davidoff and Brioni are just a few of the brands enticingly available. Shopping is something Monaco does rather well.

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