Spotlight: Monaco Residential Market

Monaco Residential Market
 
Shaping Monaco: City Building for the Future

19 May 2015, by Yolande Barnes

New build development space is being created through urban restructuring, land reclamation and renewal.

 

Land is constrained in Monaco so the Principality is taking innovative approaches to urban development by making available new development space through urban restructuring, land reclamation and renewal.

New development

New development has been targeted firmly at the global super rich, designed to compete with the best schemes of London, New York and Hong Kong. Tour Odeon, situated in La Rousse, topped out in 2014, rises to 49 stories and offers 70 apartments to a very high specification. Le Stella, located in La Condamine, consists of two villas and 99 apartments in an iconic ‘sculptural form’, thanks to its undulating balconies.

Land reclamation

Monaco is no stranger to land reclamation, it has been claiming land from the sea since the late 19th century. The Fontvieille district, developed in the 1970s, is almost entirely built on reclaimed land and extended the Principality’s land area by 20%. There are plans for an eleventh ward, Le Portier, adding 27.5 hectares of new land between Port Hercule and Grimaldi Forum.

Urban renewal

Prominent sites are being re-imagined and redeveloped to maximise limited land and make it fit for the 21st century. A new Sporting D’Hiver is under construction, replacing the 80-year old building of the same name. The Richard Rogers scheme incorporates six residential pavilions, office accommodation, a pedestrian retail street and conference facility.

 

 
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Key Contacts

Yolande Barnes

Yolande Barnes

Director
World Research

Savills Margaret Street

+44 (0) 20 7409 8899

 

Paul Tostevin

Paul Tostevin

Associate Director
World Research

Savills Margaret Street

+44 (0) 20 7016 3883