How to Navigate a Saturated Market ?
Publié le 20/11/2023
Temps de lecture
7
min.
Monegasque Real Estate Market
Demand on the rise
The Principality of Monaco, famous for its exceptional living environment and many advantages, is facing a growing shortage of rental housing. This situation is exacerbated by major real estate renovation projects. A notable example is the Schuylkill renovation project, scheduled for summer 2024. This major initiative will force all current tenants out of their homes, creating an urgent need for rehousing for a large number of residents.
The renovation of the Schuylkill is just one aspect of the complexity of the Monegasque real estate market. Another factor strongly influencing demand is the significant increase in rents in buildings owned by large real estate groups. We have received many clients staying in these properties, who express their desire to move following rent increases of more than 30%. This sudden increase in costs makes the search for affordable options even more pressing, especially in an already highly competitive market.
Residents looking to relocate to areas such as Monte Carlo, known for its prestige, are facing a saturated market. Increased demand and limited supply are creating intense competition for available housing. This competitiveness is further exacerbated by the influx of newcomers, attracted by Monaco's many qualities, including its advantageous tax status and luxurious lifestyle.
In addition to current residents, Monaco continues to attract a diverse international clientele. Our agency sees a steady flow of international clients, including from Italy, the United Kingdom, Germany, Belgium, and Switzerland. These newcomers, looking for high-end residences, are contributing to the intensification of demand in an already pressured real estate market.
Fontvieille: A Highly Coveted Neighborhood of Monaco
The Fontvieille district, with its unique ambience that blends modern urbanism with village charm, is currently one of the most sought-after areas in Monaco. Its attractiveness is based on several distinct assets: lush green areas, peaceful parks, and a charming seaside, offering an exceptional living environment. The urban design of Fontvieille is particularly noteworthy, with a single main road running through it, giving the area an almost pedestrian feel despite the presence of all essential urban services, including an efficient bus network.
Fontvieille is also home to major amenities, such as the Carrefour, one of Monaco's main shopping centres, as well as easy access to the port of Fontvieille and the port of Cap d'Ail, which are popular with boat owners. These elements make Fontvieille a particularly desirable place to live, combining Monegasque luxury with an exceptional quality of daily life.
However, the growing popularity of Fontvieille has led to a saturation of the rental market. Housing in this area is prized for its prime location, quality of life and proximity to key infrastructure. This high demand has resulted in increasingly limited housing availability. Residences such as the Terrasse du Port, the Seaside Plaza and the Palazzo Leonardo, offering high rents in Fontvieille, are increasingly popular, while other areas, such as those near the Princess Grace Rose Garden, are also seeing their availability dwindle rapidly.
Buildings such as Rosa Maris, Grand Large, and Botticelli, are now at the heart of fierce competition for potential tenants. This situation poses a major challenge for those looking to settle in this idyllic neighborhood. With a limited number of properties available and an ever-increasing demand, finding accommodation in Fontvieille has become an increasingly daunting task. Specialists in this area, our agency can help you in your search!
The Unique Expertise of Our Real Estate Agency
In this competitive real estate context in Monaco, our real estate agency stands out for its approach focused on exclusivity and personalisation. We have made the strategic choice not to have an agency open to the public, which allows us to fully focus on the specific needs of each client. This exclusivity often starts with an initial online contact, followed by a personalized appointment in the branch, ensuring a tailor-made and highly qualified customer experience.
Our agency also stands out for its use of advanced IT tools for customer follow-up, guaranteeing optimal responsiveness and efficiency in the management of requests. Each client receives special attention, with regular and personalized follow-up, a rare characteristic in an industry often marked by a more impersonal approach.
The strength of our network is another pillar of our success. In close collaboration with various professionals – bankers, tax specialists, lawyers, and consultants – we have developed an extensive and diverse network. This wealth of connections gives us access to exclusive offers, often before they appear on the open market. In addition, our close collaboration with other real estate agencies in Monaco allows us to offer our clients an almost complete range of choices in the Monegasque market.
This holistic approach means that our clients don't have to go through multiple agencies to find their ideal accommodation. We centralize the search, simplifying the rental process by bringing together all the options available on the market. This centralised service, combined with our expertise and extensive network, makes our agency the ideal partner for anyone looking to rent or buy a home in Monaco. Many of our clients define us as the Best Real Estate Agent in Monaco, and we have been proud to help and support them for many years. The advantage of establishing a loyal relationship with our clients is to be able to advise them and share current real estate trends, so to give you a taste here is our analysis of the current market.
Forecasts for the Monaco Rental Market
Based on current trends and our on-the-ground expertise, we anticipate a continuous and significant evolution of the rental market in Monaco. Demand for rental housing shows no signs of slowing down. This situation is likely to push prices higher in the coming months, due to the classic balance of supply and demand.
Recent rent increases, especially in properties managed by large real estate groups, have already started to influence the market. These noticeable increases are forcing many residents to look for alternatives, increasing pressure on the rental market. Faced with these challenges, our agency strongly advises those who are considering changing accommodation to do so as soon as possible, in order to avoid being caught in the real estate "traffic jams" that are sure to form.
We are also seeing a growing interest in leasing from international customers, a phenomenon that is expected to continue and even intensify. As a result, available housing options could become even scarcer, and the time it takes to find suitable housing could lengthen. In this context, acting quickly is crucial. Our agency is uniquely positioned to help our clients navigate this dynamic market, offering expert advice and personalized assistance in finding the perfect home.
Tips for Finding Accommodation in Monaco
In a market as competitive as Monaco's, it is essential to be well advised and supported. For those who are just starting their search for accommodation, our first piece of advice is to use a specialized real estate agency, such as ours. By choosing our agency, you benefit from privileged access to up-to-date information and offers, thus avoiding wasting time with outdated listings or apartments that have already been rented.
Our computer system, connected in real time with other agencies in Monaco, allows us to offer instantly updated listings. This ensures that our guests receive reliable and up-to-date information about available accommodations. By working with us, you avoid the trap of "ghost apartments" – those properties that appear to be available online, but have actually already been rented out for a while.
Another crucial tip is to position yourself quickly. If you find an apartment that meets your criteria and is offered at a reasonable price for the Monegasque market, don't hesitate to make an offer. In today's environment, speed is a major asset. When you make an offer, it demonstrates your seriousness and can speed up the rental process.
Our agency can also assist you in the decision-making process, explaining the benefits of each property and helping you assess whether it really fits your needs. Our experience and in-depth knowledge of the Monegasque market are invaluable assets in guiding you through this often complex process.
We invite you to visit our website to find out more about our services and the rental offers currently available. But, above all, we strongly encourage direct and personal contact. By making an appointment with our team, you can be sure of tailor-made support, adapted to your specific needs and your search criteria.
Don't wait any longer to secure your future home in Monaco in this dynamic market. Contact us today to schedule an appointment and take the step towards your new home together.
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