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The prime residential property markets in central London and Monaco are like twins with both representing Europe’s leading locations for luxury property, and having very similar features, trends and buyer profiles. A new analysis of both markets show they both cover similar land areas, are experiencing a huge global demand and have upward pressure on property values due to their locations. The findings from Pastor Real Estate, which has offices in both locations, also says that buyers are attracted to them because of their political stability, advantageous tax regimes, concentration of luxury hotels and shopping facilities and ultra-prime residential markets. It points out that both have seven ultra-prime districts which together represent 14 of the most valuable addresses in the world. At £3.43 million, the average apartment price in Fontvielle, Monaco’s most expensive address, is higher than the equivalent in Knightsbridge at £3.27 million, but the price gap between Monaco and London has been closing. A significant proportion of Ultra High Net Worth buyers who acquire or rent ultra-prime property in London also have an address in Monaco. Just as Monaco’s Fontvielle district has challenged Monte-Carlo, traditionally the most expensive area, in terms of highest residential prices achieved, so Mayfair is challenging Knightsbridge. Overall the report analysed seven ultra-prime districts which it describes as ‘city villages’. In London they are Mayfair, Marylebone, Knightsbridge, South Kensington, Marylebone, Belgravia, Westminster and Chelsea. And in Monaco they are Fontvielle, Monte-Carlo, Boulevard des Moulins/Saint Roman, La Condamine, Larvotto, Monaco-Ville and Jardin Exotique. The residential markets and new development in central London and Monaco are both constrained by planning regulations, protected historic buildings and geography. Geographical constraints in London refers to the protected Royal parks, the Thames and protected views, whilst Monaco is constrained by the sea from which over 100 acres of land has been reclaimed since the early 1960’s, the mountains and the border with France. Both central London and Monaco are viewed by global wealth as highly attractive islands of stability in an often turbulent world, according to the report. Each has as heads of state highly popular Royal dynasties, benefits from stable political systems and has strong economies based on banking/finance, tourism, cultural facilities and commerce. Both locations are also economically stronger than the regions surrounding them. Both locations have a high proportion of foreign nationals, who comprise over 80% of those who live in Monaco and an estimated 50% to 75% of those who reside in Knightsbridge, Mayfair, Belgravia and parts of Kensington and Chelsea. In addition, a significant proportion of UHNW buyers who acquire or rent ultra-prime property in London also have an address in Monaco. There are an estimated 2,000 British high-net-worth individuals who reside in Monaco, many of whom also own homes in central London. It says that Fontvielle, the most expensive area and the main beneficiary of land reclamation in Monaco is similar to South Kensington in London. Fontvieille has the highest proportion of Monaco homes which have… Continue reading →
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