Goldman Sachs Group is one of the world’s largest private banks with $2.2 trillion in assets under management.
In February 2022, the company received approval to set up a branch for its wealth unit in Monaco, about six years after it closed an earlier office.
According to Bloomberg, Goldman’s return to the city-state where almost a third of its 39,000 residents are millionaires is a part of a new strategy of expanding operations for the world’s ultra-rich.
Monaco, with its zero capital gains and VAT taxes, was never under the radar of the ultra-wealthy but Goldman’s move creates a good reason to check out the principality’s exceptional real estate market.
Luxury second home market in Monaco
According to JamesEdition listing data, the average property price in Monaco, at about $6,000,000 per listing and $55,000 per sqm, is the highest in Europe.
Two-bedroom properties comprise 35% of the real estate supply with the average price at $6,500,000 per listing. This segment is followed by one-bedrooom and three-bedroom homes with 23% of the supply each.
Even though number of upscale second home listings isn’t increasing in Monaco at the same rate as in the nearby French coast, the popular Costa del Sol or ever-developing Dubai, the city-state remains one of the most sought-after destinations among the wealthy.
With Monaco’s pandemic restrictions almost fully lifted, demand is booming: in March 2022, we’ve seen a 47% increase in saved listings and 38% increase in leads compared to the previous year.
Which properties top the list as the best on offer in the second home market today? We’ve selected apartments and penthouses in some of the most interesting new developments and historic buildings.
Top homes for sale
Sea view apartments in Parc Saint Roman
Price: €25,500,000
Parc Saint Roman is one of the most beautiful and well-known developments in Monaco, located close to the prestigious Monte-Carlo Beach hotel, the country club tennis courts, the restaurants and facilities of the neighboring sports club, and the casino.
The building boasts a wonderfully leafy park with a large outdoor pool and a 24-hour concierge service.
Entirely renovated in a contemporary style, the apartment offers far-reaching sea views from Cap Martin to Cap Ferrat. Each room opens to its own terrace, increasing the natural light and providing perfect indoor-outdoor living.
Penthouse with a roof terrace in Fontvieille
Price: €6,650,000
This one-bedroom penthouse apartment in the residential area of Fontvieille has been completely renovated to a very high standard but its key benefit is, of course, includes the roof terrace with a built-in 2000 liter jacuzzi for six people, outdoor shower, summer kitchen and an incredible 180-degree view over the Princess Grace Gardens and the sea.
The stunning outdoor space is completely custom made with the use of teak wood, marine wood and Corian. Back in the penthouse, the property features upscale marble, hardwood and travertine finishes.
Apartments with a pool in the Jardin Exotique neighborhood
Price: €12,500,000
This flat could be an excellent investment as well as a comfortable family residence. It’s situated in a brand new development in the Jardin Exotique neighborhood that is to be delivered in 2022. This residential complex is located close to the main roads and city commute and features a spa area and both outdoor and indoor pools. Stunningly designed loggias boast panoramic sea views.
Large two-bedroom in Fontvieille
Price: €9,500,000
A rare offering in the Monaco market scape-wise, this two-bedroom apartment with a total area of 187 sqm has a potential to be transformed into a three-bedroom for a larger family. Each bedroom has its own en-suite bathroom and the view from the loggia over the Mediterranian and the seafront outdoor pool is unforgettable.
Villa-style apartments with the views across Fontvieille Port
Price: €5,830,000
With its own independent front door, this delightful apartment will feel more like a house than a flat.
This residence is situated within the calm surroundings of Fontvieille, with its marina, bars, restaurants and green spaces on the doorstep. Tastefully renovated whilst maintaining original features like parquet flooring, the 142 sqm (1528 sq ft) property offers a large living space opening onto a terrace from which you can enjoy the views.
More to know about Monaco
Even with the supply understandably limited by the principality’s size, Monaco has interesting offering in the second home market at the average price as well as above and slightly below the median.
With its high standard of living, the city-state is home to more than 50 banks and 800 international companies, hosting numberous regattas, one of the world’s largest yacht show and a Formula One race.
To get residence permit (Carte de Séjour), applicants must demonstrate the disposal amount of funds by depositing €500,000 in a local financial institution, and lease or purchase a property in Monaco.
