Monaco Was the World’s Top Luxury Property Market in 2023
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Monaco Was the World’s Top Luxury Property Market in 2023

Buyers paid €51,418 per square metre in the city-state, which only grew in popularity during the pandemic

By ELAINE PAOLONI QUILICI
Wed, Mar 20, 2024 8:41amGrey Clock 2 min

Monaco’s prime real estate market remained strong despite global macroeconomic challenges and became the most expensive prime property market in 2023, according to a report Monday from Savills.

The price per square metre in the principality may have grown just 0.9% during 2023, but that increase, however slight, left the average price per square metre at €51,418 (US$55,852).

In comparison, the price per square metre was €39,100 in Hong Kong, €25,300 in New York, €18,900 in London and €8,400 in Dubai.

There were 416 transactions across the principality in 2023, which represented a decline of nearly one-fifth compared to the previous year. However, the total transaction value declined by a smaller amount than the number of transactions, which indicated that fewer but higher value transactions were recorded in 2023.

In examining the total sales by price point, the proportion of apartments selling for more than €5 million increased 2% in 2023, while the share of apartments sold priced below that same threshold  fell by an equal amount, according to the report.

Interest in Monaco has risen since the pandemic, contributing to space constraint issues in the principality. Residence card applications also now require a property’s size to match the intended occupying family’s size, which has resulted in greater scrutiny, Savills said.

In response to this rule, many new-build projects are offering larger apartments. The sales of more spacious apartments with three or more bedrooms accounted for over 60% of new-build sales and 22% of the resales across the principality in 2023.

“The number of resales in Monaco has returned to pre-pandemic levels, and this rebound has largely been driven by the increase in sales of larger apartments,” Kelcie Sellers, associate director of world research at Savills, said in the report.

Potential buyers don’t just want to live in Monaco. They are very specific when it comes to choosing a particular district or even development. Together, Monte Carlo and La Rousse comprise over 40% of the total housing area in the principality, yet they accounted for more than 60% of resale transactions in 2023.

In fact, the mean price for resales increased to an all-time high in five out of seven Monaco districts in 2023. Jardin Exotique and La Condamine saw the highest price-per-square-metre growth of 19% and 22%, respectively. Larvotto maintained the top spot for most expensive district by square metre, according to the report.

In an effort to meet the high demand for real estate in this principality, which is smaller than New York’s Central Park, construction projects are in progress. Two large communities are expected to launch this year: Mareterra and Bay House Monaco. These projects will add a combined 166 new apartments and 15 villas to the Monaco market.

Prospective buyers around the world are approaching the current market with caution as they wait to see how macroeconomics, inflation and interest rates play out. However, as Monaco offers somewhat of a safe haven, it may attract buyers who would have purchased property elsewhere, which would continue to drive demand in the coming months, Savills said.



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Property of the Week: 8-10 Howard St, Kew

Home to Sir Robert Menzies and Dame Pattie, this grand Melbourne estate is a piece of Australian political history.

By Kirsten Craze
Mon, Feb 17, 2025 2 min

It may be a well-worn cliche, but if these walls could talk there would be plenty of state secrets to share. The landmark residence at 8-10 Howard St, Kew was once the private residence of Sir Robert Menzies and Dame Pattie between 1929 and 1949, during the Prime Minster’s first term in the top job. He later held the role again from 1949 to 1966, making him Australia’s longest serving Prime Minister.

Historical land records indicate that the Howard St property was sold to Leonard Clinton Shaw, brother-in-law of Pattie Menzies. Robert and Patti then moved to live into The Lodge in Canberra.

The stately arts and crafts era home was built in the 1910s and has reportedly played host to a long list of dignitaries and VIP guests. As rumour has it, the drawing room of the Kew property is where Menzies crafted his iconic speeches and held many clandestine meetings.

Today the imposing five-bedroom residence, which sits on a vast 1874sq m land parcel in the coveted Studley Park precinct, has come to market through Marshall White agents James Tostevin and Chris Barrett with a price guide of $8.3 million to $8.9 million.

According to CoreLogic, the property last sold in 2018 for $7.75 million.

Beyond the expansive parklike grounds that to pay homage to celebrated Australian landscaper Edna Walling, the two-storey house is packed with meticulously maintained period features.

Showcasing the best of arts and crafts design influences, the home has a charming tuck-point brick façade, a tessellated tile veranda, coloured leadlight glass windows, dark stained wood panelling inside, as well as high decorative ceilings and cornices.

The large foyer divides the lower level into two distinct zones; big formal rooms and more casual family-friendly spaces. Built for entertaining on a grand scale, both the lounge and dining rooms rooms have original fireplaces and open out to either the undercover veranda or enclosed sunroom.

Also on the ground level, a spacious family room with yet another fireplace connects to an everyday meals area, and the contemporary kitchen comes complete with granite surfaces, a Paul Bocuse stove, an integrated Miele dishwasher, a walk-in pantry and wine cellar. A home office, or potential guest bedroom, plus a large laundry and two powder rooms round out the lower level floor plan.

Up via a majestic timber staircase, four big bedrooms have fireplaces and built-in wardrobes, while the primary suite is home to a palatial ensuite and dressing room. This accommodation level also houses two family bathrooms and a rear balcony that overlooks the grounds.

Outdoors there are multiple lifestyle features including a north/south tennis court with lighting, a unique rounds swimming pool and all-weather terraces.

Other features include an alarm, hydronic heating, a 60,000L underground tank, a garden shed, a remote double garage and additional off-street parking.

Located on the old Oakland Estate, the Menzies’ former home is close to popular eateries, Xavier College, St Vincents Private Hospital and golf courses.

 

Expressions of interest close on March 11, at 5pm for 8-10 Howard St, Kew. The home is listed with a price guide of $8.3 million to $8.9 million through agents James Tostevin and Chris Barrett of Marshall White.

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Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

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