TIMES are tough for property in some parts of the world. Not, however, in Monaco, where investors seeking classic, mature markets feel comfortable. The fact that it’s still one of the most glamorous locations on earth – with some of the world’s best restaurants and casinos (and let’s not forget the marina) – doesn’t hurt, although its status as tax haven may still be Monaco’s biggest draw.
There’s no better proof of Monaco’s strength than a new development called No. 23 Boulevard de Belgique being sold by Knight Frank. With celebrity designer Jacques Garcia as decorator, buyers are forking out for the very best. If you like what Garcia has done with the entrance lobbies and gym, you can commission him to decorate your own apartment. That would put your flat in the same league as the the Place Vendome pied a terre of the Sultan of Brunei; Paris’s ultra-glamorous Hotel Costes, Monte Carlo’s Hotel Metropole and the legendary La Mamounia in Marrakesh – some of Garcia’s past projects.
James Price, head of international residential developments at Knight Frank, says: “This is the first whole completed residential building to be built in Moncao for some time. Opportunities like this don’t come round often there.”
Nor do they come cheap: think €45,000 per square metre. Flats on lower floors start around €6m, while the bigger, higher up apartments that Price says are being marketed towards “a more international clientele” (meaning Indian, Chinese and Brazilian) come in at the mid-teens. But if you’ve got the cash, this is a secure and rather special place to put it. www.knightfrank.com