LE 26 CARRÉ OR,  26 AVENUE DE LA COSTA, 98000 MONACO

News & Press

Read the latest news and information in Monaco and  beyond.

Bay House: Monaco’s Top Luxury Real Estate Project

Introducing Bay House, a new standard of sophisticated living in Monaco’s prestigious Larvotto neighbourhood. This exceptional development comprises 5 exclusive villas and more than 50 apartments, redefining the standards of luxury.

All the residences in Bay House will include three to six bedrooms, spacious entertaining areas, and south-facing wraparound balconies with breathtaking panoramic views. 

Each of the five villas will provide an exceptionally rare waterfront living experience in the Principality: private roof terraces and pools overlooking the Mediterranean sea.

After 7 years of construction, full delivery of the properties is expected for 2024.

The epitome of luxurious living

©DBOX , ©ARTEFACTORY LAB

Each Bay House residence embodies luxurious living, featuring meticulously crafted multi-level properties that effortlessly blend spacious interiors with tranquil private outdoor spaces, defining the true essence of luxury. The exclusive villas, limited to just five, promise an unparalleled living experience.

This lavish living experience includes cutting-edge home automation controlling lighting, shades, air-conditioning, and videophones. Additionally, the all-inclusive concierge services elevate the lifestyle as residents will be able to enjoy a daily shuttle, housekeeping, dry-cleaning, and valet amenities.

Moreover, Bay House introduces 500m2 of amenities, where residents will be able to enjoy its luxurious spa consisting of massage rooms, steam room, sauna, hair and beauty salon, and more. A dedicated fitness area with advanced technology will also be available.

Residents will also enjoy the added convenience of direct access to secure parking at three road levels – Boulevard d’Italie, Boulevard du Larvotto, and Avenue Princesse Grace – interconnected by dedicated elevators. This unique setup will ensure seamless accessibility across all three residence levels. Additionally, most of the 5 houses are expected to have a direct entrance to their private parking bay, a rare luxury in the Principality.

Bay House, Part of a Larger Project: Testimonio II 

Bay House stands at the heart of the expansive Testimonio II development, encompassing two residential towers, housing units for local citizens, a nursery, and a spacious new site for the esteemed International School of Monaco. This new International School that will be able to welcome up to 700 students, spans over 10,000 square meters. It will cover the entire length of the project, across four levels, between Avenue Princesse Grace and Boulevard du Larvotto. The school will include a gymnasium and conference hall. 

The nursery, located on the ground floor of the tallest tower in Boulevard d’Italie, houses age-specific sections, areas for play and discovery, sleeping zones, care facilities, and terraces.

Moreover, this project is adding new parking spaces in Monaco, a rare gem in the Principality (link the article about investing in parking). More than 1,000 new parking spaces across 13 levels, including spots for public use. 

The Visionaries Behind the Project 

Everyone remembers the spectacular Tour Odéon, Monaco’s towering landmark that houses the world’s most expensive penthouse. Today, the developer behind this iconic structure, Groupe Marzocco, has unveiled its latest endeavour: Bay House. Representing one of Monaco’s most luxurious residential developments to date, Bay House marks an impressive milestone in the principality’s architectural history.

Embarking on real estate projects in Monaco invariably presents a variety of challenges, and the Testimonio II undertaking is no different. Located in the final large-scale plot available for construction in the Principality, the site posed considerable obstacles: narrow, steep terrain, restricted spaces, and geotechnical complexities. Groupe Marzocco tackled this rigorous project by collaborating with various partners. Among them were the Vinci Group, Arquitectonica designers who designed the distinctive wave-like facade, Alexandre Giraldi, and interior designers such as Laura Sessa.

Located in the lively Larvotto Neighbourhood  

©DBOX , ©ARTEFACTORY LAB

The Bay House development nestles within Monaco’s Larvotto Beach area, a highly sought-after location due to its luxurious apartments, breathtaking sea views, beach lifestyle, and its vibrant local scene thriving with trendiest restaurants and clubs. 

Within this area, the esteemed Grimaldi Forum hosts a diverse array of year-round shows, exhibitions and conferences. Among its offerings are the renowned Ballets of Monte-Carlo, prestigious artistic shows led by Jean-Christophe Maillot, making it a nighttime gem in the Principality.

The Larvotto also boasts luxurious five-star resorts such as the Monte-Carlo Beach and the Monte-Carlo Bay and Resort, alongside the most famous nightclubs, namely Jimmy’z and Sass Café. Finally, this district is distinctly defined by the iconic Avenue Princesse Grace, which runs parallel to the coastline and stands as one of the most exclusive streets in the world. Who wouldn’t want to live here?

Delve deeper into Bay House’s website and uncover an entirely elevated benchmark for refined living.

Sources: 

Mareterra: Monaco’s Seafront Expansion and Unstoppable Growth

The number of people settling in or wanting to move to Monaco has increased over the last decades. Yet, Monaco, covering barely more than 2 km², remains smaller than the size of New York’s Central Park. 

Running out of space, the world’s second smallest country first tackled the issue with its pioneer offshore project back in 1907. This was the first land expansion into the Mediterranean Sea which birthed the Fontvieille district. Today, under Prince Albert II’s guidance, the most recent expansion is in process, slated for completion by the end of 2024.

A Fusion of Sea and Land

A brand-new district is taking shape along Monaco’s existing coastline, seamlessly extending from the Grimaldi Forum to the Formula One Grand Prix tunnel. Mareterra introduces a vibrant new district that will blend residential, cultural, and recreational spaces while embodying the Mediterranean’s charm and natural habitat. 

This transformative venture marks a significant shift for Monaco: an innovative addition to the Mediterranean shoreline that harmonises both land and sea ecosystems. Indeed, the name ‘Mareterra’ beautifully symbolises the project’s fusion of sea (“mare”) and land (“terra”), honouring its dual aspects. 

In collaboration with the SAM Anse du Portier developer, Mareterra utilises innovative and sustainable building techniques, embodying Monaco’s vision for expansion and advancement. Esteemed architects, such as Valode & Pistre Architectes, Renzo Piano, and Michel Desvigne, lend their expertise to this transformative project, initiated in 2013 and set for completion by late 2024.

A New Place of Tranquillity for All in Monaco

Introducing a groundbreaking real estate venture that goes beyond conventional living spaces. The project encapsulates a seamless integration of community and lifestyle. 

Here’s a list of the meticulously curated public spaces designed for communal enjoyment:

  • Place Princesse Gabriella – an essential gathering spot at the heart of this district, adorned with captivating reflecting pools. 
  • Le Petit Portier, a charming small marina composed of 15 berths that will be surrounded by shops and restaurants. It’s set to become Monaco’s newest vibrant focal point, perfect for community gatherings.
  • Mareterra’s La Pinède & La Vallée, drawing inspiration from the Mediterranean’s natural terrain and native plant life, will invite residents and visitors to embark on a serene journey amidst clusters of trees, shrubs, and flora.
  • Lastly, both locals and visitors will be able to enjoy the Promenade Prince Jacques, stretching along the coastline from the new port to the Grimaldi Forum. This scenic route will offer a stunning sea-view, leading gracefully to the one and only Larvotto beach.

Monaco’s eco-friendly and sustainable district 

The development team behind Mareterra is committed to implementing several measures focused on the ecosystem, sustainability, and responsible site development. 

Here are some of the key figures:

  • 800 trees plantes 
  • 27 000 sqm areas planted 
  • 19 000 sqm pedestrian area 
  • 9 000 sqm of solar panels 
  • 50% of rainwater reused 
  • 600m of cycle path 

Mareterra has implemented various sustainability measures. For example, the project includes setting up around 200 charging systems for electric vehicles, with 20% allocated for public car park. It will also create two bike stations with one that is specifically designed for electric bikes only.

Additionally, to preserve the ecosystem, Mareterra is actively working to minimise its construction site’s impact and to enhance biodiversity within the area. For instance, it is planned to install shelters like bird nests and insect hotels. Mareterra is also dedicated to preserving protective sea grass and fostering the growth of the new coastal area by constructing artificial reefs.

Deep dive into Mareterra’s Exclusive Residences 

Mareterra will offer a variety of distinctive residential spaces, each with its own charm. 

At the district’s edge will stand Le Renzo, offering residences overlooking the vibrant port and retail area (see picture above). Then, Les Jardins d’Eau residences will embrace the Riviera elegance, featuring plenty of amenities, spacious balconies, and modern designs that seamlessly blend indoor and outdoor living. Just a short distance away, positioned by the sea, will be located the exclusive villas. Each villa will offer incredible breathtaking views and features its own unique and distinctive design. Finally, the Townhouses perfectly reflect the vision of integrating natural beauty: they will be enveloped by lush greenery – effortlessly blending into nature. These homes will feature interior patios where residents will be able to immerse themselves in nature. 

Please do not hesitate to contact us should you be interested in a property in this newly developed district. 

For more information about this ongoing (and soon to be) project, please explore Mareterra’s website.

Sources: 

 

Parking Investment in Monaco: All You Need to Know

A highly Lucrative Business 

While most of us are aware of the exorbitant per square meter prices for apartments in the principality, the underground business of private parking spaces is an equally lucrative domain. Indeed, parking spaces are significantly escalating the already staggering costs associated with real estate in Monaco. According to La Chambre Immobilière de Monaco, the price for a parking space or a private box in Monaco ranges from 150,000 to 600,000 euros – an astronomical spectrum indeed.

Over the past decade, there has been significant inflation in these prices, surpassing the per square meter price escalation. A decade ago, prices fluctuated between 150,000 and 200,000 euros, but today, they span a much wider range from 150,000 to 600,000 euros. Prices are particularly high in some neighbourhoods. Take Monaco-ville, for example – there’s such scarcity that a closed garage effortlessly fetches a million euros. As a result, negotiations are consistently in favour of sellers, who encounter no difficulty in reselling their parking spot.

A Supply that doesn’t meet the Soaring Demand

While Monaco stands as one of the safest places in the world, the preference for parking in a monitored and sheltered facility persists. Underground parking spaces, often the norm in Monaco, come equipped with round-the-clock surveillance, adding to the allure of secured parking options. The scarcity of available street parking amplifies the necessity for a secure spot, further elevating the value of such sought-after parking spaces. The quest for this prized possession – a secure and covered parking space – is the ultimate challenge within the principality. 

Another challenge highlighted by L’Observateur de Monaco: owners of luxurious cars now struggle with the outdated size standards of parking spaces in the principality. Indeed, many parking spaces here are notably small. This mismatch propels prices upward for larger parking spaces. Desperate for more sizable spots, this clientele is willing to pay astronomical sums, creating a fervent demand. The current average cost for securing a ‘large’ spot ranges between 500,000 and 600,000 euros. 

Finally, the soaring demand can also be explained by the increasing trend of multiple car ownership per household. As more people accumulate vehicles, the supply fails to match this surge, resulting in a continuous rise in prices. 

As a result, investors, recognizing this demand, have entered the market, heightening the difficulty of acquiring parking spaces in Monaco. It’s undeniably a secure investment, demanding minimal maintenance, easy to manage, and promising optimal profitability.

Why Parking Investment is Your Next Big Move

All things considered, investing in parking spaces in Monaco can be attractive for several reasons:

  • High Demand: Monaco is a small city-state with limited space. The demand for parking is consistently high due to its dense population and limited land availability.
  • Limited Supply: There’s a scarcity of parking spaces in Monaco, leading to a situation where the supply doesn’t meet the demand. This imbalance can drive up the value of parking spaces over time.
  • Stability and Prestige: Monaco is known for its stability, luxurious lifestyle, and as a tax haven. Investing in property, including parking spaces, in such a prestigious and stable location can offer long-term benefits.
  • Potential for Rental Income: With the high demand for parking, you can potentially generate steady rental income by leasing out your parking space to residents, businesses, or tourists. Plus, it’s a profitable investment that requires minimal maintenance.
  • Capital Appreciation: Due to limited space and high demand, property prices, including parking spaces, in Monaco have historically shown strong appreciation.

However, before investing, it’s crucial to consider factors like initial investment costs, ongoing maintenance expenses, regulations around property ownership and rental, as well as the potential risks. Consulting with a local real estate expert (hyperlink to contact info) or financial advisor (hyperlink to contact info) familiar with the Monaco market can provide valuable insights tailored to your specific situation and investment goals. Don’t hesitate to contact us for guidance. 

Sources: 

 


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Le 26 carré or
26 Avenue de La Costa
98000 Monao
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26 CARRÉ D’OR,
26 AVENUE DE LA COSTA,
98000 MONACO

Tel: +377 99 90 77 67 
Email: contact@prime-estate.mc