The sporting life

“After tax considerations, the lifestyle is the main reason people chose to live in Monaco and sports play a pivotal role in that lifestyle,” confirms de Mallet Morgan. “Since Covid, the wider lifestyle benefits of Monaco and the South of France have become more crucial to buyers. A recent client whose son started at Monaco’s football academy could have gone to Paris or the UK but chose Monaco for the lifestyle. It’s a superbly healthy base with an exceptional setting, facing the sea, backed by the Alps with the French Riviera one way and the Italian Riviera the other and all within two hours of most European capitals.”

When global instability pushes people to consider safe havens, Switzerland and Monaco top most clients’ wish list says de Mallet Morgan. The changes made this year to the UK’s non-dom tax status produced an immediate increase in enquiries from clients. While the severe shortage of homes in Monaco for both sale and rent remains an issue, some new, top-quality housing is being introduced.

“Authorities in the principality have known for some time that its property offering fell short of what high-net-worth-individuals expected and could find in New York, London and Paris and have worked on repurposing buildings and reclaiming land,” says de Mallet Morgan. “Look at Mareterra. It is a transformational reclamation project that completes next year where, despite being the most expensive real estate project in the world, almost everything sold off-plan and resales have reached up to €100,000 per square metre.”

These new properties are matched by improved facilities, new international schools for example, broadening Monaco’s appeal to young families. Smaller apartments and studios are now less attractive: the highest demand, for both rental and sales properties says de Mallet Morgan, is for homes with three or more bedrooms.

“Monaco has tightened rules on anyone using the principality solely as an address. Now, if you want the benefits of Monaco, you have to live there and we’ve seen an uptick in the number of families relocating,” says de Mallet Morgan. “Monaco’s private schools were becoming oversubscribed, so a new British School opened up last year to cater for the increasing demand.”

A three bedroom apartment in Monte Carlo is for sale at €9,950,000 and is less than 200m from Casino Square, featuring a grand art deco reception. The apartment includes a spacious, modern, minimalist kitchen and a living room with large bay windows that flood the space with natural light.

In an elevated location in Jardin Exotique, a three bedroom, three bathroom apartment in the Les Ligures building is on the market for €€15,500,000. The residence has panoramic sea views from its wide wrap-around balcony, private parking and use of a communal swimming pool, tennis court, fully equipped gym and on-site concierge.

Good communal facilities like these, or sports facilities nearby, are increasingly in demand with active-minded buyers says de Mallet Morgan. In Monaco the Rainier III Nautical Stadium has an Olympic-sized open-air swimming pool right on the harbour, open from April to October. The seawater pool, with its diving platforms, flumes and mini slides, is another firm family favourite.

Buyers who want more space than Monaco’s premium market can provide should look across the border to the South of France, where an exceptional eight-bed waterfront estate on the French Riviera is for sale at €28,000,000. The villa is located in the exclusive enclave of Èze-sur-Mer, a coveted coastal setting loved by artists, writers and royalty. 

“Many of my clients with homes in this region take every opportunity to leave London for extended periods,” says de Mallet Morgan. “They book flights to Nice to travel the same day that schools break up for half-term and holidays. Even in February half-term, temperatures on the Cote d’Azur are generally in the high teens, providing excellent opportunities for an active sport-focused life and access to this entire region is so swift.”