Hugh Wade-Jones is managing director at Enness International
With the Monaco yacht show fast approaching at the end of September, eyes will soon be on the harbours of Europe’s most glamorous principality—but there’s also plenty of exciting news on land.
The principality is under a square mile in size, so there’s a limited amount of space for developers to work with. However, lack of space for expansion hasn’t stopped creative developers from working out how to expand.
Such is the demand for property in Monaco, French developer, Bouygues, is now building on the sea to create more luxury homes.
The Island will be an extension of Monaco, expanding it by 60,000 square meters.
The development will take a decade to complete, and cost €2bn. It will also create a third port for the principality, so yacht owners have plenty of choice over where to moor their boat.
Fans of the Grand Prix will also be able to watch as the event passes through this new part of Monaco.
Further development is being undertaken at the new hospital, the Princesse Grace; this development will add a further two buildings, comprising of residential and commercial units.
This development is taking place in a what is currently a quieter area of Monaco, and will attract buyers to a different part of the principality.
There is also the Hotel de Paris, three buildings which will be completed in Casino Square; details of this development are still unclear but a further sign of the increased demand for Monaco.
Finally, Testimonio II will be a 41-storey building, offering residential units with stunning coastal views, and we await detail on this scheme with interest.
Securing a Monaco mortgage
Property in Monaco is desirable, but the mortgage market can be challenging if you don’t have the right contacts. Securing a Monaco mortgage is therefore much easier with the help of a broker.
Every aspect of the loan is individually negotiated, including the rate, assets under management and the loan structure.
Fortunately, we have access to every bank who will lend in Monaco. Furthermore, our advisers are bilingual and have excellent relationships in the region.