Monaco, Monaco (PRWEB UK) 20 September 2013
The Mediterranean Principality tops the list of the world’s most expensive real estate markets, with the average price for a home in the Principality at a record 38,000€ per square meter.
The real estate market in Monaco is a very peculiar one due mainly to the characteristics of the Principality itself. Covering an area smaller than 2 square kilometres, the possibilities of new real estate projects are uniquely limited. Coupled with the economic and political stability of the Principality, prices have continued to rise despite troubled times for real estate markets around the globe.
During the years preceding the global credit crunch, the average price per square meter of Monaco property rose substantially. Housing prices in the Principality did not fall significantly throughout the credit crunch and the Principality felt the impact later than most of its European counterparts.
For residents, the principality can offer many advantages, such as low taxations and most notably the absence of income taxes for individuals, capital gains and inheritance taxes related to real estate assets.
New real estate developments in Monaco are indeed rare but these opportunities are highly lucrative. The Tour Odéon, a 50-story residential tower due for completion next year will providing large apartments to elite buyers with the top 5 floors allocated to a 300 million euro penthouse.
As well as being equipped with a health centre, multiple swimming pools and an in-house caterer, the building will offer its residents a 24/7 concierge service and chauffeured limousines. The penthouse is set to stand out even in the midst of such extreme luxury, with its slide which descends from the balcony into the infinity pool.
At 170m high, this is the highest apartment building to be constructed in Monaco since the 1980s when high rise construction was abandoned due to architectural concerns. The Tour Odéon, will be the Mediterranean coastline's second tallest building on completion, after the 186m high Gran Hotel Bali, located in Benidorm, Spain.
Further opportunities will become available in a few years with the proposed land expansion project, in front of the Grimaldi Forum and the Japanese Garden. The project will provide green spaces, commercial buildings and luxury apartments in Monaco, with six hectares of extra building space and a port of between 30 and 40 berths.
La Costa Properties Monaco represents the finest Monaco properties throughout the Principality and in the neighbouring French Riviera. Whether you are seeking to buy or rent Monaco apartments, offices, villas, penthouses, or other real-estate investments, you can visit their website which is regularly updated with listings of properties for sale in Monaco that will be of interest to the serious and discerning buyer or tenant.