Michele Tecchia, a real estate agent, believes Monaco’s share of the world’s luxury real estate market, which stands at 2%, is rather substantial compared to the country’s size. With a surface area of about 2.02m, this small sovereign city-state provides a secure and lovely living environment overlooking the Mediterranean Sea.
According to Michele Tecchia, “The European economy held up well and continued to grow, particularly thanks to the service sector and the phasing out of restrictions due to Covid, during the first half of 2022.” “real estate investors faced a number of challenges, including rising inflation, rising long-term interest rates and tightening financing conditions”.
Prices in Monaco historically remained stable, with relatively small percentage increases over the past couple of years for Prime and also super-prime properties. What’s happening now, or what’s not happening is a waiting game, who have property to sell can wait and who searching for something to buy, or waiting to see what will happen with prices, however, buyers will also want to be ready to make an offer. And of course, that sometimes includes having a …
Michele Tecchia : We’re seeing the shift to that second home market. And, obviously, in many cases that need has changed to be much more about a longer, more sustainable home for that lock down window. So really, that comes to some of the more practical natures of the property and its ability to communicate. So whether that’s fast, reliable broadband, the requirements for being able to work remotely, and having the space and the …
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