It's safe to say that Monaco is one of the most secure places in the world to invest and also among the best and peaceful places to live. As we have seen, becoming a Monaco resident means saying goodbye to income taxes and there are no succession or inheritance duties on real estate property. This tax haven status ensures the market remains buoyant and real estate prices stable. It is true to say that until the global crisis of 2008, prices rose rapidly, and despite the troubled times prices are still going up. Constantly renewed growth has been significant since 2009, and the trend in recent constructions is towards much larger, more luxurious apartments. The “sweet spot” for floor space features between 250 and 300 square metres. This allows families to live comfortably, and for owners to create home offices with enough space to be at their ease. indeed, 75% of all properties sold in 2012 had more than 4 bedrooms. Consequently, the overall value of the market is progressing faster than the average cost per square metre.
Property sales hit a record in 2013 showing a value of 140 million Euros. The total value of all residential properties sold in 2013 alone equals the total number of properties sold between 2006 and 2012. Monaco's property boom is partly due to the opening of several key developments, Le Monte Carlo View, Le Simona, Villa Roccabella, Villa Victoria, Villa Dryade and La Lestra. Sales in 2014 are booming as ever, with a 44% increase in sales over the first two quarters compared to sales in 2013.
The latest and most remarkable construction is that of the Tour Odéon, the Principality's tallest with 170 metres. The next big development in Monaco is a cluster of seven low-rise pavilions planned for a prime location, just a few steps from the casino. This ultramodern project will include offices, shops and luxury apartments designed by the British architect Richard Rogers. In addition, HSH Prince Albert ii has also initiated a gigantic project to reclaim hectares from the sea, by creating a peninsula extending the Larvotto beaches.
In a 2013 report, the Government states that every 10 years, 350,000 additional square meters are needed to meet the growing demand.