Real estate: what is the state of the property in Monaco?

Between now and 2033, the Principality's population is expected to continue to grow. To avoid a housing shortage by that date, the government is planning to build new flats for sale in Monaco and flats for rent in Monaco. Find out which projects are involved and when they will be completed.

How many state apartments are there in Monaco?

At the end of 2019, the Administration des Domaines had 3,638 state-owned apartments for a total of 9,573 Monegasques. At the same time, the IMSEE (Monegasque Institute of Statistics) estimates that the Monegasque population should reach 10,770 individuals in 2033.

To anticipate the increase in population density and a possible shortage of housing in the Principality, the National Housing Plan of the same year planned to build 1,831 new state apartments by 2033. The net balance of these projects would be 1,363 apartments if we take into account the adjacent demolitions.

The goal is simple: to increase the total number of state apartments to 4,548 over the next 15 years. This will allow three-quarters of the Monegasque population to have an apartment of this type (today, only two-thirds have one).

In this context, how far along are the works and should we expect delays in deliveries?

Delivery of the Bel Air building scheduled for 2027

The pace of delivery of new apartments has been somewhat disrupted by the delay in the Bel Air building in the Jardin Exotique neighborhood.

The destruction and reconstruction of this residential building began in 2019, but the work has been delayed. The reason: the adjoining construction of the New Hospital, which should have been more coordinated. As a result, the 200 housing units expected to be built will not be delivered until 2027, as opposed to the 2023 deadline initially set.

The vast majority of the 88 Bel Air residents have been rehoused in private apartments, with the State paying the rents for a total amount of 6 million euros per year. In certain specific cases (disability, health, age), the people concerned were nevertheless rehoused in public housing on a permanent basis. 

Thus, for the future, this type of operation will have to be carefully prepared to avoid it becoming costly for the State. The next residence concerned should be the Herculis (Jardin Exotique). The project will have to be carried out in conjunction with the construction of the future Moneghetti stadium to avoid a repeat of the Bel Air episode.

The new Bel Air is scheduled for delivery in 2026-2027. In total, if this delay results in the loss of 109 new housing units for the period 2024-2026, the complementary construction or elevation programs should make it possible to have 122 new housing units in compensation.

Intermediate construction to compensate for delays

What complementary projects will help the government meet its state apartment delivery goals in the coming years?

• - The Grand IDA project is scheduled for completion in September 2023. It includes 192 units, a large portion of which are state-owned.
• - The 5-story elevation of the Testimonio II bis Tower in the St. Roman area has been approved by the government to ensure the feasibility of the project. This will provide 30 additional homes by the end of 2023.
• - The construction site of the Honoria Palace on Boulevard de Belgique will undergo some changes. Following the City Council of June 27, 2022, it was confirmed that it will be raised by 4 levels on the lower part and by 1 level on the upper part. It will offer 84 apartments instead of 65, for an additional estimated delay of 4 months.
• - The residents of the Mélèzes building, whose elevation had already been decided and financed by the government, will see their residence elevated by two floors.
• - The construction of the Villa Les Lierres (Annonciade) should make it possible to deliver 60 apartments by the end of 2025. The format has not yet been defined: the government would opt for an all-state contract, while the elected representatives of the National Council would prefer a real estate development contract (CPI) in partnership with private service providers.
• - Also worth mentioning is the "Evos" operation, as part of the Jardin Exotique's "Entrée de ville" program. 42 new state-owned apartments should be delivered in 2025.
• - Finally, the upper Larvotto area should also be the subject of a state-owned real estate program. The creation of 31 new homes by 2025.

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