Vadim Blaustein, a resident of Monaco and an experienced lawyer dealing with numerous real state transactions provides an insight into the residential market and property developments in Monaco.

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1 Monaco, home to world-class sporting and What are the other interesting facts about the real entertaining events, continues to be an exceptionally estate in Monaco? attractive location for wealthy individuals and Vadim remains a global centre of commerce. Monaco's approaches to new urban developments and is security and political stability, and a business friendly expanding and rebuilding to meet the modern-day environment make real estate in high demand and occupier demands. Blaustein: Monaco is taking innovative attract a broad base of global occupiers and investors. What are the recent and future property Vadim Blaustein, a resident of Monaco and an developments? experienced lawyer dealing with numerous real state Vadim Blaustein: Tour Odéon was completed in 2016 transactions provides an insight into the residential and is considered to be one the most expensive market and property developments in Monaco. luxury homes in the world. La Petite Afrique What is the current status of residential properties in Monaco in terms of price? apartments with 'flow through' terraces, designed by Brazilian Isay Weinfield were completed in Vadim Blaustein: Residential property in Monaco has Sporting d Hiver, designed by Richard Rogers, was been recorded as the world's most expensive, redeveloped as a whole new city quarter providing overtaking an art gallery, conference centre, as well as Hong Kong to become the most expensive residential estate in the world. residential and commercial space. What is the highest sale price per square meter for a What interesting projects can we expect in Monaco in residential property? the coming years? Vadim Blaustein: The average resale price in 2016 Vadim Blaustein: Monaco s government has acquired reached 41,400 per sq m and luxury residential a marina situated in the Italian town of Ventigmiglia - prices in Monaco reached 53,000 per sq m in the Cala del Forte Marina - to meet the demand for second quarter of Monaco s marinas. Expected to be completed in Which part of Monaco is the most expensive to buy a property? Vadim Blaustein: Exclusive properties in Monte Carlo s Carre d Or can reach beyond per sq m. Why do high-net-worth individuals choose to buy properties in Monaco? Vadim Blaustein: Owing to Monaco's security and political stability, Monaco attracts international buyers seeking safety, wealth preservation or a business base. What is the current of population in Monaco? Vadim Blaustein: On 31st December 2016, the number of residents was estimated at 37,550. The number of millionaires living in Monaco is expected to reach 16,100 in What is the average new-build sale price? Vadim Blaustein: In 2016, the average selling price of new-build properties in Monaco was 13.7 million. In total, 33 new-build properties were sold in , Cala del Forte Marina will be fully integrated into the Port of Monaco and will offer 171 berths for yachts of up to 60m in length. In addition, six hectares of land will be reclaimed from the sea for the expansion of the Grimaldi Forum and construction of new villas and apartments, a marina, as well as public space in the form of a park and promenade. This project is due to complete in How will Monaco further develop in 2025? Vadim Blaustein: Monaco is planning for the future in order to cement its position on the global stage. The next decade will see many developments, such as land expansions, building of new marinas, new cultural facilities and public spaces, as well as more than 100,000 sqm of residential and commercial floorspace. To conclude this interview, we would like to thank you for your time and for sharing with us your valuable insights and expertise. More info about Vadim BlauStein and BlauStein Business Lawyers you can find on