Monaco has long been synonymous with glamour, prestige and wealth but over the last couple of years real estate prices have hit an all-time high as the tiny principality continues to construct luxury residences in order to satisfy the demand of affluent foreign buyers attracted by the advantageous tax laws, great climate and high-quality lifestyle.
At just 1.97 km2 Monaco has very limited space for development but due to ever-increasing interest the country has begun to build vertically, quickly adapting to latest international trend of modern residential towers offering spacious luxury apartments. It is said that the late Prince Rainier III was not a fan of skyscrapers and imposed an unofficial height limit in Monaco to put a stop to the construction of ugly residential towers. However, the current Prince Albert seems to be in favour of maximizing the country’s development potential and has taken a personal interest in plans to extend Monaco’s territory upwards, approving daring contemporary projects which are already beginning to dramatically change the country’s skyline.
The ultra-modern Tour Odéon is due for completion in 2014 and despite being located in one of the less desirable areas of the city is already commanding record prices for its luxury apartments. At 170m tall, with 49 floors, the tower is set to be the highest in Monaco, and indeed the entire French Riviera and will offer unparalleled views out to the Mediterranean. The homes, which will feature the finest materials, the most advanced technology and interior design by Alberto Pinto, are already being snapped up by British, French, Russian, and Swiss buyers while the sprawling 3200m2 5-storey Sky penthouse will also feature its own rooftop swimming pool, ballroom and private cinema. As well as owning a piece of prime property, residents of the tower will also benefit from five-star amenities including a landscaped garden, wellness centre, spa and gym as well as chauffeur-driven limousine service.
The prestigious homes of La Simona are currently also under construction and will contribute to Monaco’s new contemporary look. The two elegant, asymmetrical towers, connected by glass footbridges, will house 24 beautiful apartments offering high-calibre design and facilities as well as state-of-the-art security systems. Each of the 4-bedroom apartments will also boast its own swimming pool as well as panoramic views across the coastline. Architect Jean Pierre-Lott has designed an innovative, geometric building which will certainly make its own unique contribution to the Monaco landscape.