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Monaco builds into the Med to house new throng of super-rich

By zzyzzx following x   2017 Nov 20, 8:49am 981 views   3 comments   watch   sfw   quote     share    


Monaco builds into the Med to house new throng of super-rich

The tax haven has a luxury housing crisis – it doesn’t have enough land for the 2,700 multimillionaires forecast to settle there over the next decade

Construction has begun on a $2bn (£1.5bn) scheme to reclaim land from the sea around Monaco so that more luxury apartments can be built for the thousands of extra millionaires expected to move to the principality in the next 10 years.

Nearly 35 in every 100 Monaco residents are millionaires and more of the global super-rich want to join them. Around 2,700 more are expected to call Monaco home by 2026, according to research by estate agent Knight Frank, taking the total to 16,100 out of a total population of under 38,000.

But the sovereign city-state – which is only slightly bigger than Regent’s Park in London – has run out of space for those seeking the “fiscal advantages” that the tax haven offers.

To attract the world’s wealthy, Prince Albert II, the reigning monarch, has approved the “offshore urban extension project”, which will add six hectares (15 acres) to Monaco’s 202 hectares. This will allow the creation of 120 luxury homes selling for more than $100,000 per sq metre – more expensive than One Hyde Park in London and 15 Central Park West in Manhattan.
1   HEY YOU   ignore (7)   2017 Nov 20, 8:56am   ↑ like (1)   ↓ dislike (1)   quote   flag        

When SHTF the masses will know where to find the 1%.
Didn't the poor find the rich during the Revolution?
2   Ceffer   ignore (1)   2017 Nov 20, 10:20am   ↑ like (0)   ↓ dislike (0)   quote   flag        

Cordon off Monaco and set up the guillotines!
3   zzyzzx   ignore (1)   2017 Nov 21, 7:25am   ↑ like (0)   ↓ dislike (0)   quote   flag        

What I find interesting are a few things:

1. I post an actual housing related thread, and there is very little interest.
2. I am surprised that this type of thing (adding land at the waterfront) isn't done more often and in more places.
3. Somebody currently with waterfront property will no longer be on the water. I would think that they would be complaining about this and suing to stop it.
4. No obligatory mention of cannibal anarchy or M134's.

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