Monaco managed to keep its public construction sector operational in 2020 despite the COVID-19 pandemic. The fact that construction didn’t stop is a testament to both the government and private sector’s organisation and proactiveness: all players work closely together in this tiny nation-state.
COVID-19 did have some impact on property developments, though. Monaco’s renovation sector relies heavily on the French and Italian workforces that commute into the Principality each day. Approximately 20% of renovation production was lost over the whole of 2020 due to the unavailability of materials as a result of the pandemic. However, the lost time has since been caught up, and Monaco’s construction and renovation projects are back on track.
Monaco’s construction industry employs approximately 5,200 people, but this number can rise substantially for special projects such as the Anse du Portier development. Anse du Portier is a €2 billion land reclamation project that will increase Monaco’s territory by some 6 hectares. Read more about land bridging finance. Due for completion in 2025, it will include housing, public facilities, an extension to the Grimaldi Forum, a marina, a landscaped park and a shaded, planted walkway running the length of the existing Japanese garden.
Right next door to this development is the Larvotto beach regeneration project comprising of beachfront restaurants, commercial outlets and a wonderful pedestrian Esplanade.
Despite being the second smallest country in the world, there is an abundance of ongoing property projects in Monaco. With every new property development and scheme comes new opportunities for those living or buying in Monaco.
For more information, download the ''How to Buy and Finance Luxury Property in Monaco'' guide.