Monaco on the French Riviera is experiencing a luxury-housing boom that includes the world’s most expensive penthouse as architecture and developers are taking advantage of an influx of affluent Pop Stars such as Shirley Bassey, Formula One drivers Lewis Hamilton and Russian Billionaires Dmitry Rybolovlev.
In fact one in three of Monaco’s 38,000 residents are millionaires, according to a study by Spear’s magazine and WealthInsight. Simply put according to one private housing investor Caputo “High-net-worth individuals want to be in this part of the world.”
[divider] The Tour Odeon [/divider]
The Tour Odeon, a double-skyscraper being built by Groupe Marzocco SAM near Monaco’s Mediterranean seafront with stunning panoramic views, will contain 3,300 square-meter living space spread across 5 levels, with a kitchen on every level – and the highlight, a water slide connecting a dance floor to a private infinity pool on the terrace. The opulent destination will also come with a private chauffeur, a caterer, three staff bedrooms, a 24-hour concierge service and access to a health club. A parking space at the Odeon will cost about 50 percent more than the median American house, at €250,000 — roughly $330,000 at today’s exchange rates.The apartment may sell for more than €300 million ($400 million) when it goes on the market next year, French magazine Challenges reported.
“We think we can get a little bit more,” Daniele Marzocco, a director at the company, said in June. So far, the developer has found buyers for 26 of the 36 luxury homes that have been offered for sale. The Sky Tower’s monumental $400 million price tag will dwarf London’s One Hyde Park’s penthouse which sold for nearly $240 million earlier this year. Drawn by security, sophistication and climate the city’s first skyscraper for 30 years will be the home of ultra-elite individuals in an already distinguished city.
“A property like this one is bought, it is not sold.” Niccolo Marzacco
The most expensive part of Monaco, centered on the Golden Square and The Casino de Monte-Carlo made famous in James Bond films, is already the world’s costliest property location ahead of Hong Kong. For $1 million, you could buy about 15 square meters (160 square feet) of space, Knight Frank estimates. That’s about a third of the size of the median studio in Manhattan.
Famous for its Grand Prix, Monaco is home to a host of Formula One drivers such as 2008 World Champion Lewis Hamilton, who moved there from Switzerland two years ago.We expect that more and more of the world’s elite high net-worth individuals will take to reside at Monaco’s much celebrated principality. And at $11,000 per square foot, the Odeon Tower is setting a new standard for luxury living on an international scale.