How has COVID-19 affected the Monaco property market? Local luxury real estate agency John Taylor explains
With many in the Principality wondering how the property market has been affected, Jean-Yves Le Graverend, Director of luxury real estate agency John Taylor, answers the key questions below.
How has COVID-19 affected Monaco real estate?
It's still too early to say. January and February were very active, but then lockdown restrictions came into force on March 17th. During the lockdown, safety regulations required all property viewings to be cancelled and the market effectively froze. All that happened was the finalisation of some transactions that were underway before the crisis hit.
Now that the market is beginning to open, Monaco realtors and clients will simply have to wait and see what happens. One problem we face is that construction of any new builds has been severely delayed, not just by the 7 weeks of lockdown but also the new measures that construction sites must follow to keep their employees safe. The number of workers who can be on site has in some cases fallen by over two thirds, not to mention that getting people on to the premises takes a lot longer because each individual needs to undergo the necessary checks such as a temperature test. This means that progress is a lot slower than before.
We are also seeing delays on the deliveries of materials that are slowing projects further. All this makes it nearly impossible to predict when these new builds will be delivered, which is the number one question that prospective clients want to know.
How will the Monaco property market be impacted in the immediate future?
I think there will be fewer sales initially, and this could lead to property price decreasing by a few percent. Customers are not going to buy twice as much; they are going to wait to see the reaction of the market before making their move. Negotiations will be more difficult in the months ahead, driven by the global economic uncertainty. Some clients may find that the new builds they planned to purchase or rent are now seriously delayed. But whatever happens, Monaco will remain the most unique and expensive market in the world, and it will recover.
Will this crisis have a lasting impact, or will the Monaco market bounce back quickly?
In Monaco we experienced a well-timed lockdown, which has enabled our Principality to re-open earlier than many other countries. As a result our real estate agency has already been able to re-commence business, offering appointments and property viewings that follow social distancing regulations to protect the safety of our clients and staff.
Historically, the Monegasque market has shown us that it is the fastest in the world to recover from a recession thanks to all the assets that compose it. So, I am very hopeful for the future.
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About John Taylor
Since 1864, John Taylor has specialised in the sale, rental and management of luxury real estate. Offering a variety of magnificent penthouses, apartments and villas, either high up or on the waterfront, all of the realtor's properties benefit from panoramic views of the sea and over the Principality of Monaco. Alongside its Monaco office, John Taylor also has offices all over the world, including in Columbia, the Czech Republic, France, India, Italy, Malta, Qatar, Spain, Switzerland and the UAE.
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