Prince Albert II visits the real estate program in Fontvieille Zone A

First 149 apartments are almost ready for Monégasques. Prince Albert II took time out to visit the Zone A construction site in Fontvieille, Monaco, where 199 apartments are being created in eight buildings for Monégasque nationals.More... The first 149 are due to be delivered by the end of April with the rest following during 2007. All will be completed by the end of the year. The project has taken just on three years to complete and is one of several designed to provide much needed, affordable housing for the 6,700-plus nationals in the face of rapidly increasing rents in the private sector for non-Monégasque residents. According to the “Global Property Guide” website, Monaco has moved into top spot as being the most expensive place to buy an apartment in Europe (see the March issue of The Riviera Times). A 120sqm apartment could set you back a cool 3 million Euro, compared to 2 million Euro for exclusive areas of London, such as Chelsea, Belgravia and Knightsbridge. The same size apartment costs 6,100 Euro to rent, on average, compared to the very reasonable 1,300 Euro a month that a Monégasque family reportedly will have to pay for a 100sqm, well appointed flat overlooking the port of Fontvieille. The Zone A project also includes provision for 430 car parking spaces, of which around a third are public and 200 basement storage rooms (“caves”).

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