The Monaco Monitor

More office space is being created without changing the exterior. At last an explanation from the Prince’s Palace in Monaco concerning the crane that has loomed large over it for the last two months. Prince Albert II and his team are badly in need of more office space, and architect Michel Chiappori has come up with a way to make 3,200sqm available for the project.  It is all taking place in a triangular area behind a tower on the north face of the Palace courtyard which is being converted into a five-level administrative block without altering the exterior. Offices, meeting rooms and storage space are being created, with solar panels installed to heat the water. Completion is expected by the summer of 2008

The Commission in charge of local matters regarding cross border cooperation between the Principality of Monaco and the French Republic met last Monday, at the Ministry of State in the Principality of Monaco. It was presided over by Mr. Philippe Faure, Secretary General of the French Ministry of Foreign Affairs, representing France, and by H.E. Mr. Jean-Paul Proust, Minister of State, representing the Principality. (more…)

The magnetic navigation equipment available at the CHPG, which exists only in a few centres in Europe, is a true revolution in the catheterization of cardiac cavities. (more…)

The Monaco Government held its traditional press briefing on Monday 12th February. A dossier regarding the modernisation of the public services featured as number one priority amongst the issues raised. The Minister of State announced that an opinion poll involving 400 people (residents of the Principality, including Monegasque and non Monegasque citizens) would take place on 12th and 13th March 2007 in order to get their opinion on the public services. (more…)

With an increase of 14% in the number of overnight stays between 2005 and 2006, figures for the tourist industry in the Principality of Monaco have continued to develop positively. These results set 2006 as the new year of reference as they have exceeded by 7% those achieved in the record year of 2000. During the annual meeting of overseas representation offices, Michel Bouquier, Chief Representative for Tourism, gave a full assessment of the past year.  

In 2006, Monaco accommodated just under 310,000 tourists, in other words, an additional 115,000 nights compared to 2005 with a total of over 900,000 overnight stays. In terms of market share, the Italians are the best clients as far as hotel stays are concerned (19%), followed by the French (18%), the British (15%), North Americans (13%), the Germans (5%) and the Russians (4%). A parallel should be drawn between these positive results for 2006 and the 12% increase in hotel facilities, i.e. 90,000 more rooms in 2006 compared to 2005. Figures for pleasure tourism were particularly impressive with +12% of additional arrivals (245,000 arrivals in 2006 compared to 219,000 in 2005). Figures for business tourism also showed satisfactory growth with +4% of arrivals and +6% of additional overnight stays. As for the local market, this sector currently represents 11% of the market share. There has been an annual increase of over 35% in the number of passengers within the cruise industry, i.e. 47,000 additional tourists. 

Last but not least, various initiatives were introduced overseas throughout 2006, particularly in the Far East including the opening of a representation office in Shanghai, the launch of a traveling exhibition dedicated to Princess Grace in nine major cities in Japan and the first market survey in India.

Lloyds TSB International Monaco sponsors dinner debate. The banking sector in Monaco is flourishing, but there are challenges ahead to ensure growth into the next decade. This was the message at a dinner organized by the Jeune Chambre Économique (JCE - Young Chamber of Commerce), in partnership with Association Monégasque de Banques (AMB) and sponsored by Lloyds TSB International Private Banking, Monaco. 

In his talk, Pierre de Pellegars, AMB’s Vice-President of banking regulation and market development, emphasised the key elements for the future which are: to ensure security and confidentiality; to continue the battle against money laundering; and to nurture young talent. Among those present was Henri Fissore, advisor to the government on Exterior Affairs. Bassem Kamar, Economics Professor Fond Monétaire International, SEM Jean Castellini, advisor to the Prince’s Cabinet, and Dominic Voisin, Director of Lloyds TSB International Private Banking Monaco. Bank sector statistics AMB has 71 members, of which 41 are banks and 30 asset management companies. In total they employ around 2,700 people. Assets under management in the Principality amount to some 69.7 billion euros.

Monaco is the most expensive location to buy a super-luxury apartment in Europe, followed by Prime Central London, Paris and Amsterdam, say the experts from Global Property Guide, who maintain the world’s single biggest collection of house price indices. 

Sofia is at the bottom of the ranking with prices averaging EUR 1, 042 per sq. m. Other less expensive locations are Slovakia’s Bratislava (EUR 1,292 per sq. m.); Warsaw, Poland (EUR 1,175 per sq. m.); Skopje in Macedonia (EUR 1,125 per sq. m.) and Chisinau in Moldova (EUR 917 per sq. m.). Luxury apartments pricing levels average EUR 24, 900 per sq. m. in the top scorer Monaco. Closely on its tail is Prime Central London, where 120 sq. m. super-luxury apartments can cost EUR 1,742,656 or EUR 14,522 per sq. m. Paris and Amsterdam follow London. A 120 sq. m. apartment in either of these cities has an average purchase price of EUR 800,000 (EUR 6,667 per sq. m.). Moscow is Europe’s sixth most expensive capital for buyers of residential property. Dublin makes an appearance among Europe’s most expensive cities in 10th place, with a high end 120 sq. m. apartment on average costing around EUR 600,000. Sofia is among the four Eastern European capitals, which earn above 10% rental returns on owning apartments: Chisinau, Moldova (14.13%); Warsaw, Poland (13.28%); Sofia, Bulgaria (10.56%); and Bratislava, Slovakia (10.06%).

Five groupings of the world BTP were retained to undertake works. They will have to present their respective project before next October. But only one prize winner will be retained by the Sovereign. This urbanization, of a cost evaluated between 5 and 10 billion euros, should be spread out over ten years.

Société des Bains de Mer – estimates that around 70% of visitors to Monaco over Christmas and the New Year were Italians. The group also reported an impressive increase of 43% on money spent in the Principality’s gambling venues and a 26% increase in visitors to the casinos between Christmas and January 2nd. Elsewhere hotels claimed 100% occupancy for the night of New Year’s Eve. With the winter sales now in full swing throughout Monaco’s chic shops, the visitors look set to stay for a while longer – at least until Epiphany on January 7th. 

The Minister of State of Monaco, S.E. Mr. Jean-Paul Proust, officially public Friday December 22 the list of the candidates admitted returned to contribute for the town planning scheme to broad of the Principality. This first selection had been stopped a few days ago by H.S.H. the Prince Albert II. Here are candidates selected to take part in the phase of competition (list drawn up by order of deposit of the candidatures): VINCI S.A., Monte Carlo Sea Land, Monte Carlo Development Company, Fonciere Maritime SAM and Barwa.