Monaco, the new family destination?
Frequent family events are organised in the Principality - © Philippe Fitte / Monaco Town Council
Safety is a major criterion for parents who are looking for a main residence with their children.
Two square kilometres, sunny and safe – that is Monaco’s reputation abroad. Hardly surprising, then, that it is a particularly popular destination among the wealthy and the elderly looking to make the most of their retirement.
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But according to a recent article in The Times newspaper, a new type of household now seems to be taking a keen interest in the Principality: young parents, who are no longer just looking for a second home.
For example, the British daily newspaper spent time with London jewellery designer Sarah Ho, her husband and their two children aged eleven and eight. The family is said to have decided to leave the British capital during the first lockdown, believing that it was not safe enough for their children. “We wanted our children to have freedom, without having to worry about their safety,” said Sarah Ho.
After visiting a few flats, first via internet then in person, the Ho family moved to the Principality. “Safety was the priority for us. When I first came here, I was amazed to see nine- and ten-year-olds walking around the town, going to the park with their friends, unsupervised. They would leave school and go straight to the beach or water sports. It’s a different world, with independence. That’s what I wanted for my children,” said the designer.
Noting that Monaco is indeed one of the safest countries in the world, with 515 police officers for just over 35,000 inhabitants, the article also points out the very high costs in the country, which is a favourite with billionaires, not least because of its very favourable tax regime. The Times also adds that, since 2016, the Principality has been working closely with the European Union to be more transparent about its residents’ accounts, in order to tackle any forms of malfeasance.
A thriving local scene
And it’s precisely all the security measures, as well as the new buildings, that encourage families to settle in Monaco, despite the high prices. At least, that’s what Irene Luke, Associate Director of Savills Monaco estate agency, says in the article: “the average age of people moving to Monaco has fallen considerably, encouraged by the safety, climate, accessibility and the fact that developers are now building large, contemporary flats. Since the end of the pandemic, there has been very strong demand for primary residences, as people move here with their children and can now work from home.”
Niccolo Marzocco, director of the eponymous group behind the famous Odeon Tower, which is mainly occupied by families, agrees: “previously Monaco used to be an offshore country. Today, people want to actually live here. They buy their bread in the morning, take their children to school…”
Another advantage for residents is the number of activities now available. Henry Smith, a British yacht broker who has lived in the Principality for the last ten years, has noticed in particular how nightlife has developed considerably in the space of a decade. “When I first arrived here, I would be on the boat at night, and when I looked at Monaco there would be very few lights on. Today, there are a lot more. There’s been a big change.”
He also mentioned a more diverse offering, particularly in the restaurant sector. While Monaco remains synonymous with the great Ducasse and Alléno restaurants, the area also provides simpler, more affordable establishments. Like Slammer’s, his favourite bar, where beer only costs six euros during happy hour, and where Prince Albert II and Princess Charlene go from time to time to watch the rugby matches on TV. “He’s an approachable man,” says Henry Smith. “It’s unusual to have a place where 20-year-old New Zealanders on a gap year might rub shoulders with billionaires and heads of state.”
The article ends with a list of tips for potential future residents. Accessibility, average house prices, schools in the Principality, fiscal policies and the conditions for obtaining residency status are set out in detail to help readers make the move as successfully as possible.