Monaco, often synonymous with luxury, glamour, and innovation, is undergoing a significant transformation to meet the housing demands of its citizens. While known for its opulent casinos and cutting-edge finance ventures, the principality is proving it can balance these luxuries with initiatives that benefit its local community.
While local housing is a critical matter, Monaco is most well known for the lifestyle and experiences that it offers to visitors, like fine dining, high-end casinos, and name-brand shopping.
From Glamour to Growth: Monaco’s Housing Vision in a Transforming World
Monaco’s identity has long been tied to its luxury lifestyle, from its renowned casinos to modern innovations like virtual platforms that allow activities such as playing roulette with crypto. This forward-thinking mindset, blending tradition with technology, mirrors the principality’s approach to its housing policies. As Monaco evolves to meet changing demographic and economic needs, its ambitious housing plan reflects a commitment to maintaining its legacy of excellence while addressing the future’s challenges.
A Renewed Focus on Housing
In December 2024, during budget discussions, Monaco’s Minister of State Didier Guillaume reaffirmed the government’s commitment to addressing housing needs. The second phase of the National Housing Plan, launched in 2019 by Prince Albert II, is set to roll out before summer 2025. This renewed effort aims to address a growing demand for state-owned housing among Monegasques.
The principality has already invested €1.5 billion in housing projects over the past five years, delivering 633 apartments. Housing continues to dominate Monaco’s budget priorities, with €314 million allocated for 2025. Despite this progress, challenges persist due to the limited availability of land, a constant hurdle for Monaco’s urban development. A recent survey revealed that while 79% of Monegasques are satisfied with their current homes, many desire more housing options.
Key Projects Underway
Several notable projects are driving the next phase of Monaco’s housing transformation. A development on Avenue Hector Otto, originally planned for 60 units, now targets 90 apartments. Construction tenders are set to open in 2025. Similarly, the La Luciole project is positioned to add 27 new apartments, pending final approvals, and the Bel Air site anticipates completion by 2027, with potential for expansion under review.
Other initiatives, including those in Upper Larvotto and Les Lierres/Nathalie, have reached pivotal stages, such as securing land agreements and contractor selections. Meanwhile, the reimagining of Annonciade II within a neighbourhood-wide urban planning approach underscores Monaco’s commitment to sustainable development.
Calls for Improvement
Despite the progress, Maryse Battaglia, Chair of the Housing Committee, emphasized areas for improvement during recent discussions. She urged better maintenance of older properties, citing examples in Saint-Charles and Fontvieille, and stressed the importance of delivering promised resources like tenant guides and rental charge statements. Additionally, she advocated for leveraging technology to streamline housing allocation processes, ensuring greater transparency and efficiency.
Long-Term Land Management
Beyond addressing immediate housing needs, Monaco is also taking steps to secure land for public use in the long term. Reforms to the State’s right of pre-emption aim to expand its scope to include commercial and artisanal properties.
This move reflects Monaco’s strategic pivot toward integrated urban planning, where projects are approached at the neighbourhood level. By maximising land use efficiency, the principality continues to demonstrate its forward-thinking approach to both luxury living and sustainable urban development.
Monaco’s commitment to balancing luxury with community-driven initiatives is evident in its changing housing strategy. By addressing immediate needs while planning for sustainable urban growth, the principality reaffirms its status as a global leader in innovation and quality of life.
