Monaco Island development gathering pace

It could be ten years before it is complete, but a new island to be built off Monte Carlo is already attracting the attention of property investors. With an area of 275,000 square metres, The environmentally friendly island will include new apartments, hotels and retail units, with an estimated build cost of between 5 and 10 billion Euros.

Of the sixteen developers who submitted proposals for the island last year, five have been chosen to submit further details, with the winning bid anticipated to be announced in the autumn.

The second smallest country in the world, Monaco has France and Italy as neighbours, and realistically can only extend her land mass by reclamation from the Mediterranean, as it did some years ago with the area known as Fontvieille, and by building islands.

With Monaco real estate the highest priced in Europe, the new apartment buildings will be welcomed by the property sector as there is a very real shortage of property for new residents, forcing prices even higher. One bedroom apartments are currently exchanging owners at over a million Euros.