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Monaco Multi-Family Housing Industry Analysis
Monaco is a small but wealthy city-state located in the French Riviera, with a population of just over 39,000 people. The real estate market in Monaco is one of the most expensive in the world, with an average price per square meter of ?48,000. Despite its small size, Monaco has a thriving construction industry that includes the development of multifamily residential housing, dwellings, and apartment buildings.
The construction industry in Monaco has been growing steadily over the past few years, with several major residential projects in the works. One such project is the "Portier Cove" development, which is set to become one of the largest residential construction projects in Europe. This development will consist of six new buildings, including three high-rise towers, and will add around 1,000 new apartments to the city-state.
In addition to Portier Cove, there are several other notable residential construction projects underway in Monaco, including the "Tour Od?on," a luxury apartment building that was completed in 2015, and the "Le Stella," a new residential complex that is set to be completed in 2022. These projects are expected to contribute to the growth of the construction industry in Monaco and attract more investors and developers to the region.
The outlook for the multifamily residential housing, dwelling, and apartment building construction projects industry in Monaco is positive, given the high demand for luxury properties and the limited amount of available land for development. As such, developers are increasingly looking to expand vertically, building taller and more luxurious buildings to meet the demand for high-end apartments.
Moreover, the government of Monaco is also investing in the development of new infrastructure and urban renewal projects, such as the "Anse du Portier" project, which aims to create a new eco-district on the eastern side of the city-state. This project will include the construction of new residential buildings, public spaces, and a marina, further driving demand for residential construction in Monaco.
In conclusion, the multifamily residential housing, dwelling, and apartment building construction projects industry in Monaco is thriving, with several major projects in the works and a positive outlook for future growth. Despite the high cost of real estate in Monaco, the demand for luxury properties remains strong, and developers and investors are continuing to invest in the construction of new buildings and complexes to meet this demand.
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