Inside Monaco S1 E3
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Monaco’s Billionaires Are Running Out of Space |
This episode discovers just how expensive it is to live in Monaco. Average property prices are around twice as much as in London's most exclusive district, Mayfair. One of the main reasons for this is that to qualify for official residency in Monaco (and the financial benefits this brings), you have to own or lease a residence, so demand outstrips supply. The episode takes a tour of an extraordinary new home Villa Troglodyte, which has come onto the market. Built as if carved out of the rock, the price is only 23 million because it doesn't have a sea view. The pressure to build more houses in a small country that is so short on space has left Prince Albert with a challenge. He attends meetings about a huge, new, two-billion-euro land extension project he has initiated. Extending into the sea is a complex operation but once complete, the largest villas there are estimated to sell for around 100 million euros
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This film was first broadcast: 22 Jun 2020
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