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Monaco
Monaco is a small principality on the French Riviera around 15km east of Nice. Just 2sqkm in area, it is the most densely populated country in the world and has the highest life expectancy of 89.6 years. It also has the world’s highest concentration of millionaires and billionaires per capita. The great wealth concentrated in this city-state means citizens can afford top health care, ranked 13th in the world in 2000 by the World Health Organization. The Prince Albert II of Monaco Foundation has launched a number of green initiatives, including carbon offsets for conferences held at Monaco hotels, and local government agencies use a fleet of electric smart cars.
Monaco is divided into four quarters: historic Monaco-Ville, glamorous Monte Carlo, portside La Condamine and the new district Fontvieille. Monaco-Ville is the old city, known as the Rock, the town’s ancient heart that contains the Prince’s Palace, home to the Grimaldi ruling family and the Cathédrale de Monaco. Across the port, Monte Carlo is where the famous casino is located, along with many residential apartment buildings and grand hotels. South of the Rock, Fontvieille is the newest part of town, built on land reclaimed from the sea and home to Louis II Stadium, where the AS Monaco Football Club plays, and the Monaco Heliport. “For many, Monte Carlo is the only location they will consider,” said Fred Schiff, Knight Frank Monaco. “It is central and the most glamorous area.” But Fontvieille is becoming increasingly sought after for its quieter, village-like feel.
Much of Monaco’s housing stock is made up of multiple-unit residences and apartment blocks that range in style from Belle Époque to modern. Land is at a premium in this tiny country, where the majority of the buyers are Monegasque and French, as well as Brits, Italians, Belgians, Dutch and Swiss. The Fontvielle area was built on land reclaimed in the 1960s, and bids are being considered for an additional reclamation project in a different part of the city. In addition, new builds are very desirable, such as L’Oiseau Bleu, an apartment building in La Condamine, and the controversial Tour Odeon, a 50-storey residential building, one of the tallest in Europe, which opponents say will cast large shadows over the neighbouring areas. Properties in these prime areas cost between 35,000 and 40,000 euros per square metre, while prices at the Tour Odeon (due to be completed July 2014) are now hovering around 70,000 euros per square metre
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