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La Condamine, A historic and very lively district.
Hyper-center - The charm of the past as well as a view of
Post card. This is what buyers hope to find when buying in Condamine. Which gives this central district, dynamic but also noisy, a constant impact.
It is the liveliest - and indeed the most noisy - district of the Principality. It is very popular with people looking for entertainment but also local shops. Clients who are looking for a picturesque view of Monaco and who also appreciate the charm of the past. It is indeed difficult to remain indifferent to the charming rue Caroline (completely renovated in 2014), the Place d'Armes and its lively market, without forgetting the small streets in the heart of the district (rue de Millo, rue Saige, or even rue des Açores). It is also in this district, on rue Grimaldi and in the pedestrian zone in particular, that you can find many shops. All enlivened by the festive bars of the southern dock. Customers also appreciate in this very central area the possibility of easily reaching all the other districts of Monaco.
Constraints and noise
However, despite the charm of this neighborhood, several points remain obstacles for certain buyers.
Like the lack of private parking and elevators in older buildings, but also the intense road traffic which very often clutters Boulevard Albert Ier. Without forgetting the noise generated by the events that the Principality hosts each year, starting with the Grand Prix, but also the Monaco Yacht Show, the autumn fair, the Christmas market and even the Jumping. These successive events are starting to become prohibitive for certain customers.
Buildings on the front line
What about prices?
Regarding the ten buildings located on the first line, on Boulevard Albert I, in particular the Shangrila, the Ermanno Palace, the Palais Héraclès, or even Les Caravelles, prices can quickly rise due to the beautiful view that 'they can offer on the Hercules port and its many yachts. For apartments located on the lower floors, we are below 50,000 euros per m². On the other hand, from the 5th or 6th floor and above, in apartments which offer a very pleasant view, it is rather between 50,000 and 55,000 per m². Even 60,000 euros if the apartment has been completely renovated with quality materials, home automation and two parking spaces. In this area, we are now even talking about roof terraces at 65,000 euros per m²... Another advantage of these apartments having balconies on the sea side: they offer a panoramic view of the starting grid of the Grand Prix, the rise of the avenue d'Ostende, the port bends, a very large portion of the circuit. Balconies which, the icing on the cake, can be rented at a high price to Formula 1 fans and can thus bring in big returns for the owners each year.
As for sales prices, on the second and third lines, in the heart of the district, they generally range between 30,000 and 45,000 euros per m² depending on the quality of the buildings and apartments. In the historic center of Condamine, prices depend a lot on the buildings. Some have been renovated, others are much older, so it's difficult to give an average. It also depends on whether or not there are elevators. In some buildings, you may have to walk up to four floors.
The arrival of new properties on the market has also changed the situation in this area. Several recent constructions have in fact risen from the ground. Notably Le 45 on rue Grimaldi, a 15-storey building, 14 of which are occupied by 72 luxury apartments. In this new real estate complex, there are both studios and two-room apartments on the lower floors (at around 40,000 euros per m²) as well as large duplexes on the upper floors with prices ranging from 55,000 to 60,000 euros per m². More central, Villa Portofino at 2, rue Imberty, has also brought a revival to this old district. In this building, prices go up another notch with apartments around 70,000 euros per m². A four-room apartment of 137 m², for example, is priced at 9.9 million euros.