Monaco's National Council Approves Key Land Disaffection Laws
On April 3, 2025, the National Council of Monaco voted on two land disaffection bills, facilitating significant urban development while addressing public access and housing needs.
On the evening of April 3, 2025, the National Council of Monaco held a session where 17 attending delegates voted in favor of two disaffection laws concerning state-owned land.
This legislative action followed the re-election of Thomas Brezzo as president of the Council, and the assembly also deliberated on a third bill aimed at modernizing corporate law.
Among the legislative proposals, one involved a plot of land measuring precisely 305.15 square meters located at Larvotto.
This land is being sold to a real estate developer for €80 million, enabling the construction of a private 11-story building.
Currently, the site includes a public garden positioned between Boulevard du Larvotto and the Formentor building, as well as Villa Larvotto No. 1 and the headquarters of the Société Monégasque des Eaux.
The development will also feature a public pedestrian and green area of approximately 242 square meters adjacent to the new building.
The existing public garden, characterized as 'hardly accessible,' will be downgraded 'with a view to better valuation,' as noted by Mikaël Palmaro, the rapporteur of the bill.
In return, the developer is obliged to sell land where the Prestige building currently resides, located on the Franco-Monegasque border, to the Monegasque state for €70.7 million.
Additionally, the developer will provide eight parking spaces in the Patio Palace at 41 Avenue Hector Otto, where the government plans to launch a competition among local developers for the demolition of the Prestige and the construction of a new complex containing 76 to 90 apartments and designated commercial spaces.
The initiative, highlighted by the government in December 2023 and pushed forward by the National Council, aims to mitigate the housing shortage for Monegasques.
Pierre-André Chiappori, the Minister of Economy and Finance, emphasized that this legislation signifies the culmination of a new domain operation aligned with the government's commitments.
The developer's concession includes transferring to the state a parcel in the Jardin Exotique area, facilitating a major housing project slated to provide between 76 and 90 state-owned apartments.
Concerns raised during the session included the efficiency of the legislative process, with some council members expressing discontent regarding delays.
Nathalie Amoratti-Blanc commented on the history of the land disaffection project, noting it had been stagnant 'in the back of a drawer' despite its potential benefits for Monegasque housing and state revenue.
She urged the government to respond promptly and effectively to the pressing housing needs.
The second disaffection bill discussed involved a smaller plot adjacent to properties at 39 and 43 Rue Grimaldi, where an anticipated private development of an 18-story residential building is proposed.
The state-owned land measures approximately 144 square meters and requires legislative disaffection for development to proceed.
In exchange, the developer has offered to provide two T3 apartments (approximately 105 and 131 square meters) and one T2 apartment (60 square meters), along with four parking spots and storage units, valued at €11.84 million.
The approach and handling of the legislative process were criticized by several councillors, including Thomas Brezzo, who sought to identify the causes of delays affecting project timelines.
Brezzo commented on the bureaucratic challenges that impede the necessary speed of governmental action, questioning whether these issues stem from resource constraints or a lack of collaborative spirit among governmental departments.
Challenging the slow progress of housing initiatives, Franck Julien stressed the necessity for a cohesive urban planning strategy transitioning from Mareterra to subsequent projects.
He indicated that timely handling of related proposals could have alleviated current socio-economic stresses.
In addressing these critiques, Pierre-André Chiappori reaffirmed the government's commitment to adhering to new legal requirements introduced by Law No. 1554, which mandates improved transparency and public investment in state property disaffection scenarios.
He asserted that the negotiated agreements were crafted with care and presented as beneficial for public interests, focusing on a balanced urban development strategy.
This legislative action followed the re-election of Thomas Brezzo as president of the Council, and the assembly also deliberated on a third bill aimed at modernizing corporate law.
Among the legislative proposals, one involved a plot of land measuring precisely 305.15 square meters located at Larvotto.
This land is being sold to a real estate developer for €80 million, enabling the construction of a private 11-story building.
Currently, the site includes a public garden positioned between Boulevard du Larvotto and the Formentor building, as well as Villa Larvotto No. 1 and the headquarters of the Société Monégasque des Eaux.
The development will also feature a public pedestrian and green area of approximately 242 square meters adjacent to the new building.
The existing public garden, characterized as 'hardly accessible,' will be downgraded 'with a view to better valuation,' as noted by Mikaël Palmaro, the rapporteur of the bill.
In return, the developer is obliged to sell land where the Prestige building currently resides, located on the Franco-Monegasque border, to the Monegasque state for €70.7 million.
Additionally, the developer will provide eight parking spaces in the Patio Palace at 41 Avenue Hector Otto, where the government plans to launch a competition among local developers for the demolition of the Prestige and the construction of a new complex containing 76 to 90 apartments and designated commercial spaces.
The initiative, highlighted by the government in December 2023 and pushed forward by the National Council, aims to mitigate the housing shortage for Monegasques.
Pierre-André Chiappori, the Minister of Economy and Finance, emphasized that this legislation signifies the culmination of a new domain operation aligned with the government's commitments.
The developer's concession includes transferring to the state a parcel in the Jardin Exotique area, facilitating a major housing project slated to provide between 76 and 90 state-owned apartments.
Concerns raised during the session included the efficiency of the legislative process, with some council members expressing discontent regarding delays.
Nathalie Amoratti-Blanc commented on the history of the land disaffection project, noting it had been stagnant 'in the back of a drawer' despite its potential benefits for Monegasque housing and state revenue.
She urged the government to respond promptly and effectively to the pressing housing needs.
The second disaffection bill discussed involved a smaller plot adjacent to properties at 39 and 43 Rue Grimaldi, where an anticipated private development of an 18-story residential building is proposed.
The state-owned land measures approximately 144 square meters and requires legislative disaffection for development to proceed.
In exchange, the developer has offered to provide two T3 apartments (approximately 105 and 131 square meters) and one T2 apartment (60 square meters), along with four parking spots and storage units, valued at €11.84 million.
The approach and handling of the legislative process were criticized by several councillors, including Thomas Brezzo, who sought to identify the causes of delays affecting project timelines.
Brezzo commented on the bureaucratic challenges that impede the necessary speed of governmental action, questioning whether these issues stem from resource constraints or a lack of collaborative spirit among governmental departments.
Challenging the slow progress of housing initiatives, Franck Julien stressed the necessity for a cohesive urban planning strategy transitioning from Mareterra to subsequent projects.
He indicated that timely handling of related proposals could have alleviated current socio-economic stresses.
In addressing these critiques, Pierre-André Chiappori reaffirmed the government's commitment to adhering to new legal requirements introduced by Law No. 1554, which mandates improved transparency and public investment in state property disaffection scenarios.
He asserted that the negotiated agreements were crafted with care and presented as beneficial for public interests, focusing on a balanced urban development strategy.
