Press briefing on housing

©Direction de la Communication/Michael Alesi

Jean Castellini, Minister of Finance and Economy, gave an update today on the Government’s housing support policy. He highlighted two ministerial decrees relating first to the consideration given to the length of time applicants have been on the waiting list when allocating state-owned apartments, and second to state assistance, in the form of an interest-free loan, for paying deposits and agency fees in the non-regulated sector. These decrees will be published on Friday 2 November.

Mr Castellini stressed that “The Government is pursuing a comprehensive vision for housing policy in cooperation with the National Council. This vision is reflected in the implementation of medium- and long-term structural measures and support measures.”

Baseline rents for national housing aid (ANL) and ceiling rents for differential rent allowance (ADL) will be increased on 1 January 2019: by between 15% and 29% in the first case, depending on the type of apartment (from studios to four-room apartments), and by 5% across the board in the second case.

In addition, the Prince’s Government is continuing its investment policy, made possible by the good fiscal health enjoyed by the Principality. Over the last three years, EUR 315 million have been invested in purchasing 13 buildings and more than 65 apartments. The preliminary budget for 2019 includes EUR 100 million to launch mid-size public construction projects and to purchase new buildings or apartments, with the aim of being able to house more Monegasque nationals in the state-owned sector.

During the press briefing, the Minister also announced the conclusion of negotiations to purchase Villa Les Platanes, enabling phase 1 of project Ida to be launched.

“These are all new measures intended to take account of the reality of the property market as well as the specific nature of the housing situation in Monaco,” he summed up.