Larvotto as part of the Principality of Monaco
Larvotto belongs to the city districts of the principality of Monaco. The whole principality has only approximately 39,000 inhabitants. Nevertheless, Monaco is known worldwide. The second smallest city state in the world after Vatican City is famous for its luxurious standard of living and its prominent inhabitants. Especially wealthy people are attracted to the small principality, as they do not pay any income and inheritance tax here. Tax offences committed abroad are also not traced. For many entrepreneurs it is therefore, despite high living costs, a popular and worthwhile place to stay. Nestled in France and along the Côte d’Azur, the location attracts additional tourist flows every year. The total area of Monaco is only 2 km². Nevertheless, the city state is divided into 10 city districts. These have been added over the years, after Monaco was expanded after the end of the Second World War from 1960 onwards. In the whole of Monaco, the local inhabitants form only a quarter of the total population. Therewith, it is mainly an immigration country and has one of the highest shares of immigrants of all states.
Characteristics of the city area of Larvotto
The district of Larvotto covers an area of 0.22 km². Although it is not one of the largest of the total of 10 districts, it is the most densely populated of the districts with a population of about 5,000. This may be particularly due to the beach location. The beach of the same name, Larvotto Beach, stretches the entire length of the district and is popular with tourists and locals alike for its turquoise and crystal clear water. Larvotto was created as the sixth district of Monaco, after a spin-off from the famous Monte Carlo district, which still borders that of today. Monte Carlo and La Rousse / Saint Roman, another district, almost completely enclose the city area. Only one French municipality, Rouquebrune-Cap-Martin, still borders Larvotto outside of Monaco. As the district has the only beach in the whole national territory, the whole resident population of Monaco often meets here. However, it is not a sand beach but a pebble beach. The permanent residents of Larvotto are made up of three groups. The native and original inhabitants of Monaco are called Monegasques. They have the Monegasque citizenship. This does not apply to the so-called national children. However, they have lived in the principality for years and generations and have special rights against foreigners, which form the third group.
Larvotto is a magnet for tourists
Tourists make up a large part of the people who stay in Larvotto, especially during the summer months. They usually stay in one of the luxurious hotels along the promenade. Larvotto Beach is freely accessible for tourists. The calm and shallow water is also ideal for families with children. However, the beach section is very busy in summer. The whole of Monaco has a pleasant Mediterranean climate. The winters are mild and reach an average temperature of about 10°C in January and February. In summer it is warm and sunny, the average temperature is then 23°C. With a sunshine duration of about 2,600 hours per year Larvotto is a popular holiday destination for tourists. They are especially lovers and followers of the royal house. Those who appreciate the company of the high society during their holidays are just right at the beach of Larvotto. Vacationers who have spent the day on the beach and the promenades along the beach are attracted to the numerous top restaurants or the hip discos in the evening. Along Princess Grace Avenue, visitors will find a wide range of entertainment options. These include countless clubs, casinos and concert halls.
Highlights in Larvotto
The promenades along the coast are popular with tourists and residents alike. The beach invites to long walks. It leads alongside a number of famous luxury hotels. Among them there is for example the Monte Carlo Bay Hotel. The Grimaldi Forum is the convention centre of Monaco and is also located in the district. The complex is admired by visitors and residents. The famous Princess Grace Avenue leads through Larvotto. It was named after the former Princess of Monaco and actress Grace Kelly. The famous street has a number of huge buildings that look towards the sea. Among them there are many famous residential complexes, whose apartments are known for the highest rental costs in the world. Many of the buildings were built as early as 1960. Others followed during the 2000s. Among the famous buildings along Princess Grace Avenue is the Monte Carlo Sporting. The complex was opened in 1974 as a ballroom. Today it houses a concert hall, a discotheque and several star restaurants.
The housing situation and purchase prices for properties in Larvotto
Larvotto is one of the most expensive residential areas in the world. Nevertheless, living space is scarce. Due to the very dense settlement of Larvotto, there are not many housing options left in the district. The purchase prices of the properties depend on equipment and location. Comparatively cheap are those properties that are subject to Law 887. However, this brings with it strict guidelines and prevents the living space from being rented out to non-citizens later on. However, most prospective tenants are foreigners. For an apartment on the ground floor, the cost is approximately 35,000 euros per square metre, if it falls under Law 887. Without restriction and in good locations near the beach, buyers pay approx. 70,000 per m². The costs of daily living are high. Larvotto is mainly inhabited by wealthy families. The prices for restaurant visits and entertainment are accordingly. A drop in housing costs is not to be expected. Since Larvotto has the only beach in Monaco, the district expects many interested parties also in the future. When looking for accommodation, Monegasque citizens have priority and a right to adequate housing. Apartments from non-state real estate ownership are also made available to the country’s children. Other housing is often sold to wealthy foreigners.