In a shocking development that’s causing monocles to drop into champagne glasses along the Riviera, Monaco’s real estate market is experiencing a freefall like never before. The playground of the rich and famous, known for its luxury yachts and high-stakes casino, is now seeing its property prices plummet, leaving many to wonder if the tiny principality has lost its golden touch.
Economists are scratching their heads as lavish penthouses and opulent villas are now going for the price of a studio apartment in Paris. The cause? An unexpected trend among the wealthy to embrace minimalism. “Why have ten bedrooms when you can’t sleep but in one?” pondered one former billionaire, now happily residing in a cozy studio overlooking the harbor.
The streets of Monte Carlo are abuzz with former tycoons peddling their Ferraris for bicycles and trading diamond-encrusted watches for sundials. “It’s the new vogue,” claims a high-profile fashion mogul, now spotted wearing last season’s fashions. “Less is more, darling.”
As the market continues to nosedive, the world’s elite are flocking to seminars on frugality, hosted by none other than Monaco’s newly established ‘Institute of Modest Living.’ The institute’s motto, “Simplicity is the new luxury,” is resonating with many who once believed bigger was better.
While some are calling it the end of an era, others are embracing the change, proving that even in Monaco, sometimes less really is more. As one socialite put it, “Darling, who needs a swimming pool when the ocean is free?”