Monaco’s Billionaires Are Running Out of Space | Inside Monaco S1 E3 | Our Stories

This episode discovers just how expensive it is to live in Monaco. Average property prices are around twice as much as in London's most exclusive district, Mayfair. One of the main reasons for this is that to qualify for official residency in Monaco (and the financial benefits this brings), you have to own or lease a residence, so demand outstrips supply. The episode takes a tour of an extraordinary new home Villa Troglodyte, which has come onto the market. Built as if carved out of the rock, the price is only 23 million because it doesn't have a sea view. The pressure to build more houses in a small country that is so short on space has left Prince Albert with a challenge. He attends meetings about a huge, new, two-billion-euro land extension project he has initiated. Extending into the sea is a complex operation but once complete, the largest villas there are estimated to sell for around 100 million euros Subscribe to Our Stories: https://bit.ly/3lzSXhv This film was first broadcast: 22 Jun 2020 Check us out on Facebook: https://www.facebook.com/OurStoriesChannel Watch More Documentaries Up Close - youtube.com/@UpCloseITVS True Lives - https://bit.ly/3A8xRMJ Our History - https://bit.ly/3rUpdhL Our World - https://bit.ly/3ftuckM Our Stories - https://bit.ly/3ynfFyk Taste - https://bit.ly/3OZoDcV Blueprint - http://bit.ly/3ZK5UdD Welcome to Our Stories, your home on YouTube for our exciting range of fly-on-the-wall style documentaries and special access reality programmes which will give you an inside look into the everyday lives of people; exploring what life is like for those working in education, healthcare, policing and many others! Content distributed by ITV Studios. #MonacoCrisis #BillionaireProblems #LandShortage #PrinceAlbert #MonacoExpansion #documentary #history #ourstories