Larvotto: Anatomy of a Land Swap

A strip of public garden ceded in Larvotto, a site acquired by the State in Jardin Exotique and, at the end of the chain, 76 to 90 State-owned homes for Monegasque nationals. The Sakura operation shows that in Monaco a plot’s value can lie as much in what it makes possible elsewhere as in the land itself.


A two-part transaction

At 7 allée Emmanuel-Gonzalès, Villa Larvotto No. 1 is due to make way for Sakura, an eleven-storey residential building with twelve apartments. The scheme depends on adding part of the adjoining public garden, which lies below boulevard du Larvotto, to the private plot. As the public domain cannot be sold, the transfer requires a law declassifying the land from the public domain under Article 33 of the Constitution, a well-established procedure in the Principality.

Law No. 1.572 of 8 April 2025 accordingly declassified 305.15 sqm of garden. In return, the developer undertook to pay the State €66.3m for the land and €14.4m as a fixed contribution for the additional building volume, just over €80.6m in total. The scheme also includes a landscaped public forecourt of around 242 sqm and the upgrading of the remaining garden, which until now has been difficult to access.

The second leg of the deal matters most to the State. The developer is transferring to it, with vacant possession, the land beneath the Le Prestige building at 25 chemin des Révoires, which straddles the Franco-Monegasque border, together with eight parking spaces at the Patio Palace on avenue Hector Otto. The price for the package is €70.7m.


A 2026 adjustment

After the vote, it emerged that underground structures belonging to the neighbouring Le Formentor building encroached on 2.81 sqm of the site. Law No. 1.588 of 8 April 2026 therefore replaced the cadastral plan: the affected portion was taken out of the perimeter and replaced by an area of equal size, leaving the total declassified at 305.15 sqm. At the same time, the Government informed the Conseil National that the saleable area of the private scheme had been cut by 211.02 sqm. The total payable by the developer falls accordingly to €73.9m, against €80.6m originally. The amending law was passed unanimously by the members present.


What the State gains

The Le Prestige site, together with an adjoining plot owned by the Caisse Autonome des Retraites, is earmarked for a State housing scheme of 76 to 90 homes reserved for Monegasque nationals, along with office space, at the level of avenue Hector Otto. A design-and-build tender was published in July 2025, and delivery is scheduled for the end of 2029. The scheme forms part of the second phase of the National Housing Plan for Monegasque nationals.


Value beyond the boundary

Comparing the areas exchanged reveals little. A strip of garden with no use on its own gains value once it allows a neighbouring plot to be assembled and a building to go up. The Le Prestige site, for its part, is worth most to the State for the housing scheme it makes possible.

The price of a site therefore reflects its size, but also its development rights, location, easements and scope for assembly with neighbouring plots. In a territory with no undeveloped land left, a plot can be worth above all what it unlocks elsewhere: in this case, a private building in Larvotto and a State housing scheme in Jardin Exotique.