Having opened six offices on the Cote d’Azur in 2012, Savills has further strengthened the Savills brand in southern Europe with the launch of Savills Monaco.

Headed by Irene Luke, the company previously traded as Monaco Real Estates and has been an associate of Savills for the last ten years. The office sells and lets some of the finest properties in the principality.

Irene Luke commented: “Monaco is seen as a stable, tax-friendly jurisdiction and an attractive lifestyle choice in terms of accessibility, culture, education and health.

“The sales and rental markets are both very active. There is a shortage of properties to rent and those that do come to the market go very quickly, sometimes sight unseen. On the sales side, demand looks set to continue with prices reaching over €60,000 per square metre.”

Justin Marking, head of UK Residential, Savills, said: “Having a Savills office in Monaco is great news and complements our strength on the Cote d’Azur. Irene and her team are first class and we are already finding that we have numerous clients and contacts in common from which I am sure we can generate significant business, both in the UK and Monte Carlo.”