Finding oneself in the right place at the right time is rarely a matter of luck, more often the result of an ability to see what is on the horizon before others do. This is how one can sum up the story of Matteo Baldo, a young entrepreneur born and raised in Italy in a small town not far from Venice, who for the past 15 years has been living in the Principality of Monaco, where he works in the real estate business.
“I arrived with just 5,000 euros in my pocket, but full of ideas to develop: fortunately, the chosen context immediately proved favourable,” says the entrepreneur, who otherwise shows a certain reluctance to talk about himself. “I think it is only fair to talk about what we do as a company, the investment opportunities that are also open to Italians,” emphasises the founder and CEO of Baldo Acquisition.
The energy is evident in his words, as is the tendency to speak plainly. “I chose this market because I was aware that it would attract large investments due to its geographical position in the heart of Europe, which combines with a strong sense of security and the beauty of the landscapes,” Baldo emphasises. So, after a few years in Italy, at the age of 22, Baldo took the plunge and decided to set up a company in the Principality, active in the purchase of properties for redevelopment, with the aim of then reselling them and thus generating a capital gain.
A glance at the IMSEE report on the Monaco market gives a sense of the values involved. “Last year, prices rose by an astonishing 18 per cent year-on-year, at a time when the rest of the world’s major residential hotspots are slowing down or registering declines in value,” the analysts write. “Monaco’s global appeal has driven the residential market to record levels. The city-state is a magnet for the world’s wealthy thanks to its strong economy, lifestyle, and world-class social and sporting events. High-net-worth individuals choose this location to live, work, or pursue their hobbies.” The Principality is home to 38,000 inhabitants occupying a space smaller than New York’s Central Park. Residents come from 139 countries and one in three is a millionaire. The main international gateway is Nice Côte d’Azur airport, just 22 km from the beating heart of the country, Monte Carlo, with direct flights to 120 destinations. “Despite the rise in prices in recent years, the imbalance between supply and demand persists,” the IMSEE report notes, “and this creates strong upward pressure on prices.”
Over the course of 2019, Baldo Acquisition invested more than €15 million and currently holds a property portfolio ranging from compact apartments to expansive family residences in some of the most sought-after areas of the Principality of Monaco and the Côte d’Azur. “In the Principality, prices have risen over the course of a decade from around 25,000 euros per square metre to a current average of 50,000 euros, with peaks of 100,000 euros in the most exclusive buildings of the Carré d’Or,” says the entrepreneur. He points to the company’s added value in drawing on “a team of experts spanning finance, redevelopment, bespoke interior design, skilled craftsmanship, and a meticulous selection of materials. All acquisitions,” he adds, “are characterised by an unrivalled combination of attention to detail, innovative design, cutting-edge technology, and exclusivity. The company’s investment strategy is to acquire high-potential properties in prestigious residential buildings.”
Baldo Acquisition invests in all districts of the Principality: from Fontvieille to Carré d’Or, from Larvotto to La Condamine, and across the entire Côte d’Azur. A few examples? The entrepreneur cites two transactions. “A 170-square-metre property in Port Hercule that we purchased in January 2018 for €3.9 million and resold three months later for €4.9 million.” Including redevelopment costs, the transaction generated a capital gain of 26%. “Foresight and resilience” are the leitmotifs of Matteo Baldo’s entrepreneurial life. “As soon as I arrived in Monaco, I grasped the potential of the real estate market. Unlike finance, gold and oil, which have been subject to heavy fluctuations in recent years, it has proven to be a safe and steadily growing investment.”
To conclude, a look at the next challenges. “We have started work on the launch of a real estate investment fund with a target capacity of €100 million,” he explains. “An ambitious goal, which we are confident of achieving given the persistent interest in this market.” Who are the target investors? “We believe we will find interest from private individuals and institutional players across Europe and Asia, as the latter have always been strongly drawn to the Principality.”
