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 euro 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 more fair to talk about what we do as a company, the investment opportunities that are also open to Italians,’ emphasizes 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 because of its geographical location in the heart of Europe, which combines with perceived security and beautiful 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, thus generating a capital gain. A glance at the IMSEE report on the Monaco market can give an idea of the values involved. “Last year, prices rose by an astonishing 18 per cent in the year-on-year comparison, 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 due to its strong economy, lifestyle and world-class social and sporting events. High net worth holders 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 are millionaires. The main international gateway is the Nice Côte d’Azur airport, only 22 km from the beating heart of the country, Monte Carlo. Direct flights to 120 destinations depart from this airport. ‘Despite the rise in prices in recent years, the imbalance between supply and demand persists,’ the IMSEE report explains, ‘and this creates strong pressure on prices.
Over the course of 2019, Baldo Acquisition has invested more than €15 million and currently owns a property portfolio ranging from small flats to sumptuous, family-oriented properties in some of the most desirable areas in the Principality of Monaco and the French Riviera. “In the Principality, we have gone from prices of around 25,000 euro per square metre to the current 50,000 euro as an average price, with peaks of 100,000 euro in the most exclusive palaces of the carré d’or,” says the entrepreneur. Who emphasises the company’s added value in being able to count on “a team of experts ranging from finance to redevelopment, to customised interior design, to the contribution of skilled craftsmen and a meticulous selection of materials. All acquisitions,’ he adds, ‘are characterised by an unrivalled combination of meticulous detail, innovative design, cutting-edge technology and exclusivity. The company’s investment strategy is to acquire high-potential properties in buildings of high standing.
Baldo Acquisition invests in all districts of the Principality: from Fontvieille to Carré d’Or, from Larvotto to La Condamine and the entire Côte d’Azur. A few examples? The entrepreneur cites two transactions in this regard. “A 170 square metre property located in Port Hercule that we bought 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’, these are the leitmotifs of Matteo Baldo’s entrepreneurial life. “As soon as I arrived in Monaco, I realised 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.” So, to conclude, a look at the next challenges. “We have started work on the launch of a real estate investment fund that will have a capacity of EUR 100 million,” he explains. “An ambitious goal, which we are confident of hitting given the persistent interest in this market.” What are the investors’ targets? “We believe we can find interest from private individuals and institutional players from all over Europe and Asia, as the latter have always been very attracted to the Principality.”
