Monaco boom sparks skyscraper construction

Monaco is enjoying a luxury property boom as the tax haven's financial appeal and stunning landscape continue to attract waves of millionaires looking for a place to invest.

A lack of supply, though, means that the market is struggling to accommodate new residents pouring in from Switzerland, where financial privacy is being reduced.

"High-net-worth individuals want to be in this part of the world," Jean Claude Caputo of Savills told Bloomberg.

As a result, Monaco's skyline will soon be filled by The Tour Odeon, the first skyscraper to be built there in 20 years. The tower, which will include a 3,300 square-metre pnethouse boasting a water slide and an open air swimming pool. The development will be launched officially next year at typically luxurious prices.