
Jean-Marc Pastor – How to Create Value to Your Property in Monaco
Jean-Marc Pastor shares his experience in the real estate market of the Principality, including some exclusive insider tips on how to increase the value of a property.
Real estate, property development and construction have run in the Pastor family since 1880. Their Monaco legacy truly began when Jean-Baptiste Pastor, a mason by profession, left his homeland of Italy to work in the Principality.
Since then, the Pastor family has continuously contributed to shaping the image of the Principality through their developments and future projects.

One of the young members of the Pastor dynasty is 35-year-old Jean-Marc Pastor, who not only follows the family heritage but also aims to bring it to a new level by implementing customer-oriented advisory services capitalizing on his undeniable know-how in both the financial and real estate worlds.
Like many Monรฉgasques raised in Monaco, Jean-Marc felt that the country was just too small for him. He left Principality at the age of 18 to continue his studies and expand his knowledge abroad. He studied and participated in exchange programs in Paris, Rome, Beirut, and London.
โWhen I was 18, my dream was absolutely not to live in Monaco,โ – starts Jean-Marc. – โI suppose when youโre younger, the idea of residing in such a compact territory seems limiting. I yearned to venture out and live according to my own, shall we say, standards.โ
Have you ever wanted to come back?
โInitially, no. However, as I grew older, and contemplated having a family of my own, Monaco started to appeal to me more, leading me to consider returning.โ
Love conquers all
Eight years ago, Jean-Marc met his wife at Larvotto beach. It was a destined meeting that positively altered Jean-Marcโs perspective on the future.
โShe has been coming to Monaco with her family since she was five. Germans, in general, love the weather and climate that the South of France and Monaco offer, but also their Art-Dรฉco and Belle-Epoque touch.
โShe was on vacation with her mother when we first met, and we began seeing each other. At the time, I wasnโt residing here, so we only spent weekends together. She traveled to London and then Paris every weekend to visit me.โ
Later on, the couple returned to Monaco, moved in together, and got married.
โMy eagerness to return to Monaco arose as soon as I wanted to get married and start a family. Monaco came back into the picture, obviously because of safety, taxation, but more importantly, because it is home. My parents are here, my old friends are here. I felt a sudden desire to return to my roots, prompting my decision to come back.โ
Were you working at a large American bank at that time?
โUndoubtedly, it was a significant leap considering I held a corporate position with a prominent American bank. Returning to a smaller country, with its limitations in job prospects initially felt like a regression. However, in hindsight, I harbor no regrets about returning home. Every moment spent back where I belong has been immensely rewarding.โ
How did your life change by becoming a father?
โMy life has undergone quite a transformation. Becoming a father reshapes your entire outlook. The weight of responsibility is real โsomething you simply inherit. And let me be clear, I embrace it wholeheartedly,โ Laughs Jean-Marc. โIt imbues life with a depth of meaning.
With fatherhood comes newfound clarity in purpose. Every action, every decision, takes on added significance as youโre now shaping the future for generations to come.
I sometimes say as a joke that once you have a child, you already have one foot in the grave. But beyond the humor lies a profound truth. My aim is to shepherd my child into adulthood, offering every opportunity for growth and fulfillment. This, above all else, fuels my purpose.โ
One interesting thing is that Jean-Marc has chosen a German name for his son.
โI decided to give my son a German name because he will be growing up in a French-speaking environment. With my wife being German, itโs a way for our son to maintain a connection to his heritage.โ
Jean-Marc has a deep cultural interest. He collects books on the history of the Frankish tribes, the barbarian invasions that led to the collapse of the Roman Empire, the Teutonic Order and Nordic Germanic mythologies.
โIt has been a passion of mine since I was young. It was always with me, and then we named our son Manfred because of the great pilot Manfred von Richthofen.โ
Manfred Albrecht Freiherr von Richthofen, known in English as Baron von Richthofen or the Red Baron, was a fighter pilot with the German Air Force during World War I. He is considered the ace-of-aces of the war, being officially credited with 80 air combat victories. He remains one of the most widely known fighter pilots of all time and has been the subject of many books, films, and other media.
โI hold great admiration for the Red Baron. Naming a child after a figure of such significance allows them to embody an allegoryโa narrative that echoes throughout their life. A name tied to greatness can serve as a beacon, inspiring one to pursue their own path of excellence and transcendence.โ
From finance to real estate
Despite his rich family heritage in the real estate world, Jean-Marc originally began working in the field of finance, including investment banking, corporate banking and essentially acquisition financing.
Why did you choose this path instead of the paved one?
โAs a teenager, I was greatly inspired by the movies I watched, which ultimately led me to pursue a career in finance. Initially, it was the allure of folklore that drew me to this path. I embarked on my journey by attending ESCP Business School, renowned for its excellence. Here, I learned the importance of diligence and perseverance, and had the opportunity to engage with a diverse array of individuals, including aspiring entrepreneurs.
However, following the aftermath of the last financial crisis, I observed significant shifts within the industry. The increasing reliance on screens and dwindling face-to-face interactions began to wear on me. This prompted me to reassess my priorities and seek a more tangible and direct path upon my return to Monaco.โ
How do you view Monacoโs real estate market?
โI am convinced that Monaco possesses a distinctive advantage that distinguishes it from other European markets. The limited supply of real estate assets creates a significant asymmetry with demand. We are fortunate to enjoy geographical advantages and a storied history, both of which enhance the resilience of Monacoโs real estate market.โ
Do you believe that prices will rise further?
โWhen it comes to the Monaco real estate market, one thing stands true: itโs unparalleled and defies conventional trends. Despite analystsโ predictions of contraction, Monacoโs property market continually proves them wrong. A decade ago, many anticipated a plateau in market rise and price escalation. Yet, time has shown, and continues to show, that such forecasts have missed the mark.โ
What do you think about the regulations in place?
โMonaco and its real estate market must embrace the demands of the 21st century. Our legal framework and adoption of proptech (Technology applied to property) lag behind, indicating a need for modernization. Fortunately, there is a collective awareness among stakeholders, driving concerted efforts towards necessary reforms and technological advancements in the industry.โ
How is the local market influenced by the global economy?
โThe Principality has a stable market. It is a scarce commodity now, so I believe it still has some very good years in front of us. However, Monaco as any country, is influenced by the broader macro environment.
While we remain impacted by fluctuations in interest rates, the global economy, and geopolitical dynamics, our beta coefficient signals a lower sensitivity compared to surrounding markets. This underscores our resilience in navigating external influences with greater stability and confidence.โ
Jean-Marc manages Heritage Properties, a Real Estate agency first and foremost dedicated to a patrimonial approach and proposes to its clients a tailor-made service relying on a long-term vision of the Monaco real estate market.
โWe operate as a real estate agency, offering conventional services in the field. However, our primary objective is to shift towards comprehensive advisory, emphasizing transparency, and facilitating informed decision-making for our clientsโ – says Jean-Marc.
What is the best advice you ever received?
โPay attention exclusively to individuals with skin in the game. Frequently, you encounter commentators expounding on theories without direct involvement in the field. Only those with vested interests can offer practical counsel. This distinction is crucial because other commentators merely provide superficial insights, lacking true relevance.
Critiquing othersโ endeavors is effortless. Yet, genuine expertise and understanding emerge from active participation and personal investment. It is this direct engagement that bestows legitimacy upon commentary, opinions, and advice.โ
Investment tips

What is the key to making successful real estate investments?
โTruth lies in conducting comprehensive research and maintaining a clear focus on both your investment objectives and their duration. Location assumes paramount importance. Decisiveness is critical; in situations where an asset is accurately priced, second opportunities may not present themselves. I also maintain that grasping fundamental aspects of human psychology and sociology is crucial in real estate investment. Understanding the desires of future occupants, whether they be tenants or owners, and aligning with prevailing behavioral patterns, is essential in determining the right approach.โ
When you mention โlocationโ, do you mean by district such as Condamine or Monte-Carlo, or precise streets and buildings?
โI believe that it is necessary to evaluate each building on its own merits rather than generalizing based on districts. Each building along the same street possesses unique price dynamics and desirability compared to its neighbors. While analyzing the market by district offers an overarching perspective, adopting a meticulous building-by-building approach is indispensable.
In a seafront city, where surroundings hold significant value, prioritizing the view is paramount. Beyond that, I find the dynamics to be quite analogous to any prime market.โ
How would you explain the demand for larger apartments?
โIn the past, individuals sought minimal space to leverage Monacoโs tax advantages. However, present trends indicate a shift, with families relocating to Monaco for its secure environment and quality of life. Consequently, thereโs a rising demand for larger properties, especially those featuring three bedrooms or more, to accommodate the evolving needs of residents.โ
Jean-Marc is also the Managing Partner of Heritage Construction, a company dedicated to offering comprehensive services for building and renovation projects.
โAs a general contractor, we serve as the single point of contact throughout the construction process, simplifying what can often be a complex process for companies and individuals alike. The synergy between Heritage Properties and Heritage Construction adds significant value to our clients.
The teamโs extensive experience not only guarantees effective cost management but also minimizes risks inherent in the construction landscape, affording clients a sense of assurance until project completion.โ
What are your tips for renovating? How can someone increase the value of a property?
โFirstly, prioritize maximizing living and storage space over converting a small one-bedroom into a cramped two-bedroom, as the latter may not yield significant benefits. Emphasize the creation of livable spaces to enhance the overall appeal of the renovation.
Attention to detail is paramount to elevate the renovationโs aesthetic and bring it up to standard. The perceived quality of every visible aspect cannot be overstated.
Replacing windows for improved thermal insulation and noise reduction is crucial, especially in areas of ongoing construction where noise levels can be disruptive.
Concealing air conditioning units in the ceiling, employing floor heating, and hiding similar fixtures contribute to a perception of higher quality, outweighing the implementation costs.
The choice of wall paint is critical; off-white hues provide a warmer ambiance compared to plain white, particularly in sunlit spaces.
Prioritize organic and natural materials such as plaster, stone, and wood, along with indirect lighting, while ensuring the concealment of visible devices or systems, while maintaining accessibility for maintenance purposes.โ
Anything to avoid?
โTaking shortcuts. Stick to reputable companies, even if they appear pricier, and endure the administrative hassle of obtaining a construction permit if necessary. Otherwise, brace yourself for a surprise down the line. Cheaper rates often mask compromised quality control and an uncertain future for your project. Itโs a gamble you donโt want to take!โ
Heritage Construction involves top professionals in their respective fields, offering service on diverse construction projects. Their expertise spans technical conception, planning, and execution of major building works, including concrete structures, masonry, flooring, false ceilings, cornices, and specialized paint application. Clients can rely on skilled trades within the Heritage Group: electricians, plumbers, carpentersโฆ to design, organize, and maintain properties effectively.
You are involved in numerous real estate projects, including renovations and construction works. What was your most challenging renovation project?
โOur most demanding project currently underway involves the renovation of a penthouse in Chรขteau Pรฉrigord. This project entails a complete demolition to create new spaces within the penthouse, which spans the top two floors. Weโre carving out parts of the roof to enhance natural light, a technically intricate endeavor.
Navigating stakeholder concerns about noise has been a challenge, particularly given the scope of our construction activities. Achieving consensus on technical solutions has required substantial time and negotiation due to differing perspectives from the original setup.
Technically, the project is fascinating, resembling a Sumerian temple renovation with solid stone and minimalist surfaces, emphasizing organic and natural aesthetics.
Conducting noisy works in Monaco poses challenges due to stringent rules enforced by each condominium. Noisy activities like demolition and concrete work, such as drilling, are subject to strict time limitations for their execution.โ
Property finance
Previously working as an investment banker, do you recommend real estate loans/debt?
โDepending on your individual strategy, obtaining financing can be advantageous. If you have solid financing and the bankโs requirements for portfolio collateral are reasonable, itโs generally advisable to proceed. Drawing from my background in finance, I see financing as a powerful instrument.
Itโs wise to match long-term assets with long-term debt. As long as the debt is manageable and wonโt pose repayment challenges in the future, financing is worth considering.
However, if the interest rates are excessively high, it could become burdensome, hence offsetting its initial purpose.โ
Would you prefer to purchase with a mortgage rather than paying the full price upfront?
โThereโs no situation quite like paying the right price for your apartment while securing favorable financing. With the money youโd have invested in the property, you can diversify your portfolio by purchasing bonds or investing in other instruments. Moreover, you can offset financing costs through these means. I view loans as integral to real estate investments. Without them, particularly in Monaco, everything would be considerably more complex.โ
How do you see the mortgage market in Monaco? Is it competitive compared to neighboring countries?
โNo, it is not. Our lending practices arenโt up to par. The prevalence of private banks, which typically arenโt optimal for credit, contributes to this issue. Additionally, our mortgage terms are relatively short, spanning only 10 years compared to other countries offering 20 to 30-year credit lines. Consequently, the credit landscape here isnโt as robust as it could be, and I believe thereโs a shared awareness of this shortfall. Hopefully, weโll see improvements in the future.โ
Do you think it is easy to resell in Monaco?
โMonacoโs market doesnโt exhibit the same liquidity as larger cities like Paris. Typically, if an asset is priced correctly, it takes between three to five months to sell, contingent on market expectations, asset appearance, and pricing. A well-priced, attractive flat tends to sell quickly.
Interestingly, unrenovated flats are currently in demand as buyers seek opportunities for personalization. Ultimately, the market operates on the principles of supply and demand, with pricing and exposure serving as key factors.
However, selecting specific districts or streets may limit your potential buyer pool. Therefore, itโs crucial to carefully assess the area, street, and building before investing, and tailor renovation plans accordingly.โ
Heritage Group
Does your family name help you a lot? Or does it bring too many expectations?
โIn all honesty, I consistently choose to introduce myself using only my first name, or at least I try to do so. I view this practice as having its pros and cons.
Opinions regarding my family name vary widely, and Iโm committed to forging a path independent of its influence. While it can prove advantageous on occasion, it also presents challenges.โ
You strategically positioned your office in Larvotto. Why?
โThanks to the development of Mareterra and the influx of new restaurants and shops along the renovated beach, Larvotto has emerged as Monacoโs new epicenter. The traditional center in Carrรฉ dโOr has shifted toward the seaside district.
With a significant flow of people frequenting the area for dining and business engagements, Larvotto has become a high-visibility zone and an attractive destination adjacent to the beach.
Our location, besides the prestige it exudes, offers a terrific working environment. If I were to propose relocating our teams tomorrow, I might encounter a mutiny! All jokes aside, I couldnโt imagine being anywhere else.โ
Stepping into the office of Jean-Marc, one cannot help but notice the staggering art collection he displays not just on the walls, but also in terms of unique furniture and bronze sculptures.
โArt is more than a passion; itโs an obsession, particularly when it comes to bronze sculptures from the Art Deco and Romantic periods, as well as marine paintings. I recall my eighth birthday, when I first expressed my desire for a bronze statue as a gift from my parents.โ
This special first art piece stands today at the desk in Jean-Marcโs office, reminding him of an art collecting journey that resulted in a collection of nearly numerous bronze statues owned by him.
Your primary focus is only Monaco and France. Why not Italy or other countries?
โOur exclusive focus lies within Monaco and its immediate surroundings, extending no further than Villefranche-sur-Mer. I firmly believe in our responsibility to offer expert guidance to both buyers and sellers, a commitment that hinges on our agencyโs intimate familiarity with the local landscape.
Itโs paramount that we operate solely within markets we know inside and out. In Monaco, our depth of knowledge and extensive local experience afford us a distinct advantage.
While itโs true that many Monaco residents own weekend properties in Italy, itโs crucial to recognize that Italy operates under a vastly different legal framework. By concentrating our efforts on Monaco and its environs, we prioritize delivering top-tier service.โ
Do you think that one day you will expand your agency?
โI donโt rule out the possibility of opening an agency with local experts elsewhere in the future. However, as long as we operate within the Principality and Heritage Properties remains a Monaco-based agency, our focus will remain on properties within Monaco and its surrounding areas.โ
How would you improve Monacoโs real estate market?
โI strongly advocate for a clearer and more secure legal framework within our industry. Itโs crucial that we take decisive steps towards transparency, which includes enforcing property mandates. This move could incentivize agencies to invest more in effectively marketing each property. Simple yet impactful measures such as capturing high-quality photos and videos, along with improved data collection for each asset, can significantly enhance the overall process.
Thereโs a growing acknowledgment of the need to raise industry standards collectively. Considering the substantial financial implications involved, we should shift towards providing more comprehensive advisory services. After all, weโre not dealing with ordinary commodities; weโre facilitating transactions that profoundly impact peopleโs lives.โ
What is your personal business approach with Heritage Properties?
โMy personal objective is to steer the profession towards a more advisory-oriented approach. Thereโs a pressing need for greater professionalism and accountability within agencies. Itโs essential for our industry to transition towards a more corporate and less artisanal model.
I firmly believe we must justify our fees by offering extensive market research, providing comprehensive information through in-depth articles, and more. The Monaco real estate market can be opaque, especially for those unfamiliar with its dynamics, making navigation challenging. Therefore, transparency and data-driven insights are paramount in providing clarity and confidence to clients.โ
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