It’s a return to his roots for Michele Tecchia, this forty year old man in the prime of his life, trained in Great Britain, is launching his real estate business in Monaco.
Michele Tecchia was raised in the United Kingdom before moving to the United States and later to Monaco to practice his skills. Michele currently resides in the principality and has invested in real estate in the UK, France, and Monaco. Michele has engaged in all kinds of commercial projects from ground-up development to value add and currently has $10 million in several investments. His career kicked off as a salesman in the photocopier industry, where he marketed for various applications and later moved to the market for Xerox copiers.
Michele Tecchia gradually upgraded to more integrated applications like the white and black printers to full colors. He established himself as a renowned marketer for printing solutions. This made him walk up the ladder to production processes in Asia for the machines.
In 2008 and 2009, he traveled back and forth to China every two weeks. In an interview, he stated that traveling for 13 hours every two weeks to Bejin made him worn out, and he decided to tap into new ventures that would make him travel less. He further pointed out that although it lacked the technology pace, real estate was the business idea he found lucrative and had fewer associated risks.
Michele Tecchia: “Real estate is location independent and offers a lot of freedom and choice.”
In reply to whether real estate requires hard work, he answered, “having a lot of freedom and a lot of choices does not mean that I don’t work hard. At this point in my life, I am working harder than at any other time. But that is always a choice. So you know, no one in my backyard with a whip pushing me to work hard. It is all entirely upon me. This is always a path for an entrepreneur; you will only succeed if you are self-driven. You will do what it takes to fulfill your commitment to folks, which is my character and makeup. I work hard not because I have to.”
Michele was born in 1971 in the principality where he grew up. When he was 16, his parents divorced, forcing him to live between his principality and London. Michele has two kids whom he spent time with when not working. He speaks French and English fluently and enjoys practicing triathlon as his hobby.
Monaco’s history by Michele Tecchia
Monaco became a principality in 1848 after the communes Menton and Roquebrune seceded. During the 19th century, it was a small town famous for prohibiting Gambling. A businessman Francois Blanc who had made a fortune in the heart of a German spa in Gambling had an interest in Monaco, so in the 1960s, he invested a casino. Charles the third, the prince, then had a strong relationship with Francois Blanc, so he allowed him to build the casino. Michele Tecchia described the casino as “a magnet attracting many fortunes.”
The development of land
Prince Rainier inherited the throne at a time when the land was scarce. Due to the casino’s success, many luxury facilities, hotels, villas, and businesses have been established for eye-catching tax reasons. Thus, urban planning for the principality was developed.
With the great architectural and urban models during the “trente glorieuses,” nothing was impossible. Michele Tecchia explains that during that time, magnificent seaside resorts, including the La Grande-Motte, were constructed on the French Mediterranean Coast. “the pyramids along the sea stand 100 meters high and the enormous towers reach 100 to 150 meters high form the more significant part of the logic real estate of Monaco.
Monaco’s urban planning
The principality is currently the most expensive place worldwide, with a piece of land of a square meter going for 48,000 euros. The world’s most expensive flat was registered in Monaco, earning 300 million euros. However, the city is the world’s most densely populated, having per square kilometer 37,000 inhabitants compared to 20,000 that of Paris.
Urban planning in three dimensions
The city is expanding its territories in the sky, underground, and sea to meet the very dense population. Professions explained that land in Monaco is rare and that one must create or look for it. The city is looking to capitalize the basements to accommodate parking, waste treatment, and water management. Building on basements allows for more green space, accommodating 20% of the city compared to 9% of Paris.
Michele Tecchia: “Monaco is not only an attractive tax system. But…”
The city exempts Monegasques, residents, and companies from paying taxes. Either there is no wealth tax. The city generates a significant part of its revenue from real estate. Michele Tecchia explains that the city forms a base of billionaires who come to invest heavily in real estate. The revenue collected from VAT sale of new villas or flats and transfer duties on the sale of flats goes to the state expenditure.
The principality is split into four sections (quartiers): The central residential and tourist district of Monte Carlo, with the casino in the east; Monaco-Ville, the historic city perched atop a rocky outcrop jutting into the Mediterranean; La Condamine, the northwest region, containing the port area; and Fontvieille, a recently developed area that was reclaimed from the sea.
The La Condamine quartier is separated into four more sections: La Condamine proper (the port area), the Jardin Exotique, Les Revoires, Moneghetti, and La Colle, located on the western edge of the Cap d’Ail neighborhood. Several neighborhoods are split up into the Monte Carlo quartier: Monte Carlo proper (the casino and resort area); Saint Roman/Tenao on the northeast corner; Larvotto, a beach region to the east of the principality; and the center.
More info about Michele Tecchia in Monaco: https://www.micheletecchiamonaco.com
Michele Tecchia on LinkedIn: https://www.linkedin.com/in/michele-tecchia-79a465242/?originalSubdomain=mc