It’s a homecoming for Michele Tecchia, this forties in the prime of life, trained in Great Britain, launches his real estate activity in Monaco.
Michele Tecchia grew up in the UK before moving to the US and later to Monaco to practice his skills. Michele currently resides in the principality and has invested in property in the UK, France and Monaco. Michele has engaged in all kinds of business ventures, from grassroots development to value addition, and currently has $10 million in multiple investments. His career began as a salesman in the photocopier industry, where he marketed various applications and later moved into the Xerox copier market.
Michele Tecchia gradually moved to more integrated applications like full color white and black printers. It has established itself as a renowned distributor of printing solutions. This took him up the ladder to production processes in Asia for machinery.
In 2008 and 2009, he traveled back and forth to China every two weeks. In an interview, he said that traveling for 13 hours every two weeks in Bejin exhausted him, and he decided to take up new ventures that would make him travel less. He further pointed out that although it lacked technological pace, real estate was the business idea that he found lucrative and had less risk associated with it.
Michele Tecchia: “Real estate is independent of location and offers a lot of freedom and choice.”
When asked if real estate requires hard work, he replied, “Having a lot of freedom and a lot of choice doesn’t mean I don’t work hard. At this point in my life, I work harder than at any other time. But it’s always a choice. So you know, no one in my backyard with a whip pushes me to work hard. It’s all entirely up to me. It’s always a path for an entrepreneur; you will only succeed if you are self-reliant. You will do what it takes to fulfill your commitment to people, which is my character and my 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 children whom he spent time with when he was not working. He is fluent in French and English and enjoys practicing triathlon as a hobby.
The History of Monaco by Michele Tecchia
Monaco became a principality in 1848 after the secession of the communes of Menton and Roquebrune. In the 19th century, it was a small town famous for prohibiting gambling. A businessman François Blanc who had made his fortune at the heart of a German spa resort in Gambling had an interest in Monaco, then in the 1960s , he invests in a casino. Charles III, the prince, then had a strong relationship with François Blanc, so he allowed him to build the casino. Michele Tecchia described the casino as “a magnet attracting many fortunes”.
Prince Rainier inherited the throne at a time when land was scarce. Due to the success of the casino, many luxury facilities, hotels, villas and businesses have been created for tax-catching reasons. Thus, the town planning of the principality develops.
With the great architectural and urban models of the “glorious thirty”, nothing was impossible. Michèle Tecchia explains that at that time, magnificent seaside resorts, including La Grande-Motte, were built on the French Mediterranean coast. “The pyramids along the sea rise 100 meters high and the huge towers reach 100 to 150 meters high form the most important part of the Monegasque real estate logic.
Monegasque town planning
The principality is currently the most expensive place in the world, with a plot of one square meter at 48,000 euros. The most expensive apartment in the world was recorded in Monaco, earning 300 million euros. However, the city is the most densely populated in the world, with 37,000 inhabitants per square kilometer compared to 20,000 in Paris.
The city extends its territories in the sky, the basement and the sea to meet the very dense population. The professions explained that land in Monaco is rare and that you have to create it or look for it. The city seeks to capitalize basements to accommodate parking, waste treatment and water management. Building on basement allows more green spaces, sheltering 20% of the city against 9% of Paris.
Michele Tecchia: “Monaco is not just about attractive taxation. But…”
The city exempts Monegasques, residents and businesses from paying taxes. Or there is no wealth tax. The city derives a significant portion of its revenue from real estate. Michele Tecchia explains that the city forms a base of billionaires who come to invest massively in real estate. Revenues collected on VAT on the sale of new villas or apartments and transfer duties on the sale of apartments are paid into State expenditure.
The principality is divided into four sections (districts): The central residential and tourist district of Monte-Carlo, with the casino to the east; Monaco-Ville, the historic city perched on top of a rocky outcrop jutting out into the Mediterranean; La Condamine, the northwest region, containing the port area; and Fontvieille, a recently developed district reclaimed from the sea.
The La Condamine district is separated into four other sections: La Condamine proper (the port area), the Exotic Garden, Les Revoires, Moneghetti and La Colle, located at the western end of the Cap d’Ail district. Several neighborhoods are divided within the Monte Carlo district: Monte Carlo proper (the casino and resort area); Saint Roman/Tenao at the northeast corner; Larvotto, a seaside region to the east of the principality; and the center.
More info on Michele Tecchia in Monaco: https://www.micheletecchiamonaco.com
Michele Tecchia on LinkedIn: https://www.linkedin.com/in/michele-tecchia-79a465242/?originalSubdomain=mc