Europe may be suffering all sorts of crises, but Monaco has remained largely immune, with average property prices rising by nearly 30 per cent over the past five years. Demand for any foothold in the tiny principality continues to be fierce, particularly for anything newly built. But if fresh-off-the-production-line is not available, you could consider a bit of DIY. Villa la Vague (knightfrank.co.uk; price on request), in the quiet and exclusive Rue des Giroflées, presents a rare opportunity to do so. With a spectacular panorama of the Mediterranean, the house currently has four bedrooms on four floors, but comes with planning permission to update and extend it to six of each.