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Buying a house in Monaco: prices, requirements and everything you need to know

The Principality of Monaco is located in Western Europe and is one of the smallest countries in the Eurozone and the world, with an area of only 2 Km².

This small country of less than 40,000 inhabitants is well known among tourists for its luxury, casinos, Formula 1 Grand Prix, and beautiful sites.

However, it is also very attractive as a permanent residence, offering security, social and economic stability, quality education, and healthcare systems (see the article “Healthcare in Monaco“), and, above all, none or low taxes.

It is no coincidence that people like Bono, Boris Becker, Lewis Hamilton, and Nico Rosberg among others have chosen this destination to reside.

It is said that one out of every three residents in Monaco is a millionaire, and it is the country with the second highest per capita income in the world.

Attractive beaches, luxury, zero taxes, legal security, and an idyllic place to live next to the Côte d’Azur make Monaco the paradise of the mega-rich.

Thus, getting a residency in Monaco to live or buy a profitable real estate investment is not easy without appropriate advice.

Current situation of the real estate market in Monaco

Monaco is, as of today, the most expensive high-quality residential place in the world, so people wishing to move their residence to Monaco should be aware that both buying and renting will not be suitable for all pockets and that this may imply a “hidden cost” concerning not having taxes.

The prices of the square have a clear explanation in two factors:

  • High demand for housing by millionaires who want to move their tax residence to Monaco to avoid paying taxes or invest in Monaco to protect their wealth.
  • Very limited supply due to its orography. Like cities such as Barcelona, Monaco is cloistered between the mountains and the sea, a fact that prevents the country from developing spatially.

Projects such as Cala Portier seek to eat land from the sea by adding 15 acres of land to the Principality until 2026.

Real estate prices in Monaco: an excellent market for HNWI

As a result, the prices of its housing (both for sale and rent) are exorbitant and within the reach of very few. The square meter can be 100% more expensive than in New York, or even 200% more expensive than in Paris.

The average price of housing in the Principality has surpassed the €55,000 per square meter threshold, consolidating Monaco as the most expensive place in the world to buy a home.

At the end of 2022, there was an increase of 9% over 2021 and 74% over the decade, entrenching home buying in Monaco not only as a market for new residents but also as a market for investors.

Monaco is composed of the following districts: Monaco-Ville, Jardin Exotique, La Condamine, Les Moneghetti, Monte Carlo, La Rousse, and Larvotto.

According to Monaco government statistics from 2022, half of Monaco’s districts saw year-over-year transaction volumes increase, mainly thanks to the sale of second homes.

The district of La Condamine is currently the district where the purchase of housing has increased the most due to a better quality/price offer. However, as usual, Monte Carlo and La Rousse monopolize the majority of transactions and market demand.

Those who want to live in the mythical Monte Carlo have to face the highest average price per square meter of all the districts, with almost 60,000 euros per square meter, closely followed by Larvotto and Fontvieille.

The cheapest district in which to invest and rent as of today is Jardin Exotique, where the average price is only €35,400 per square meter.

Due to the limited space available in Monaco, most transactions correspond to second-hand housing, and specifically to studios or one-person apartments. Second-hand luxury housing is either very expensive or practically never comes on the market.

In this regard, due to the current geopolitical crisis, a lot of housing has come on the market. However, it comes with operational difficulties in terms of purchase.

The new construction market

As we have mentioned, Monaco is a country with limited land, which translates into a relatively small number of new constructions each year, being of a very exclusive nature and often sold “off-market”.

Historically, new construction has represented only a small fraction, representing 5% of total sales in the Principality in 2021.

The rental market: from little apartments to Villas

In line with the sales market, Monaco is the most expensive place to rent a home, ahead of New York, Paris, Hong Kong, and Singapore. Following the downturn suffered in the COVID-19 pandemic, rental prices in Monaco have rebounded from their 2020 lows to an average price of €91.08 per square meter per month…

On average and from our experience, rents would range as follows:

  • Studios or single-family homes: 3.000-6.000 € / month.
  • Second-hand family housing: 5.000- 15.000 € / month
  • New family housing: 15.000 – 40.000 € / month
  • Villa or luxury: 40.000 – up to 200.000 € / month.

There are duplex apartments in Le Carre d’Or that rent for more than 200,000 euros per month.

The rental market is complicated and buoyant, so opportunities come and go and this is very profitable for the owners. Not to mention how profitable it is to be able to rent part of these properties during events such as the Monaco Grand Prix or the summer period.

How to buy a property in Monaco?

Monaco is a country so small, that it’s measured in acres, not miles. The whole of the principality could fit into New York’s Central Park. Yet as diminutive as it is, Monaco is the international epicenter of glamour.

Are you interested in purchasing a property in the luxurious and prestigious Monaco? Our team at MonacoAdvisers not only specializes in changes of residence to Monaco, but it can also help you find the perfect real estate property in this beautiful and vibrant city-state.

Whether you are looking for a cozy apartment, a spacious villa, or a commercial property, our real estate partners have a wide range of options to suit your needs and budget. Our legal and administrative team will guide you through the entire process, from searching for properties and negotiating prices to handling legal and financial aspects.

Contact us through the contact form or by writing to [email protected] to schedule a consultation and start your journey toward your new residency in Monaco.

Picture of Andreu Capmajó
Andreu Capmajó

Tax director

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"The definitive guide to living and paying taxes in Monaco"
  • Explanation of the tax framework
  • How to get the residency
  • Tips for living in Monaco

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