Despite the pandemic situation globally, the Monaco Principality remains an attractive location to buy and sell. The Principality has managed the Covid-19 pandemic well with strict social distancing and boarder controls.
The Monaco market remains the most expensive global location to purchase residential property with an average price per square metre of over €47,000, despite a drop of 1.1% from 2019 levels.
Since the Principality territory is limited by its 202 hectares size, and due to the strong demand for property, this has created a housing shortage. To compensate for its limited development space, Monaco has a long history of extending land over the Mediterranean Sea, which now accounts for 40% of its size. The future extension “Anse du Portier” (expected to be delivered in 2024) is based on six acres and is set to include 60,000 sqm of high-end residential units, 3,000 sqm of retail space and a leisure harbour.
Given the region’s land restrictions, it is highly unlikely that there will be an increasing number of new residential spaces available, though there will certainly be renovations to existing buildings and houses. Investors will be protected against severe or prolonged drops in property prices in favour of regular price appreciation.
Historically, the most expensive district is the core city centre of Monte-Carlo “Carré d’Or”.
The outskirt like Jardin Exotique and Saint-Roman, tend to be more affordable.
Regarding leasing, there is no official data. However, the budget range is 60-90€/sqm/month.
Life Properties is able to provide bespoke analysis and support your investment or real estate projects.
Life Properties can also provide assistance with additional administrative and logistical tasks (insurance, car, schools, etc.)
Once the property has been identified, the acquisition process starts with a written purchase offer letter with the details and description of the property, the price, the terms and conditions and finally the expected timing of the transaction.
The offer must be backed with a deposit (typically 10% of the purchase price). Once accepted, the offer becomes a binding commitment for both parties and the down payment should be transferred within the account of a public notary who will draft the purchase agreement. If the buyer had the intention to withdraw from the transaction, the down payment would be granted to the seller. The balance (90%) should be paid at the signature of the title deed.