Living in Monaco

1) Safety :

  • Monaco is one of the safest countries in the world and crime rates are extremely low
  • It has the largest police force in the world per capita and per square metre 24/7 CCTV covers the whole Principality
  • The majority of buildings in Monaco also have concierge and private security with full CCTV

2) Luxury Lifestyle :

  • Monaco offers a high-end lifestyle: with a range of premium hotels, Michelin stars restaurants, bars and a luxury shopping experience
  • It has numerous iconic venues and hosts a range of historic events: the famous Casino, Hotel de Paris, Sporting club, One Monte-Carlo, Formula One grand prix, Yacht show, opera, etc.

3) Daily Life :

  • Monaco provides a perfect Mediterranean climate with long sunny summer and mild winters
  • It is ideally situated and connected to Nice International Airport (20 minutes away with 100+ direct connections) and also has its own helicopter airport
  • It has an excellent healthcare system (including the Princess Grace Hospital which is fully run by the state) as well as offering a high quality education system
  • Residents also benefit from a lighter tax regime: with no income tax, no property tax, etc.
  • Commitment towards sustainable policy

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Monaco real estate at a glance (source : IMSEE)

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.

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Become resident in Monaco

    Once the rental property has been identified, our team will support you through the lease agreement process and will assist in gathering all required documents such as :
  • Valid ID
  • Proof of a bank account in the Principality
  • Proof of income
  • Proof of residence
  • Bank details

Life Properties can also provide assistance with additional administrative and logistical tasks (insurance, car, schools, etc.)

    Rental costs and associated fees are summarised as follows:
  • Rents are paid quarterly in advance
  • Provisions for charges are paid quarterly in advance
  • Deposits are set at a fixed amount equivalent to 3 months of rent
  • Fees for registering the tenancy amount to 1% of the rent + charges for the first year of renting
  • Tenancy agreements are signed for a minimum of 1 year
  • Agency fees are set at 10% + VAT of the rental amount for the first year

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Renting a property in Monaco

    Once the rental property has been identified, our team will support you through the lease agreement process and will assist in gathering all required documents such as:
  • Valid ID
  • Proof of a bank account in the Principality
  • Proof of income
  • Proof of residence
  • Bank details
  • Life Properties can also provide assistance with additional administrative and logistical tasks (insurance, car, schools, etc.)
    Rental costs and associated fees are summarised as follows:
  • Rents are paid quarterly in advance
  • Provisions for charges are paid quarterly in advance
  • Deposits are set at a fixed amount equivalent to 3 months of rent
  • Fees for registering the tenancy amount to 1% of the rent + charges for the first year of renting
  • Tenancy agreements are signed for a minimum of 1 year
  • Agency fees are set at 10% + VAT of the rental amount for the first year
  • Notre équipe Life Properties vous guidera durant toutes les étapes de votre projet.

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Purchasing a property in Monaco

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.

    The applicable fees for the purchase of a property are :
  • Registration and notary fees : usually 6% of the amount of the selling price but can vary depending on the ownership structure of the buyer (includes the registration, stamps and legal fees) and the type of property, e.g. the expected fee for brand new property could drop to 2.5%.
  • Agency fees : standard 3% + VAT of 20% applicable on the selling price

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More information

15 Rue Honoré Labande
98 000 Monaco
+377 97 98 33 61
direction@lifeproperties.mc

Life Properties