Monaco is, without a doubt, one of the world’s most exclusive and expensive real estate markets. Consequently, it consistently attracts high-net-worth individuals, primarily due to its luxurious lifestyle, high level of security, and notably favorable tax policies.
Property prices
First and foremost, Monaco boasts the highest property prices globally. To illustrate, the average price per square meter for residential properties typically ranges from €50,000 to well over €100,000, depending on both location and the property’s overall quality. Indeed, some sources even cite an average price as high as €75,200/m².
Furthermore, Monaco’s real estate market is exceptionally stable, consistently demonstrating significant value appreciation. In fact, the average quarterly price growth stands at approximately 1.6%. Moreover, over the last decade alone, prices have surged by about 44.3%.
When comparing new builds versus resale properties, it’s clear that new development prices are considerably higher. For instance, the average price for newly constructed properties in 2024 reached €36.4 million, whereas resales averaged around €6 million.
A significant development is the Mareterra Project (also known as Portier Cove). The completion of this project, which expanded Monaco’s territory by 3% through land reclamation, added 110 apartments and 10 villas. As a result, prices for these units often exceed €100,000 per square meter, with villas reaching up to approximately €200 million.
To give you a clearer picture with some examples of Monaco real estate prices:
- Studio apartments (garsonjere) start from approximately €1 million.
- Two-bedroom apartments, for instance, can cost €3,150,000 for a 45m² renovated unit.
- Luxury apartments in prestigious locations such as Monte-Carlo, Larvotto, or Fontvieille can easily command prices ranging from several million to tens of millions of euros.
- Ultimately, a penthouse in the Tour Odeon building, spanning around 3300 m², was valued at an astonishing €400 million.
Purchase process
The process of acquiring property in Monaco typically begins with finding the right property. This is most commonly done through specialized luxury real estate agencies.
Subsequently, once a suitable property is identified, a written offer is submitted. This offer meticulously includes a detailed description, the requested price, and crucial completion timelines, which usually range from two weeks to two months.
Moreover, along with the offer, a check for 10% of the purchase price is submitted as a deposit. This deposit is promptly cashed upon the offer’s acceptance, thereby becoming a legally binding document. It’s important to note that if the buyer withdraws from the agreement, this deposit is forfeited.
Crucially, all transactions must be conducted through a notary. The notary plays a vital role, being responsible for verifying the legal capacity of all parties involved, performing comprehensive title searches, and meticulously checking for any existing encumbrances or mortgages on the property.
It’s worth highlighting that foreigners can freely buy, rent, and sell properties in Monaco. The sole exception applies to properties located in close proximity to the Prince of Monaco’s residence.
In conclusion, while purchasing property in Monaco represents a significant investment primarily for individuals with exceptionally high net worth, it undeniably offers a prestigious lifestyle, unparalleled security, and a highly favorable tax treatment. However, it’s also essential to acknowledge the exceptionally high initial costs involved.
