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The Monaco Property market is open to most investors, whether resident or not. As a resident of Monaco, or to apply for residency in Monaco one must either rent a house or an apartment in Monaco for a minimum of one year, or buy a property in Monaco.
Buying a Property in Monaco remains popular either as a private residence or as an investment which may be rented out if desired. The combination of the advantageous tax system for Monaco residents, the security, the climate, excellent schools and the lifestyle, all support the prices of properties in Monaco, whether buying a property or renting an apartment, be it a compact studio or a 4/5 bedroom penthouse.
Monaco, although not large by land mass( less than 2 sq kilometres) is made up of several areas, the most desirable and most expensive one being the area around the Casino Square, “ The Carre d’Or” (Golden Triangle), other areas are Larvotto which is close to the beaches, The Jardin Exotique, which is the area at the upper western side of Monaco, Fontvielle which is the newer port area of Monaco , popular for its marina and commercial shopping centre, and the Quartier St Romain, at the eastern end of the Principality, also close to the beaches, the Monte Carlo Country Club with tennis courts and a private beach club.
All areas are serviced by the very efficient Monaco bus network. To walk from the farthest point to the centre of Monaco is no more than a 30-40 minute walk, or a 5-10 minute car drive depending on the traffic. There are many underground car parks and most properties have car parking facilities available either under or adjacent to the apartment buildings. These are either owned privately or can be rented monthly.
There are many estate agents in Monaco offering a wide range of properties for sale or rent. All Monaco real estate agents are authorized to offer properties in Monaco for purchase or rental and are supervised by the official body, The Chambre Immobiliere Monegasque (Chamber of Monaco Real Estate Agents), whose duty it is to ensure the adherence of the estate agents to the professional code of conduct.
Prices vary widely according to the location of the property, the building and the size of the apartment or house. Prices have declined on average by 25-35% during the past 2-3 years, due to the global economic slowdown, both for purchase and rental properties. The Carre d’Or area and Larvotto are still the most expensive respectively. Prices are quoted by the sq metre for Monaco properties and vary from €50,000 per sq metre (or higher in some cases) to the average of 25,000 per sq metre. The larger properties, usually penthouse /top floor apartments/houses average 4/5 bedrooms and may have up to 600 sq metres of living space of which part will be terrasses with sea views of the Mediterranean.
More information regarding property finance and mortgages in Monaco.
In addition to car parking spaces properties generally have an additional storage space allotted, known as “a cave”. The larger properties may have more than one parking space and cave.
A guide to Fees to buy a property in Monaco are as follows; ( as of 2012)
|Estate agents||3% of purchase price to be paid by the purchaser|
|5% of purchase price to be paid by the seller.|
|Notary fees||Between 4.5% to 7.5% of the value of the property, depending on the ownership structure of the transaction.( includes the registration , stamps and legal fees).|
Guide to average purchase costs of property in Monaco as of 2012.
These are an average only both for price and size and vary greatly according to location and individual property.
|Studios||€ 1,500,000||€ 700,000||avg size||30 sq m.|
|1 bedroom||€ 1,200,000||€ 4,000,000||avg size||80 sq m.|
|2 bedrooms||€ 2,500,000||€ 5,000,000||avg size||120 sq m.|
|3 bedrooms||€ 3,000,000||€ 7,000,000||avg size||165 sq m.|
|4 bedrooms||€ 6,500,000||€ 20,00,000||avg size
||260 sq m.|
Prices to Rent. (all are per calendar month plus service charges).
Rents are paid quarterly in advance with service charges added. Three months rent is paid additionally in advance when renting a property in Monaco, as a security deposit, which is refundable on leaving the property, subject to the property being left in the same condition as when rented.
The agent’s fees for renting Monaco properties are 10% of the annual rent, payable once on renting. The leases are generally renewable annually. An additonal 1% for lease registration fees is payable.
Guide to rental prices for Monaco properties. These may vary greatly depending on the location, the building and the size of the apartment/house.
|Studios||€ 1,300||€ 2,000||avg size||30 sq m.|
|1 bedroom||€ 2,500||€ 4,500||avg size||70 sq m.|
|2 bedrooms||€ 3,500||€ 6,000||avg size||120 sq m.|
|3 bedrooms||€ 4,500||€ 11,000||avg size||165 sq m.|
|4 bedrooms||€ 7,000||€ 20,00||avg size
||260 sq m.|
WW Relocation- Monaco can assist with the search for your property requirements. There are many real estate agencies in Monaco and many of them list the same properties on their books due to the limited number of properties available for sale or rental in Monaco. We can save you time and effort by researching on your behalf with the agents, prior to your visit to the Principality. A short list of apartments/ houses will be drawn up and viewings arranged for you during your visit.
Selected banks in Monaco can provide either mortgage financing/loans to acquire property either in Monaco or on the Cote d’Azur, as well as equity releases against Monaco property or on the Cote d’Azur. In general the banks will lend up to a maximum of 60% of the property value and require the client to bring assets to the bank equal to a minimum of 50% of the loan amount/mortgage as collateral. The collateral may be invested either in deposits or in secure investment programmes. The loan/mortgage rates vary according to the value of the property, the amount of collateral the client can deposit (the higher the collateral, in general, the lower the fees) and the location and condition of the property. For details of the best available property finance deals for Monaco and the Cote d'Azur please contact us.