One of the first steps in the Relocation process is to find suitable accommodation for yourself and your family whether rental or purchase.
We work with the very best licensed Monaco agencies to find you the perfect property for your needs. We can help organise searches, viewings and legal advice so you can be sure to find exactly what you are looking for as quickly and efficiently as possible.
The property market in Monaco is always buoyant since there is undersupply against a constant demand. Rental prices are up 30% in the last few years and residual values are up more than 150% over the last 9 years making investment opportunities a very interesting option.
RENTING IN MONACO
Rental prices in Monaco relate directly to an apartment’s size, view, location, facilities, parking, quality of finish etc.
MRS have access to the entire rental market and with our trusted Partners will undertake a full search based on your specific requirements and budget.
We will work together with you by email to refine a short list of rental properties that suit your specific requirements before then arranging to visit each of them with our chauffeur to keep everything as easy as possible. We advise our clients to allow at least 2 working days in Monaco for property visits.
Once a property has been chosen, the process is as follows;
- Sign a rental offer Agreement and pay a deposit equal to three months rent.
- A formal rental contract is then produced by the
Landlord for signature and the following additional payments are made;
a security deposit typically equal to three months rent (this money is refundable at the end of the Lease subject to the return condition of the property).
a Government Lease Registration fee equal to 1% of each years rental total.
Estate Agency Fees as set by the Chambre Immobiliere de Monaco at 10% of the first years rent. (fees are only paid on the first years rent even if a longer term lease is taken).
Once a contract begins, rent is always paid quarterly in advance.
Some guide monthly rental prices are shown below. Service charges are also payable and additional to the base rental numbers shown – approximately 5% of the monthly rental costs.
|Approx size (m2)||Price range per month|
|Studio||40||€2,500 to €4,000|
|1 Bedroom||65||€3,500 to €7,000|
|2 Bedrooms||120||€4,500 to €12,000|
|3 Bedrooms||180||€6,000 to €18,000|
|4 Bedrooms||250||€12,000 to €30,000|
BUYING PROPERTY IN MONACO
Background to the Market
Monaco is a sovereign state covering only 2 sq km in area with the world’s highest concentration of wealthy individuals. The Principality has experienced strong economic growth since 2010. Official figures report 9.6% + 7.2% GDP growth for 2013 and 2014. Monaco is renowned for being politically neutral, incredibly safe and with a highly stable government which runs at a net budgetary surplus.
Monaco Property Stock
Monaco Residential stock comprises 19,500 apartments (and only a tiny handful of villas or houses).
Price per square metre by type of apartment
Large numbers of buildings in Monaco are owned by three main families (Pastor / Memmo / Marzocco),
20%+ population growth in last ten years only 2% new build property stock created – dramatic undersupply.
The majority of apartments in Monaco are ‘rental only’ and not for sale (61% rental only – 39% open market)
There are no capital gains or property taxes in Monaco.
As with rental properties, Purchase prices in Monaco relate directly to an apartments size, view, location, facilities, parking, quality of finish etc. The table below shows data from the Government statistics office providing the average price per m2 relative to the number of bedrooms an apartment has in Monaco.
|2006||2007||2008||2009||2010||2011||2012||2013||2014||Evolution 2013/2014||Evolution 2006/2014|
Source – IMSEE statistics 2015
DISTRICTS IN MONACO
CARRE D’OR (GOLDEN SQUARE) – THE HEART OF MONACO
The quintessential centre of Monaco, perfect for those wanting to be near the action containing the Casino, Hotel de Paris, Cafe de Paris and main shopping arcade. “Le Metropole”. The beaches and its nightlife are within walking distance and most buildings offer good views due to the elevation of this sector from the sea.
JARDIN EXOTIQUE – SWEEPING VIEWS
Jardin Exotique, is perched on the hills that lead to France. The area tends to be quiet, residential and offers great value for those families looking for more affordable space and comfort. Most buildings have sweeping views of Monaco, plunging onto the Rocher and Port. Whilst the Jardin Exotique area can feel a little more distant from the heart of the Principality, regular transportation services link to the city centre in less than 10 minutes. Rental and purchase prices tend to be below the average price per square metre. Most buildings offer good views due to the high elevation of this area which also offers lots of outdoor space and parks for children.
LARVOTTO – THE BEACHES
A vibrant area with restaurants, cafés and night life along the beachfront, this district will appeal to those wanting to be close to the action and Carre d’Or. The buildings in the area are also very popular for their uninterupted sea views.
MONACO VILLE (LE ROCHER) – OLD TOWN AND PALACE
Perched up on the “Rocher” (rock), this is where the Monaco Palace is located. The area has a medieval charm to it, with narrow roads, quaint architecture and a quiet village atmosphere. High-rise development is not permitted in Monaco Ville, and properties tend to be old buildings or villas.
The Fontvieille area tends to be quiet, residential and is very popular with families. Most buildings have sweeping views of the sea, the Rocher and Port of Fontvieille. Whilst the Fontvieille area can feel a little more distant from the heart of the Principality, regular transportation services link to the city centre in less than 5 minutes.
MRS have access to the entire sales market working with our fully Licensed, trusted Monaco Estate Agency Partners who will undertake a full search based on your specific requirements and budget. We will work together with you by email to refine a short list of properties that suit your specific requirements before then arranging to visit each of them with our chauffeur to keep everything as easy and efficient as possible. We advise our clients to allow at least 2 working days in Monaco for property visits.
Once a property has been chosen to purchase, the process is as follows;
Official, signed offer submitted to seller along with a 10% deposit cheque made out to the Notary.
If offer is accepted, 10% deposit cashed and held in escrow by the Notary.
Typical time to completion of sale at Notary is 10 to 12 weeks (at which point balance of funds is due).
It typically costs 9.6% of the purchase price in fees to buy a property in Monaco which is split as follows;
1.5% Notary fees
4.5% Government stamp duty
3% + VAT Estate Agency Fees (payable by the buyer and set by the official Chambre Immobiliere de Monaco at 3% of the purchase price).