It’s not surprising that Monaco is one of the most sought-after getaway destinations with its glamorous lifestyle, magnificent architecture, and luxury real estate. With just over 38,000 residents, the country is the second smallest independent state in Europe next to the Vatican.
Visiting the Monaco-Ville is among the top things to do in Monaco. This medieval village features century-old houses and connects to the Saint Martin Gardens and Prince’s Palace, the official residence of the country’s monarchs.
If you see yourself staying here for more than just a few nights or weeks, read our quick guide on things you need to know about relocating to Monaco.
Dreaming of living in Monaco? Nestled in between Italy and France and bordering the Mediterranean Sea, Monaco is nothing less of a European gem.
With a land border of only 5.47 kilometers (3.40 miles), it makes up for its small size with breathtaking views at every corner. The weather is sunny year-round, making it easy to visit tourist attractions around Monaco whenever you prefer.
You will never run out of things to do in Monaco, but if you’re planning to invest in real estate or planning to relocate to Monaco, here is a guide to help you.
Buying real estate
The cost of living in Monaco is quite high, starting with real estate prices being one of the highest in the world. According to Mansion Global, prime residential properties in Monaco are 237% more expensive than that of Paris and 194% more expensive than that of London. It’s truly unrivaled and a haven for the world’s wealthiest.
If you look at it as an investment, buying real estate in Monaco can be quite lucrative, with the real estate market steadily increasing value by 5% in the last three decades. And while the price range is steep, the country does not levy income and property tax. Make sure to consult with a certified property broker who is knowledgeable and experienced with the real estate market to assist you throughout the buying process.
Prime locations for luxury real estate include Monte-Carlo and Saint Tropez. Monte Carlo, known as the hotspot for activities in Monaco, features the Monte Carlo Casino and Larvotto Beach. The town is known for its diversified architecture, characterized by medieval, art-deco, and belle epoque influences.
A favorite vacation spot for many A-list Hollywood celebrities, Saint Tropez boasts of 40 beaches and 300 hectares of vineyards. In this district, you can taste some of the finest wines and bathe in Monaco’s bluest waters. Located at the edge of the peninsula, this paradise brings in about six million tourists every year. For the nature loving individual, this is the perfect spot to buy real estate. Other must-see places in Saint Tropez include the Musée de l’Annonciade, an art museum, and Moulin de Paillas which features some ancient city ruins.
Renting real estate
Renting a property is also an option if buying real estate isn’t feasible for you at the moment. In the same way as buying real estate, it would be best to talk to a property broker to find the best rate that will suit your lifestyle. A property broker would be able to professionally assist you with insurance, legal policies, administrative procedures, as well as other requirements that you might overlook when choosing your rental home.
It is also important to note that there are different types of rental properties in Monaco. Some properties are partly and fully controlled by the state, and some are independent properties. The state-owned properties, controlled by the State Property Authority, implement fixed rental rates and are mostly affordable home accommodations for Monegasque citizens.
If you are looking to rent luxury properties, there are single family homes and modern villas available, which are all on the high-end price range, with rent rates available by request from a real estate agent. Most of these properties are located within Saint Tropez and Saint Jean Cap Ferrat, with a breathtaking view of the Mediterranean Sea. Enjoy a spectacular view of the sunrise and sunset every day, as well as state-of-the-art amenities built in luxury rental homes. Common within these properties are swimming pools, gyms and spas, designer kitchens, terraces, and beautifully landscaped gardens.
On the more affordable listings are apartments, flats, and duplex properties with short and long term leases. Most expatriates who plan on living in Monaco for four to six years decide on getting a rental property, and it’s not sacrificing the beauty of your living space at all. Most apartments offer scenic views of cities like Monte Carlo. A one-bedroom apartment would cost around €4,000 per month. Alternatively, there are also apartments in neighboring districts within a smaller price range at €3,000 per month.
You need to have a few documents ready prior to getting a rental property in Monaco. These include Proof of Identity (Passport and Residency Card) and Proof of Employment. You will also need a Monaco Banking Certificate, because you are required to have a bank account in the country prior to residency or making a real estate investment. All these documents indicate financial stability, and needless to say, is quite the prerequisite to moving to this city.
Other things to know about Monaco
This French-speaking country has a zero percent poverty rate. Out of its total population, only a quarter are natural-born Monegasques, which makes cultural diversity one of this country’s finest assets. One third of Monaco’s total population are millionaires, and the rest are wealthy expatriates and vacationing celebrities.
You might think it would be hard to adapt with the language and culture, but the residents are actually quite friendly and most of them speak English, especially in the corporate environment. Truly a dream destination, Monaco offers a high-end lifestyle that’s one for the books.
Find your luxury home in Monaco
Spark and Partners can help you find your dream home in Monaco. With over a decade’s experience, you can trust our market insights to help you make the most favorable real estate investment. To schedule an appointment with one of our property brokers, email hello(at)spark-estate(dotted)com or call +377.97.777.000.