Monaco Real Estate
According to Bloomberg, the Principality of Monaco was the world’s most expensive luxury residential market for the third straight year in 2010 based on demand from wealthy buyers in the Mediterranean principality, which levies no personal income tax.
The average cost of a house or apartment in Monaco was $65,600 a square meter in 2010, according to a global index of luxury home prices compiled by Knight Frank LLP, a London-based property broker.
According to the report London was the second most-expensive market at $56,300 a square meter, while Paris was fifth at $40,500. The other three most-expensive locations were also in France.
Monaco’s biggest deal in 2010 was the purchase of La Belle Epoque, a 17,500-square-foot (1,600-square-meter) penthouse apartment, allegedly for 240 million euros ($340 million) from Christian and Nick Candy in September 2010.
You don’t necessarily have to be rich to live in Monaco, but if you have substantial credit and a decent savings, you could be in one of those apartments with a view of the Monaco Grand Prix which takes place in May every year or how about watching the annual Monte Carlo Tennis tournament from your balcony?
You will want to make sure the property you are looking at is free and clear of any judgments and that you aren’t going to run into any problems when making your purchase, like liabilities so it is a must that you also appoint a lawyer and consult the public notary before closing any deals.
You need to make sure you have experienced and authorized Monaco real estate agents working on your side. The amount of time and money that you spend on finding and buying Monaco real estate much depends on how well your real estate agent is working for you.
Don’t jump on the first good deal you find and make sure that the ones that seem too good to be true are what they really say they are. You may surprised what someone will tell you to get you to spend your money on what they are trying to sell, and this especially true when it comes to real estate.
Remember that where you choose to buy your property can determine how much you spend as well. If you need to be in town around the socialites, then you need to be prepared to pay more. If you are content to be outside of the mainstream in town, you may not have to pay as much.
However, depending on what part of town you choose as well as the view from the property also makes a big difference in the price. Making sure that you are going to be satisfied with your purchase means all the world in how happy you will be with what you have to spend to obtain that property.
Buying Monaco real estate isn’t a lot different than buying real state anywhere else. The fact that you will need a down payment and decent credit and all those things is still the same as anywhere else, but when you buy Monaco real estate, the difference is that you are buying a place that is part of the most beautiful spot in the world and keep in mind that the price per square meter is currently among the most expensive in the world.
The costs related to real estate in Monaco are divided into acquisition and leasing/renting property.
Acquiring Monaco Real Estate
When buying an property in Monaco, the acquisition fees are in general as follows :
- Registration and notary’s fees are 4.5% of the selling price (As of June 30 2011)
- The real estate agent’s fee is typically 3% + VAT of the selling price
- A deposit of 10% of the selling price is paid to reserve the property
The balance including the above fees will be paid by the buyer when signing sales agreement at a notary established in the Principality of Monaco.
Leasing or Renting Monaco Real Estate
When renting or leasing an apartment in Monaco, the charges are typically as follows :
- 3 months’ rent (payable quarterly in advance)
- 3 months’ provision for charges (payable quarterly in advance)
- Deposit of 3 months’ rent
- Registration of the lease (1% of the first years’ rent + charges)
The fee of the real estate agent is typically 10% of the first years’ rent. The duration of a lease agreement is usually 1 year minimum and 3 years maximum.
Chambre Immobilière Monégasque
The Chambre Immobilière Monégasque officially represents the real estate agents in the Principality of Monaco to the public authorities and the Employers Federation and is acknowledged by the Prince’s Government since 1945.
Every member of Chambre Immobilière Monégasque is covered by a bank guarantee and insured for professional civil liability. A disciplinary commission is set to identify unprofessional behavior of the real estate agents towards clients or fellow members to help ensure best practice.
Chambre Immobilière Monégasque
27, boulevard des Moulins
Public Notaries in Monaco
The persons listed below are authorized by the authorities in Monaco. The notary (notaire) in Monaco has the exclusive right to handle real estate transactions, administration of estates, marriage contracts and the formation of general business corporations.
Me Paul-Louis AUREGLIA
4, Boulevard des Moulins
MC 98000 Monaco
Me Louis-Constant CROVETTO
26, Avenue de Ia Costa
MC 98000 Monaco
Me Henry REY
2, Rue Colonel Bellando de Castro
MC 98000 Monaco
Buildings in Monaco
Seismicity is low to moderate in the region around Monaco and half of Monaco’s structures have been built to seismic standards following the Government’s introduction of the first seismic regulations in 1969. Since 1973, all new buildings meet or exceed these standards.
Below some of the major buildings in the Principality of Monaco – you can sort by building name, height, number of floors and the year the building was completed. The list is default sorted by number of floors, listing the tallest buildings in Monaco first.
|Building Name||Height (m)||Floors||Year|
|Parc Saint Roman||108||35||1982|
|Château Périgord I||93||30||1972|
|Château Périgord II||93||30||1973|
|Monte Carlo Sun||81||26|
|Seaside Plaza - Rocher||16|
|Seaside Plaza - Mer||16|
|Seaside Plaza - Roseraie||16|
|Le Bel Horizon||15|
|Columbus - Eden Star||14|
|Les Orangers - Les Mandariniers||48||14||1973|
|Les Terrasses du Port||13|
|Hôtel Méridien Beach Plaza||13|
|Les Villas du Parc||12|
|Monte Carlo Palace||12|
|Gildo Pastor Center||12|
|Monte-Carlo Bay Hotel & Resort||12||2005|