Monaco is an independent microstate on France’s Mediterranean coastline known for its glitzy casinos, yacht-lined harbor and prestigious Grand Prix motor race, which runs through Monaco’s streets once a year.
Monte Carlo, its major district, has an elegant belle epoque casino complex, ornate opera house and luxe hotels, boutiques, nightclubs and French and Italian restaurants.
Monaco has an amazing Mediterranean climate with sunny summers and fairly mild winters. Throughout the year Monaco enjoys at least 300 days of sunny weather. The day time temperatures during the summer months from June to August remain in between 20°C and 23°C, the hottest months being July and August. The Monaco winter is from December through to February and has an average temperature of 9.5°C with January generally being the coolest month with an average minimum of 8°C and an average maximum of 12°C.
Monaco is a small city-state on the Mediterranean, and the vast majority of this country’s population is wealthy foreigners. Most of the dwelling in Monaco is in apartments, and buying real estate is a straightforward process.
Attorneys and Real Estate Agents
A real estate attorney can be helpful in the process of acquiring property in Monaco, but is not necessary.
Foreigners will likely end up working with a real estate agent in this process. The buyer and seller are both responsible for paying the agent’s commissions.
Rules, Regulations and Restrictions
There are no restrictions against the foreign ownership of property in Monaco.
First, the foreign buyer must make an offer to the property’s seller and have this price approved. A sales contract must then be drawn up and signed by both parties in the presence of a notary. The buyer is usually responsible for putting down a deposit to secure this property, which is generally 10% of the final purchase price.
After this is signed, the buyer is responsible for arranging the funds to pay the seller. The documents must also be prepared for the transfer of property. Once everything clears, the transfer deed must be prepared and executed before the notary.
Monaco property prices can vary enormously based upon the location, the building and the size of the property. Most Monaco properties for sale are apartments, (a few independent villas remain) and prices have declined somewhat over the past few years due to the economic slowdown which has had a ripple effect around the world. It is therefore a good time to be considering buying a property in Monaco, whether as a long term investment or as a home in the Principality. The prices of property for sale in Monaco vary widely and the price per sq metre will depend upon:
Estate Agents receive 8% of the total purchase price. The purchaser will be responsible for 3% and the seller will be responsible for 5%.
Notary fees run at approximately 6% of the total value of the real estate in question. The fee includes stamps, registration and legal fees.
Rent in Monaco is paid in advance on a quarterly basis. Most property owners will require an additional security deposit paid in advance that is equivalent to 3 months of the rent. As long as the property is left in as good a condition as when rented, the security deposit will be refundable when you move from the property.
Monaco based Estate Agents are authorized to offer rental properties in Monaco, and their fee is 10% of the yearly rent that is collected. Leases are typically renewed annually, and there will be an additional 1% that will be due and payable for any lease registration costs that may be incurred. Prices for rental property will vary depending on the location and size of the property
10% of the yearly fee paid by the Landlord