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By Edward de Mallet Morgan, Partner, Head of International Super Prime Sales, Knight Frank
Bordered by the French Alps on three sides and the Mediterranean Sea on its fourth, Monaco is a stone’s throw from both Liguria and Nice. This densely populated sovereign state draws tourists with its gorgeous scenery, famous Casino de Monte-Carlo, and mild weather.
As for expats, the most popular motive for making Monaco one’s permanent port of call? Low business taxes and zero property, council, personal, or wealth taxes. Residents also reap the benefits of living on the sea at the foothills of the Alps. Lack of a language barrier is another plus: Almost everyone speaks English. Add the accessibility of being about an hour’s drive from the French Riviera, the Ligurian Alps, and in the winter, both French and Italian ski resorts—and you have a home away from home in European heaven.
The big news in real estate recently is the success of the Mareterra land reclamation development: six hectares reclaimed from the sea, housing more than 110 apartments and 10 villas. Monaco is the most expensive real estate market in the world, and this new residential development plan is the most expensive of its kind, with apartments priced around €40 million and villas over €150 million. The project has sold out off-plan, despite a completion date set for the end of 2024. It is an amazing example of the high level of confidence investors have in Monaco.
Younger families and entrepreneurs, too, are moving to Monaco—and the area has evolved to cater to them, with more schools and improved living infrastructure.
Mark.Harvey@knightfrank.com | +4420.7861.5034
Rentals, once plentiful in Monaco, have become scarce thanks to increasing demand from prospective buyers, who often choose to rent before investing. Fortunately, Americans ready to make a purchase will find banks in Monaco more willing to facilitate mortgages than in the past.
DISTRICTS IN DEMAND
Of the 10 districts in Monaco, most people want to be in the central Monte-Carlo district, also known as the Carré d’Or (Golden Square), where you can find the Casino de Monte-Carlo and Hôtel de Paris. Many of the best hotels, restaurants, and shops are located nearby. However, as Monaco evolves, adding improvements and new developments, homebuyers are able to cast a much wider net. In the district of Fontvieille, you’ll find a small marina and heliport in a slightly quieter locale, making it a favorite with families and pro athletes. In the past year or so, Larvotto has gained popularity after the beach, restaurants, and shops all got a glow-up.
Because 99 percent of Monaco’s residences are apartments, historic properties such as villas from the early 1900s come at a premium. They are also hard to find, since many are being replaced by new high-rise developments to satisfy increasing demand. Another option is to update an older apartment. Although the majority on the market are more than 50 years old, many are in prime locations, often with amazing views.
There are no restrictions to buying in Monaco and no rules about how much time you spend in your property, which makes the buying process similar to buying a home in the U.S. or London—much simpler and more straightforward than in many global markets.
With an exceptionally strong dollar and weaker euro, it’s an excellent time to invest in a home in Monaco. If you can buy early and off-plan in a new development, it’s a relatively safe bet that your property value will increase by at least 20 percent by the time you move in or sell.
Explore international properties via Douglas Elliman and Knight Frank.
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