Monaco is a place like no other on earth. Despite its size, it’s incredibly glamourous and fun, it has an international outlook, and there are lots of things to do. Monaco remains a firm favourite of high-net-worth individuals from around the world, many of whom are drawn by the Principality’s competitive fiscal regime, the glamour of the city-state and sunny climes.
It’s not surprising that Monaco is also in a class of its own when it comes to property. Although it’s small (the Principality’s footprint is less than that of Central Park in New York), there are distinctive quarters and a wide variety of properties to buy. Properties in Monaco’s newest buildings will cost more than €13.5 million, and average prices for apartments in existing property costs around €5 million. There are also disparities in property price depending on where you are buying. Monte Carlo and Larvotto tend to see some of the most luxurious and priciest properties with those in other quarters costing less on average.
Monaco is made up of various quarters: Monte Carlo, Larvotto, La Rousse, Monaco Ville, Jardin Exotique, Moneghetti, Fontvieille and Condamine.
Of these, Monte Carlo is perhaps the most well-known. Home to Monaco’s casinos, best hotels, and the famed ‘Golden Square,’ Monte Carlo offers a limited number of properties compared to other parts of Monaco, but those here have one of the most exclusive addresses in the world.
Larvotto sits on Monaco’s seafront, and it is one of the most popular areas to live in the Principality. With lots of restaurants, a vibrant ambience and a family-friendly atmosphere, some of the best real estate in Monaco is situated here.
La Rousse, sometimes better known as Saint-Roman, is a residential area which borders France on two sides. Monaco’s iconic Tour Odéon is located in the area – one of the first skyscrapers to be built in Monaco since the 80’s and one of the tallest buildings on the Mediterranean coast.
Monaco Ville is home to some of Monaco’s most famous buildings, including the iconic whitewashed palace.
One of Monaco's more extensive (and the highest) quarters is known as the Jardin Exotique. The quarter takes its name from the botanical garden, which is situated here and gives the area lots of greenery and tranquillity.
Moneghetti’s winding streets rise steeply from the sea. Sometimes considered one of the quieter parts of Monaco, the quarter is predominantly residential with some larger, classical properties.
Condamine used to be one of the largest areas of Monaco before its quarters were restructured. Today, Condamine is vibrant and is famous for its market and the Port Hercule.
Lastly, Fontvieille is one of the newest areas in Monaco. It was almost wholly reclaimed from the Mediterranean Sea in the '70s in an ambitious project spearheaded by Prince Rainier III.
When it comes to property, Monaco offers something for everyone. Despite the relative land shortage, there are properties aplenty. Flats and smaller pied-a-terre type apartments tend to be the norm. However, penthouse apartments and more extensive luxury flats are often available for those searching for more space, sometimes with large roof terraces to complement indoor living space. Complete houses or villas are scarce in Monaco.
When it comes to Monaco mortgages and property finance, even the most seasoned buyers and investors can be caught out by the speed the market moves at. Some properties don’t make it onto the market at all before they are sold, and it’s not unusual for properties to be snapped up within just a few days.
There is exponential demand for property in Monaco, and liquidity is essential to ensure you can buy the property you want when you find it. Real estate in the Principality is some of the most expensive in the world, and €5-€10 million for a property is the norm. Despite the net worth of those who live here, most buyers will opt for a mortgage for Monaco property purchases. Doing so will often present fiscal benefits vs cash-only sales and means buyers don’t have to liquidate assets to generate the capital they need in a single lump sum.
When it comes to securing a mortgage in Monaco, your broker will be able to negotiate every aspect of the deal. You may want the cheapest mortgage possible, or you may prefer the most flexible terms or have a desire to work with a specific lender. Whatever your requirements, Enness will be able to help. With contacts in both the local banks, French banks active in the Riviera region (who often lend for Monaco property purchases) and international private banks, your broker will be able to go straight to the source of the best finance.