Real estate in Monaco: advantages of buying
The cost of housing in Monaco has traditionally been very high for many years, but those who wish to purchase in the famous principality have not diminished – what is the reason for such significant success in the global real estate market?
Tiny Monaco is one of the smallest countries that is very densely populated. The fairy tale story of the Hollywood actress Grace Kelly, who became a princess by marrying the local ruler Rainier Grimaldi, the casino in Monte Carlo and the stage of the Formula 1 Championship “Monaco Grand Prix” have created almost eternal glory to these parts.
The princedom received additional publicity in the media as a result of the investment activities of the Greek tycoon Aristotle Onassis, which gave a significant acceleration to the economy through the expansion of the princedom, the construction of the port and the entertainment industry.
Unfading Laurels of the Principality
It is not surprising that subsequently famous and successful people from various fields of activity began here not only to relax (especially since Monaco is part of the Cote d’Azur), but also to acquire real estate. And today, the economy of the principality is developing through the construction of elite housing, tourism, gambling and media popularity due to the busy life of the Grimaldi clan.
Real estate in Monaco today is considered one of the most expensive in the world, since the average price per square meter has almost doubled over the past ten years, so the principality can compete with cities such as New York and London. At the same time, the amount spent on real estate in Monaco increased by 400%.
By the cost per square meter of housing, Monaco today is confidently competing with Hong Kong, one of the largest world capitals with an attraction of significant Asian capital, by offices of high-tech companies.
Buy real estate in Monaco
Monaco Real Estate Trends
Experts note that over the past years, the annual volume of transactions in Monaco has not changed significantly. In the current 2019, a slight decrease in the total number of requests was recorded, however, all incoming requests are from “hot buyers” who are serious about buying. Demand was also influenced by the fact that wealthy Russians are now more pragmatic in buying expensive real estate and making a purchase in case of real need.
The most significant factors that influenced the success of this small state on the world stage were the high level of Monaco’s security and tax advantages. For customers from European countries and a number of other countries, the most attractive reason for buying a home is the lack of income tax.
Today, when buying property in Monaco, you can apply for a residence permit and receive tax benefits – the absence of income tax, property tax and capital gains tax on the resale of property.
Over the past few years, more and more married couples with children have moved to Monaco than single people, which also suggests that living in the principality is not only a beautiful picture, but a reality. At the Monaco International School, the number of students has quadrupled since it opened in 1994.
The population of the principality now represents a variety of residents from different countries, mainly from Europe, since the process of obtaining a Monaco residence for EU representatives is much simpler than for others. In second place after the Europeans are immigrants from Eastern Europe and the Middle East.
Sought after areas
The most sought after area is still Carre d’Or – Golden Square, where the highest real estate prices have always been fixed. It is located in the heart of Monte Carlo near the gardens opposite the eponymous casino and Casino gardens. The surroundings of Carré d’Or are generously filled with high-end residential properties, shops, luxury hotels, restaurants and private banks.
The Fontieille area is also very popular, where most often families with children buy housing. This is the new southern region of Monaco, which was landscaped in the 1990s. Fontieille is also known as a residential quarter and business center, which successfully combines apartment buildings, green spaces and boardwalks along the sea coast.
Last year, the average price per square meter reached 48,799 euros. The most common requirements for real estate when buying is the presence of a sea view and an average area of about 100 sq.m. The greatest demand is for residential real estate in the price range from 5 to 20 million euros.
Among the facilities, two-bedroom apartments with sea views of 80-120 sq.m are highly demanded. There are other offers on the market, but unconditionally extreme values in Monaco are extremely rare, and the quality of objects at the lower and upper points of the price range is radically different.