If you are looking for inexpensive property in Monaco, keep in mind that location is everything. The most expensive real estate in Monaco is in Monte Carlo, especially near the Square of Gold (Carre D’Or) around the Place Du Casino.
Unfortunately for people looking for the cheapest property in Monaco, the city-state is one of the most expensive places in the world. When shopping for an apartment, you can expect to pay an average of 3,500 euros monthly. Those who want to buy property can expect to spend at least 10,000 euros per square meter.
It is difficult to find a property with a price under one million euros. If you do find property at that cost, you will most likely have to do significant repairs to it. Better housing costs at least two million euros and some homes cost well over 300 million euros.
Once you move outside of Monte Carlo and the Place Du Casino, prices lower noticeably. For example, the industrial district, Fontvieille, has affordable properties, but without an attractive view.
If you must live in Monte Carlo, you will find the cheaper property are small studio apartments. The most expensive homes have harbor views or are on the Formula One track.
Monaco does not put any restrictions on foreigners who want to buy property. When you buy property, you sign a contract, then have the notary transfer the deed. The notary ensures the deed and contract follow Monaco law.
Once you sign the contract and deed, you will make a down payment of at least 10%, and the notary holds it until the deal is finalized. Many buyers and sellers work with real estate agents, who might also hold the 10% down payment. Because the Monaco real estate market is so popular, sales tend to be final, so be certain before signing and placing a down payment.
Key Takeaways
- Monaco is the most expensive real estate market in the world, therefore, it is challenging to find small studios for less than one million euros.
- If you want to live in Monaco for a cheap price, you will live in a very small space that might not have a separate bathroom and kitchen.
- Monaco is home to beautiful beaches with iconic views.
- Most people in Monaco live in apartments.
- If you are looking for an affordable place to live, Monaco should not be on your list. The average rent is more than 500% higher than in the United States, and the cost of living is over 60% higher than in the United States.
- Extremely wealthy people live in Monaco because the city-state does not have an income tax, except for French citizens. Monaco does not have a capital gains tax. Unlike other developed nations, Monaco has a minimal estate tax, so heirs do not pay any tax if you bequeath property in Monaco.
- Monaco is like paradise on earth with beautiful weather, outstanding views, and delicious restaurants and social activities.
- The tiny nation has very few permanent residents, but it also has very few places for them to live as the nation is barely one square mile in size.
Comparing Cheapest Property in Monaco to the United States
Before looking at the expensive real estate in Monaco, consider the value you get in the United States.
- Average Rent in USD: $1,216
- Average Home Price in USD: $295,300
- Average Square Footage in a US Home in 2020: 2,301
Monaco is a small city-state that is about two square kilometers, which is only about .75 square miles. To understand how much space Monaco occupies, consider the size of the Mall in Washington DC. Monaco equals about three of those. The city-state is so small that most residents do not use cars.
Despite the small size, Monaco has high elevations and beaches. To make life easy for residents and visitors, steep streets have elevators. Interestingly, food at grocery stores and restaurants is reasonably priced.
The notable expense in Monaco is real estate. New York City and Los Angeles are two of the more expensive real estate markets in the US. In New York City, apartments cost about $1,350 per square foot. In LA, apartments are about $700 per square foot. In Monaco, the average cost per square foot is $6,500, dwarfing all US markets.
Districts in Monaco
Despite being so small, Monaco has ten wards, which makes the state and city practically the same. Monaco proper has become Monaco-Ville, but locals call it Le Rocher – or the Rock of Monaco. This district is the oldest part of Monaco and rests on a promontory overlooking the Mediterranean.
Monte Carlo is the resort area with the Monte Carlo Casino. This district is on the Spelugues plateau. People visit Monte Carlo for exquisite shopping. This district includes La Rousse-Saint Roman to the north, Larvotto along the coast, and Saint Michel.
La Condamine is the harbor district that is home to Port Hercules where most commercial shipping activity takes place. The Condamine market is a popular tourist attraction. This district includes La Colle, Les Révoires, and Moneghetti.
The fourth major district is Fontvieille, which is the industrial area of Monaco. While this area was once unpopular with tourists, its value is rising, especially with the marina area. Originally, Fontvieille was home to a brewery, a chocolate factory, and a flour mill. The area earned its name from an old spring or a “font.”
5. Larvotto 1.59 Million Euros
The most expensive district in Monaco is Larvotto. For 1.59 million euros, you can get a flat with 30 square meters, including a bathroom, a small kitchen, and a marble floor. This little apartment also has air conditioning and some storage in the entryway. In US dollars, the flat costs almost $1.9 million.
The beauty of Larvotto is the beach and coastline. This district is at the northern and eastern end of Monaco and has one of the largest coastlines in the city-state. It also features rising hills that move to the La Rousse-Saint Roman district.
Larvotto real estate is exploding in price because of the Portier Cove project that is valued at two billion euros, which makes it the most expensive eco-district in the world. Costs per square meter could start at 120,000 euros when sales begin.
The average cost for a residence in Larvotto is over 14 million euros, and very few of those homes exchanged hands in the last few years. The district is home to Av. Princesse Grace, which is the most expensive residential street on the planet. The street is named for Princess Grace, who was the Princess Consort between 1958 and 1982.
Because of the costs of living on Av. Princesse Grace, most properties are available for rent, especially in these buildings: La Reserve and 21 Princesse Grace.
The other expensive street is Larvotto Blvd., which is considered one of the busiest streets in Larvotto. The district is home to the Grimaldi Forum as well as the Sporting Monte Carlo entertainment area.
4. Fontvieille 1.5 Million Euros
Fontvieille has been one of the more affordable districts in Monaco, but it is still expensive by global standards. The district is at the southern end of Monaco and has cliffs and a harbor. If you enjoy football, you will like living in Fontvieille, as it is the home of the AS Monaco team.
About 3,000 people in Fontvieille and many of them appreciate the view of the marina and the sunsets over the Mediterranean. Fontvieille is growing in popularity, so the limited real estate tends to sell quickly.
One-bedroom apartments start at two million euros, but many people want larger homes with three or four bedrooms. Larger apartments often cost more than five million euros. Properties in Fontvieille have increased in price by over 25% in the last few years.
Finding an apartment for under two million on Fontvieille is not easy, as buyers snap them up quickly. Because Fontvieille does not have the same cache as the other wards, property buyers can usually get more square footage for their euros. Fontvieille has something for everyone – from penthouses to studios, and many have amazing views of the waterfront.
The distinctive difference between Fontvieille and the other districts is the architecture. The other districts have several different architectural styles, but in Fontvieille, the architecture is relatively the same.
If you live in Fontvieille, you can walk to the shopping centers and restaurants near the harbor. Fontvieille is home to the naval museum, a heliport, and the Stade Louis II where AS Monaco plays.
Fontvieille studio flats usually have small kitchens and private baths. Some have private balconies. These flats are usually about 30 square meters for 1.5 million euros.
In US dollars, this flat would cost about $1.79 million.
3. La Condamine – 1.15 Million Euros
La Condamine district is an iconic part of Monaco that is home to the harbor. The district is only 0.3 square kilometers and is in the south-central part of the city-state. When you see photos of Monaco, they are usually of La Condamine and the harbor filled with luxurious superyachts.
Along with Monaco-Ville, La Condamine is one of the original four wards. But, where Monaco-Ville is quiet and quaint, La Condamine is busy and sophisticated. With over 3,700 people living in the small space, apartments are in high demand and extremely expensive. Therefore, finding one for 1.15 million euros is notable.
Because of the high demand for properties, you don’t get much for 1.15 million euros. An apartment at this price includes a tiny bedroom and a bath-kitchen combination with about 25 square meters. However, that tiny apartment should grow in value, as La Condamine properties rose more than 30% since 2017.
The price per square meter in La Condamine can cost more than 50,000 euros, and homes often cost over 4.5 million euros.
The value of La Condamine is in its commercial buildings as well as the bustling harbor. La Condamine is home to the eponymous market and the Rue Princesse Caroline where visitors and locals can stroll about without worrying about traffic.
In US dollars, the 1.15 million euros translates to about $1.36 million. And 25 square meters is about 269 square feet.
2. Monaco-Ville 1.1 Million Euros
The city-state Monaco does not have a traditional capital, as the city-state is its capital. Monaco-Ville is now one of the ten wards but was first one of the original four quarters that included Fontvieille, Monte Carlo, and La Condamine. The ward is in the southern part of the city-state.
This district is in the middle of Monaco and sits upon the rock that overlooks the Mediterranean. Monaco-Ville includes quaint pedestrian streets, making it one of the quietest places in Monaco – especially after sunset. Monaco-Ville is home to Palais Princier, Saint Nicholas Cathedral, and the oldest building in Monaco, Chapelle de la Misericorde.
Notably, the district only allows local vehicles on the Rock, and the principality does not allow motorcycles after sunset. Locals refer to Monaco-Ville as the Rocher or the Rock.
The real estate offerings in the Rocher tend to be smaller dwellings in older buildings. Despite the smaller sizes, most apartments cost over three million euros. You can expect to pay over six million euros for three-room flats in this district.
Finding 30 square meters for 1.1 million euros is a bargain anywhere in Monaco, but especially in Monaco-Ville. If you like the old-world charm with big-city amenities, Monaco-Ville is a good choice.
Thirty square meters translates to 322 square feet and would cost about $1.3 million.
1. La Rousse-Saint Roman for Six Figures
One of the least expensive districts in Monaco is the La Rousse-Saint Roman area. This district is in the farthest northeast area of the city-state and borders Beausoleil, France. To the west, the district has views of the Mediterranean and the Larvotto district. The district does not have any coastline, so property values can be less than in districts along the Mediterranean.
The most notable building in the district is the Odeon Tower, which houses the most expensive penthouse apartment in the world. It is also home to the Monte-Carlo Sun and Chateau Perigord. Renting in this district begins at around 2,500 euros for a small studio. You can find a 16-square-meter property for 795,000 euros.
Being able to find an apartment to buy for under one million euros is rare, but you can buy spaces under 20 square meters and limited views for six figures.
This district has larger family homes, so it is a popular place for real estate sales. Developers are building new properties, and people who own properties often see their investments grow over 25%. The average property costs in 2018 were between four and five million euros.
Sixteen square meters translates to 172 square feet. A bedroom in a typical home in the US is over 200 square feet and legally has to be at least 70 square feet with two means of egress. Those 172 square feet in Monaco would cost about $945,000.
Facts About Monaco
France surrounds Monaco on three sides, and the Mediterranean borders the fourth side. As the second smallest country in the world, Monaco is only larger than Vatican City. The tiny city-state nation is about the same size as Central Park in New York City, so it is easy to walk from one end to the other.
When talking about Monaco, the city and the principality are relatively the same things. The country is called the Principality of Monaco, and the capital is the district known as Monaco-Ville, which is home to about 1000 people. Prince Albert II is the head of state, while the Minister of State Jean-Paul Proust runs the government.
Monaco has about 35,000 residents, which is about the same amount of people that live in Parkland, Florida near Miami. Parkland is about 12.8 square miles, while Monaco is barely one square mile. You can walk across the width of Monaco in less than an hour.
People speak French, Italian, and English in Monaco, and like the rest of the continent, the official currency is the euro. The city-state is not technically a member of the European Union, but it is a member of the United Nations and has been since 1993.
Monaco is known for the Monaco Grand Prix, the marriage between Prince Rainier III and Grace Kelly, and its notable police force. Per square foot, Monaco has the largest police force, making it one of the safest countries on the planet. People also know about Monaco’s remarkable weather and glamorous casinos.
France defends Monaco, and the small city-state is not involved in any political disputes, which makes it a lovely place to vacation and to live. Monaco is the second-busiest tourist destination, with nearly 8,000 tourists for every 1,000 residents arriving annually. With about 2.5 miles of beach, it is easy to see why tourists flock to the small nation.