Buying property à Monaco with a dedicated expert

Monaco's property purchase market is dominated by apartments. The following price indications are based on IMSEE data and market reports for 2024:

• Studios (approx. 25–40 m²): Entry-level purchase in Monaco. Given the average market price of €51,967/m² (source: IMSEE 2024), a studio typically requires a minimum acquisition budget in the range of €1.3 million–€2 million EUR, depending on district and condition. Studios and one-bedroom apartments accounted for the majority of resale transactions in recent years.
• One-bedroom apartments (approx. 40–70 m²): The most actively traded segment on the resale market. Purchase prices typically range from approximately €2 million to €4 million EUR depending on location, floor, and views.
• Two-bedroom apartments (approx. 70–120 m²): A sought-after segment for both owner-occupiers and investors. Prices generally range from approximately €4 million to €8 million EUR in standard districts, with significant premiums in Larvotto and the Carré d'Or.
• Three-bedroom and larger apartments (120 m²+): Demand for larger surfaces has grown markedly. In 2024, 34 apartments of five rooms or more changed hands on the resale market (source: IMSEE 2024). Prices for large family apartments start at approximately €8 million EUR and rise substantially for high floors and sea views.
• Penthouses and exceptional properties: The most exclusive segment. Average transaction prices for penthouses reached approximately €36.4 million EUR in 2024 (median: €22.1 million EUR), compared with an average of approximately €9 million EUR in 2013 (source: IMSEE 2024, as cited by local market analysis). Some exceptional sales in Mareterra exceeded €100 million EUR.

Houses and villas are extremely rare in Monaco given the Principality's density. The vast majority of transactions concern apartments in multi-storey residential buildings.

When purchasing property in Monaco, buyers must budget for the purchase price plus a set of mandatory acquisition costs. For individuals and Monaco-registered civil companies (Société Civile Immobilière — SCI), total acquisition costs amount to approximately 6.25% of the purchase price, comprising a registration duty of 4.75% and fixed notary fees of 1.5% (source: Savills Monaco Buyer's Guide, 2024).

Acquisitions made through a foreign or offshore company are subject to a higher registration duty of 7.5%, bringing the total — including notary fees — to approximately 9% of the purchase price (source: Savills Monaco Buyer's Guide, 2024).

In addition, buyers must account for real estate agency commission, typically 3% + 20% VAT (i.e. 3.6% inclusive of VAT) payable by the buyer, and a separate seller-side commission of 5% + VAT (source: Chambre Immobilière de Monaco, as cited by local agencies, 2024).

Where a mortgage is used, a mortgage registration fee of approximately 0.92% of the loan amount applies (source: local notarial practice, 2024).

Monaco levies no capital gains tax on individuals at the time of resale. Buyers should nonetheless seek independent legal and financial advice regarding their personal tax situation in their country of residence.

Due diligence in Monaco is conducted primarily by the notary, who acts as a public official and bears personal responsibility for the content and date of the deed of sale. The following verifications are standard in any property purchase:

• Title verification: The notary searches the Monaco Land Registry (Conservation des Hypothèques) to confirm that the seller holds clear and unencumbered title to the property (source: La Costa Properties Monaco, 2024).
• Mortgage and encumbrance search: The notary verifies that no outstanding mortgages, charges, or third-party rights are registered against the property.
• State right of pre-emption: For properties built before 1947, the Monegasque State holds a statutory right of pre-emption. The notary must notify the State and obtain a formal waiver or allow the pre-emption period to expire before the authentic deed can be executed (source: Expat Focus Monaco, 2024; Monaco Property Laws guide, 2024).
• Planning and regulatory checks: The notary verifies that the property complies with applicable planning regulations and that no outstanding enforcement notices or urban planning restrictions affect the property.
• Property diagnostics: Technical surveys (including checks for easements, structural condition, and applicable building regulations) are reviewed as part of the due diligence process.
• Legal status of the property: Older properties may be subject to specific legal regimes (Law 887 or Laws 1235/1291) that affect resale rights and other conditions. The notary confirms the applicable legal framework.
• KYC and AML compliance: Monaco's notaries are required by law to conduct full Know Your Customer and Anti-Money Laundering checks on all parties. Buyers must provide certified identity documents, proof of address, and documented evidence of the source of funds and source of wealth before the deed can be executed.
• Corporate structure verification: Where the buyer is a company or trust, the notary verifies the corporate documents, the register of beneficial owners, and the authorisation to proceed with the acquisition.

Monaco's property purchase market is characterised by very limited supply, persistent international demand, and sellers who are rarely under financial pressure to accept below-market offers. As a result, negotiation margins are structurally narrower than in most other markets.

Key principles for negotiating a property purchase in Monaco:

• Understand the pricing context: The average resale price reached a record €51,967/m² in 2024 (source: IMSEE Real Estate Observatory 2024). Sellers are well-informed and typically price with reference to recent comparable transactions.
• Move quickly on well-priced properties: Correctly priced properties in sought-after districts attract multiple interested buyers. Delays in submitting a formal offer can result in losing the property.
• Submit a credible written offer: The formal offer to purchase (offre d'achat) must include a 10% deposit paid into the notary's escrow account. A financially credible offer — ideally accompanied by proof of funds or a bank financing letter — carries significantly more weight than a verbal expression of interest.
• Negotiate through the agency: In Monaco, the real estate agency plays an active intermediary role in price negotiation. Buyers are advised to work closely with their agent rather than approaching sellers directly.
• Off-market opportunities: A significant share of Monaco transactions occur off-market. Establishing a relationship with a well-connected local agency is often the most effective way to access properties before they are publicly listed, and may provide greater flexibility in negotiation.
• Focus on objective factors: Negotiation arguments that carry weight include the condition of the property, the time it has been on the market, and any technical or legal findings from due diligence. Emotional or speculative arguments are unlikely to be effective in this market.