With its blissful climate, beautiful scenery and ultra-glamorous lifestyle, Monaco offers a plethora of pleasures to indulge in all year round. With world-class luxury resorts, a favourable tax regime and its enviable location on the beautiful Cote d’Azur, it is little surprise that the world’s wealthiest seek to relocate here.
To accommodate the growing demand for property, Monaco has been building world-class developments that meet the needs of the world’s most discerning property investors. Before moving or investing in property in Monaco it is important to consider Monaco’s cost of living. Read on to discover La Costa Properties Monaco’s lifestyle guide to living in Monaco.
Monaco Cost Of Living
How much does it cost to live in Monaco? Dining out
While Monaco is known as one of the most exclusive places in the world, it is home to a variety of restaurants catering to different price ranges from fast food and street vendors to Michelin-starred establishments. For a meal in one of Monaco’s cheaper restaurants, residents will spend on average €15.00 to €40.00, whereas a three-course meal in a mid-range restaurant will cost €55.00 to €100.00 per person. For high-end and award-winning restaurants, residents should look to spend more than €200.00 per person for three courses. For tasting menus, residents should expect to pay considerably more.
How much does it cost to live in Monaco? Supermarket shopping
For those who want to make the most of home cooking, it is important to consider local supermarket prices. Residents will look to spend around €1 on a litre of milk, €1.20 on a loaf of bread, €3.00 on a dozen eggs, €11.50 on a kilogram of chicken breasts and €12.95 on a kilogram of beef filet. Alcohol prices are also considerably varied, ranging from €5.00 for a bottle of 2018 Grenache to €65.00 for a bottle of Bollinger Brut Cuvee Champagne. For world-class vintages with larger price tags, visit your local wine merchant.
How much does it cost to live in Monaco? Buying a property
The Principality of Monaco continues to be the most expensive place to buy a property in the world. According to the latest Real Estate Observatory report, the average price per square metre in 2020 was €47,619. The district of Larvotto recorded the highest average price per square metre, coming in at €65,000 Euros per square metre in 2020.
For under 5 million Euros, residents can get a four-room apartment located in the exclusive Monte-Carlo district or a three-room apartment in the desirable district of La Rousse. For around 10 million, residents can expect a beautiful five bedroom apartment in La Rousse, complete with a spacious terrace and exceptional amenities, or La Condamine with wonderful vistas of Port Hercules and the Mediterranean Sea.
How much does it cost to live in Monaco? Renting an apartment
For those looking to rent a standard sized apartment within Monaco, residents should expect to spend on average €10,000 per month for two bedrooms in the more desirable districts in Monaco, including Monte Carlo and Fontvieille Marina. For families, a more spacious three-bedroom apartment will typically cost around €15,000 per month. Prices will vary considerably depending on amenities offered and location throughout Monaco.
For those looking for first-class amenities, design and services, La Costa Properties Monaco has an exquisite selection of properties to rent throughout Monaco, from newly refurbished three bedroom apartments close to Larvotto beach for €16,000, to six bedroom apartments in Casino Square for €25,000 per month.
How much does it cost to live in Monaco? Going to the gym
Many Monaco residents choose to work out at one of the superb fitness centres within Monaco’s world-class hotels, such as at the Fairmont Monte Carlo, the Thermes Marins Monte-Carlo, the Hotel de Paris Monte-Carlo, and the Hotel Hermitage Monte-Carlo. Memberships for these prestigious fitness centres cost around €5,500 per annum, but there are cheaper options such as the Larvotto Gym or 39MonteCarlo which cost around €3,600 per year. Alternatively, many of Monaco’s finest residences boast private fitness facilities free of charge for apartment guests and are fitted with state-of-the-art amenities. click to view more about Monaco Gyms.
How much does it cost to live in Monaco? Going to the spa
While many Monaco residences come with superb spa facilities for the exclusive use of its residents, Monaco is also home to world-class private spas with a great selection of treatments and facilities. Thermes Marins Monte-Carlo is a luxurious spa dedicated to wellness and beauty. With a huge range of treatments on offer, residents can enjoy hydrotherapy from €190, a Swedish massage from €175, whole body cryotherapy from €55 and anti-ageing facials from €250.
For those that are looking to take advantage of these luxury treatments more regularly, a spa membership will cost €4,100 a year or €7,950 for a couple.
How much does it cost to live in Monaco? Parking a car
If you wish to travel by car, parking in public car parks is free of charge for the first hour, increasing by €0.60 an hour, costing around €20.00 to €30.00 for the day. Commercial and private car parks are more expensive, costing around €40.20 for the day.
For on-street parking, residents can park for up to 2 hours, costing €2.40 an hour. The exceptions are Boulevard des Moulins and Rue Grimaldi, costing €1.50 for a maximum of 30 minutes and Avenue Princesse Grace and Avenue de Grande Bretagne where you can park for up to four hours at €2.40 an hour. clich here to view more about Monaco parkings.
How much does it cost to live in Monaco? Taxis, limousines, & helicopters
Local taxis in the principality start at €3, costing €2 every kilometre. For a forty five minutes drive out of the principality to the Nice Airport, residents should expect to spend around €80 on a one-way trip. For straight taxi rides from a point “A” to point “B” within the principality, taxi ride in Monaco are set at a fixed price of €15 or €140 for a private limousine. Residents take regular trips out of the principality to idyllic regions along the Mediterranean coastline. It will cost approximately €160 for a trip to Cannes, €180 for a trip to Antibes and €135 to Menton. Alternatively, to fly from Monaco to Nice on a private helicopter, it will comes at €650 one-way.
How much does it cost to live in Monaco? Public transport
As Monaco is so small, a great way to get around the principality is by public transport. With great transport links from apartments into the centre, public transport is greatly encouraged. For a one-way bus ticket around the principality, it will cost residents €2. For a day pass, €5.50, for a week pass €15 and a monthly pass, €39. Alternatively, residents can catch the bus boat from Monaco-Ville to the Casino and back between 8 am and 8 pm every day. A unique way to travel, a single ticket costs €2, a 24-hour ticket costs €6.20. Children under five travel free of charge.
How much does it cost to live in Monaco? Bars and cafés
Monaco is home to a wonderful bar and cafe culture, adorned with streets of fantastic places to sit out and watch the sights of Monaco pass by. In most authentic cafes, coffees will cost around €1.50 for an espresso and €4.50 for a cappuccino. For alcoholic drinks, a glass of wine will cost €7-10 a glass and €40-50 for a bottle of wine. If you’re looking to pair your drinks with a meal, residents should expect to spend around €24-36 for a daily lunch menu, with salads costing €14-23 and mussels with fries from €16.50.
How much does it cost to live in Monaco? School
Monaco has 10 state-operated schools, of which seven are nursery and primary schools, one secondary school, one college and a specialised hotel and vocational training college. Alternatively, The International School of Monaco offers a bilingual education in English and French from ages 3-18 years. Highly popular for expat families, the annual fees for the ISM range from €5,430 at kindergarten level to €19,440 for the most senior students. Located on the Port of Monaco, ISM offers exceptional facilities from a performing arts centre and extensive sports amenities.
How much does it cost to live in Monaco? Children’s activities
Wonderfully safe and packed with activities, Monaco is a great destination for children. For a place where children can run free and adults can relax, head to Princess Antoinette Park in Condamine. Free of charge, children can make the most of the play area under the olive groves and get up close with sheep, goats, ducks and rabbits in the mini-farm. For sporty children, there are places to play ball games including table tennis, badminton and volleyball as well as an 18-hole mini golf for €5. Alternatively, take the family to Rainier III Nautical Stadium for a summer’s afternoon spent cooling off in the Olympic-sized swimming pool overlooking the Mediterranean Sea for just €6.30.
Throughout the winter months, make the most of the Christmas Market ice rink in the centre of Port Hercule for just €3.30 per person or stay warm in the comfort of Monaco’s Beaux-Arts cinema for €12. The Prince of Monaco has also put the royal family car collection on display in Fontvieille, available to visitors for €4.
How much does it cost to live in Monaco? Medical services
Monaco is growing in popularity as a medical tourism destination, with around 20% of patients arriving from abroad for specialist treatments at the Princess Grace Hospital and Monaco’s private surgery clinics. The public healthcare system is available to all citizens and long-term residents of Monaco who have paid contributions to the Caisses Sociales de Monaco. French and Italian citizens are also entitled to public health facilities in Monaco, provided they regularly contribute to their home country’s state healthcare scheme.
How much does it cost to live in Monaco? Having a company
There are many favourable reasons to consider opening up a business in Monaco, from the desirable tax system to the principality’s wealthy clientele. When establishing a business in Monaco, many residents choose to invest in an office in one of Monaco’s commercial districts. La Costa Properties Monaco offers a superb range of commercial properties for sale and rent, including a 767m2 space in the heart of the Golden Square for €6,800,000 or a monthly lease for €12,000 situated in Carré d’Or.
With a limited amount of space in Monaco, some residents choose to purchase a co-working space. Regus has a 24-hour co-working space in the Monte Carlo Sun where you can rent an office space for €600 each month or meeting rooms are available for an hourly fee of €60.
Monaco’s residents and business owners also enjoy a total absence of direct taxation, however, there are two exceptions to this. Firstly, companies that are earning more than 25% of their turnover outside of the principality and companies whose activities consist of earning revenues from patents and literary or artistic property rights, must pay a tax of 33.33% on profits. Additionally, French nationals who are unable to prove that they resided in the principality for 5 years before October 31, 1962, are subject to the same tax system as other nationalities.
If you’re looking to relocate or purchase an additional property in Monaco, La Costa Properties Monaco offer an exceptional selection of properties for sale and rent, both on and off-market. With the most up-to-date insights on the latest prices and trends, we offer our clients trusted expertise and advice. Contact us today for more information on purchasing a property in Monaco.