Are you thinking of buying property in Monaco? Then read our guide to Monaco real estate packed full of interesting facts about Monaco.
The principality is one of the most sought-after destinations in the world, home to some of the world’s wealthiest. Monaco offers its residents a lavish lifestyle, courtesy of its award-winning restaurants, world-class events, decadent resorts, and designer boutiques. Of course, Monaco residents also enjoy a favourable tax system, low crime, high-quality healthcare and education, and a stable political and economic environment. Land is extremely limited in the city-state, which means Monaco real estate offers a sound investment that is highly sought after. Keep reading to find out more!
10 real estate facts about Monaco
1 – The most expensive real estate on the planet
Monaco is regarded as the most expensive place to buy real estate in the world, with an average price per square metre of more than €48,000, and some €53,000 per square metre in Monte-Carlo, that’s according to a recent report. The report added that Monaco’s super-prime real estate was bolstered by its global reputation and limited amount of land.
2 – Reclaiming land from the sea
An interesting fact about Monaco is that the principality has continually increased its landmass by land reclamation projects. Its first land reclamation project was the Larvotto beach district in the early 1960s, which was swiftly followed by the district of Fontvieille, increasing the principality landmass by some 20 percent. The latest land reclamation project is the ambitious eco-development, Mareterra, formerly known as Portier Cove. The mixed-use development is set to include luxury apartments, penthouses, townhouses, and villas, which will set a new benchmark in luxury Monaco real estate.
3 – Luxury finishes and designer touches
With around a third of its population millionaires, it comes as no surprise that Monaco real estate is filled with luxury finishes and designer touches. It’s not uncommon to find marble kitchen countertops, extravagant wine cellars, gold taps, and rare materials throughout, such as furnishings made from stingray skin. One Monaco penthouse, at luxury residence Tour Odeon, even has its own water slide, which descends one story from the penthouse directly down into the roof-top infinity pool.
4 – Extravagant penthouses
The penthouse above is just one of many extravagant penthouses that can be found dotted throughout the principality. In addition to its own water slide, the Tour Odeon penthouse also features a gym, cinema, library, sauna, whisky bar, and billiard room, all spread across five double-height floors. Penthouses are highly sought-after with the super-rich who are seeking the ultimate Monaco real estate status symbol.
5 – Exquisite Belle Epoque villas
While extremely rare, perhaps the only Monaco real estate that could surpass a penthouse in being the ultimate status symbol is owning an entire Belle Epoque villa. Voluminous proportions, beautiful architectural details, and the privilege of owning one of the principality’s rarest buildings are just some of the delights of owning a Monaco villa.
6 – Sustainable developments
In line with Monaco’s ambitious goal to be carbon neutral by 2050, sustainability is being embraced by Monaco real estate. Just some of the state-of-the-technologies include solar panels, rainwater-recovery systems, and charging stations for electric vehicles. An interesting fact about Monaco is that the principality is embracing the concept of urban agriculture with rooftops and small outdoor spaces being utilised for growing fresh fruit and vegetables.
7 – Luxury amenities
Monaco real estate boasts luxury amenities, ensuring residents get to enjoy lavish living coupled with the utmost convenience. Just some of the luxury amenities found in some of the most sought-after residential complexes include swimming pools, fitness centres, spas, restaurants, housekeeping and valet services, as well as a dedicated concierge.
8 – Favourable tax system
One of the biggest draws of Monaco is its favourable tax system with residents enjoying no income tax. There are also no property taxes in Monaco. This favourable tax environment ensures Monaco real estate is highly sought after.
9 – Vibrant rental market
Not ready to own Monaco real estate yet? Then fret not. A fact about Monaco is that it has a vibrant rental market, with everything from one-room apartments to luxury penthouses and villas available for rent. Leases typically run for a minimum of one year, but can be longer, and rental properties can be both furnished or unfurnished.
10 – Superb views
As you would expect from a country perched along the coastline, many properties in Monaco boast superb views of the Mediterranean Sea, along with both the French and Italian coast.
What other real estate facts about Monaco would you add to our list?