The Principality of Monaco has long been considered the world’s most exclusive destination to reside, attracting a roster of A-list celebrities, VIPs, and UHNWIs who have chosen to make the Mediterranean city-state home. But what is Monaco famous for? Here are just a few of the reasons…..
What is Monaco famous for?
- The rich and famous
- Famous casinos
- Monaco famous superyachts
- The Grimaldi royal family
- Luxury real estate
- Gourmet dining
- Famous events
- The Monaco Grand Prix
- Lavish hotels
- A low tax regime
- Extravagant galas and a glamorous atmosphere
The rich and famous
Monaco is known as the destination of choice for the world’s rich and famous. Monaco’s rich and famous residents include Lewis Hamilton, David Coulthard, Jenson Button, Shirley Bassey, Bono, Sir Roger Moore, Caroline Wozniacki, and David Nahmad. Not only does it boast a roster of VIPs who choose to reside permanently in the Principality, but it is also the holiday destination of choice for A-listers, including royalty and celebrities, drawn to its exclusive and lavish offerings.
Ask anyone what Monaco is famous for, and no doubt the iconic Monte-Carlo Casino will be one of the most popular answers. The world-famous Monte-Carlo Casino is housed in an elegant Belle Epoque building and sits in the legendary Monaco Casino Square, or Carre d’Or, the epicentre of Monte-Carlo and the most exclusive address in the Principality. However, only non-residents are allowed to gamble.
Monaco famous superyachts
Superyachts are another key aspect that Monaco is famous for! Port Hercules is the Principality’s most famous port, sitting at the foot of the district of La Condamine. This iconic port is home to the world’s most stunning superyachts and mega yachts. It is also where the annual Monaco Yacht Show is held, considered the premier event on the annual superyacht calendar.
The Grimaldi royal family
What is Monaco famous for? Its royal family, of course! Despite presiding over one of the world’s smallest countries (second only to Vatican City), the Grimaldi royal family has global appeal and is one of the world’s most famous royal families. The Grimaldi royal family gained international appeal when the American movie star Grace Kelly married Prince Rainier III on April 18, 1956. Today, Monaco is ruled by H.S.H. Prince Albert II, who became the sovereign prince in 2005. He is married to H.R.H. Princess Charlene, a former Olympic swimmer, and their two children are twins Princess Gabriella and Prince Jacques.
Luxury real estate
The appeal of Monaco is reflected in its vibrant real estate market, which is considered the most expensive in the world. The average price per square metre was 50,982 euros (according to the latest Monaco Real Estate Observatory Report), a price that is unmatched by any other real estate market. Monaco’s real estate prices have increased by more than 60% in the past decade, reflecting the Principality’s incredible demand. Monaco’s luxury residences garner international recognition, including Tour Odeon, home to the world’s most expensive penthouse, and the incredible new eco-development, Mareterra, considered one of Europe’s most ambitious land reclamation projects.
What else is Monaco famous for? Gourmet dining, of course! Monaco is considered one of the world’s best destinations for gastronomy, with an incredible roster of Michelin-starred restaurants and award-winning eateries. Some of the best Michelin-starred restaurants in Monaco include Le Louis XV-Alain Ducasse at Hotel de Paris, a 3-starred Michelin restaurant, Restaurant du Metropole in the famed Metropole Monte-Carlo Hotel, a 2-starred Michelin restaurant, and Blue Bay located in the Monte-Carlo Bay Hotel Resort, a two-starred Michelin restaurant.
Events in Monaco are legendary! World-class events such as the Monaco Yacht Show, the Monte-Carlo Masters, the Formula 1 Monaco Grand Prix, the Historic Grand Prix, the Formula E Grand Prix, Top Marques, and the World Show Jumping Championships dazzle attendees each year. There is no question that Monaco is famous for its extravagant annual entertainment calendar.
The Monaco Grand Prix
Without question, the most famous event is the F1 Monaco Grand Prix. Ask anyone what event Monaco is most famous for and no doubt they will state the Monaco GP! This iconic event transforms the streets of the Principality into the world’s most challenging F1 racetrack, boasting sharp turns, legendary hairpin bends, and quick elevation changes. The action-packed event typically runs across four days at the end of May, attracting some of the most exciting names in the industry to the Principality.
Monaco is famous for its ultra-luxurious hotels. Some of the most iconic include the Hotel de Paris Monte-Carlo, the Hotel Hermitage Monte-Carlo, the Hotel Metropole Monte Carlo, and the Fairmont Monte-Carlo. Expect to find lavish dining options, exceptional spa facilities, and incredible service levels.
A low tax regime
For most nationalities (except US and French) Monaco’s low tax regime contributes to Monaco’s appeal. The Monaco tax system is well-known for exempting individuals from direct income tax, capital gains tax, wealth tax, and annual property tax.
Extravagant galas and a glamorous atmosphere
The Principality of Monaco is famous for its extravagant galas, including the Monaco Red Cross Gala and the prestigious Rose Ball. These elegant, fundraising galas attract the attention of the world’s VIPs, including royalty and highly affluent patrons. These prestigious annual events not only raise money for a good cause but are a spectacle of high fashion and fine dining, epitomising Monaco’s glamorous lifestyle.
Now that you know what Monaco is famous for, consider your move to the Principality. La Costa Properties Monaco is a family run real estate agency with over 40 years of expertise. Our in-depth expertise and Monaco real estate intelligence mean we are one of Monaco’s most trusted real estate experts. Each year, we help hundreds of individuals buy, rent, sell, and make the Principality of Monaco their home. Contact our team, and let us make Monaco your next home.