Each district of the Principality has its particularities. Atmosphere, space, charm, innovation... Monaco has everything going for you if you want to invest.
Let’s look are prices per m2 district by district.
This is undeniably the most prestigious part of Monaco. Monte-Carlo and its Carré d’Or are where buyers most want to live. “It’s lively, not far from the sea, and it’s the dream of everyone who enjoys shopping,” says Emmanuelle Roussel, director of Revimmo. With its luxury stores, restaurants, casinos and high-end residential buildings (notably Les Floralies, Park Palace, Mirabeau and Petite Afrique) between Boulevard de Suisse and Avenue de Grande Bretagne and as far as Place des Moulins, it’s costlier than ever. “Eighty per cent of the market is between €50,000 and €70,000/m2, with peaks of €100,000/m2. Sometimes you may find the cheapest and the most expensive in one building, between the penthouse and the ground floor with no view,” says Jean-Yves Le Graverend at the John Taylor agency. “It’s often bespoke, haute-couture properties,” says Michel Dotta.To find something a little cheaper (€40,000/m2), you need to look around Rue des Roses or Rue des Géraniums, or on the border between Monaco and France.
The pattern is the same with rentals: you can find a studio for €2000 a month but when you get near the Carré d’Or rents soar to €2800 straight away.
Further from the centre of Monaco, the Moneghetti and Jardin Exotique districts attract customers looking for quiet and glad to be near the Princess Antoinette park (ideal playground for children) and the Théâtre des Muses. “Buying a property in this district means more space than in the Carré d’Or, at less cost. Some apartments have views overlooking the Rock, Fontvieille and the sea,” says Michel Dotta. Prices range between €30,000 and €35,000/m2 for apartments built in the 1950s.For a building with a good view, like Monte-Carlo View or Garden House, they quickly rise to €45,000 or even €50,000. Some buildings are still much in demand, like Eden Tower for its wide open view and Les Ligures for its pool and tennis court.
On the rentals side, “rents are between €600 and €900/m2 per year,” says Jean-Yves Le Graverend at John Taylor. With peaks for high-luxury blocks like Tour Simona.
This district, a mix of residential and functional buildings, is attracting more and more buyers. “A lot of British and Americans go for Fontvieille,” says Lucien Mostacci, director of Miells & Partners. “They like this district, build on land reclaimed from the sea in the 1970s, for its quiet, its spacious luxury apartments and its little marina with restaurants and English pubs around it.” Sporty types and families also like to be near Marquet beach, the Louis II stadium and the Cap d’Ail tennis club. And being near the heliport is a major asset for business people.
To buy, prices range between €40,000 and €55,000/m2. Modern blocks with high-end amenities like the Seaside, the Plaza and the Terrasses (pool, spa, gym and caretaker) come close to €60,000/m2 for the upper floors.
On the rentals market, you can find a large studio flat for €2000 a month in Fontvieille or a two-room flat for €4000.
It’s a proper little village with pretty, colourful houses. Monaco-Ville is also where the Prince’s palace and Monaco’s main institutions are located. It’s the Principality’s high-security power centre. And buyers love it. “The British, Americans and Russians are very keen to buy here. It’s a pedestrian area, less noisy and less polluted, where their children can safely come and go on foot,” explains Alain Chantelor, negotiator at Roc Agency, who says prices have practically doubled in ten years. They are now €30,000 to €35,000 per m2 in the narrow streets and €40,000 to €60,000 per m2 for properties on the hilltop. “Near the gardens and ramparts, it’s scarcity that drives prices up”. Although many of the district’s venerable buildings have no lift or car park, there are a few gems, “some very fine apartments whose owners have completely renovated them. Some have put in an inside lift.”
One fully-furnished 220m2 house is currently to let for €20,000 a month...
The historic Condamine district is accessible, friendly and always much sought-after. It features unpretentious places like the Place d’Armes market and Rue Caroline with its Belle Epoque façades. Other assets for this authentic neighbourhood are its many shops, bars and restaurants, and its schools. Notably the International University in the audaciously-designed Stella building.
Of course it’s the Condamine seafront that’s most highly prized. “The harbour front buildings have direct views of the start and finish of the Formula 1 Grand Prix. There are splendid buildings like Ermanno Palace, ShangriLa and the Palais Heraclès,” says Emmanuelle Roussel at Revimmo. On the upper floors, prices can reach €60,000/m2, but most flats go for €35,000 to €40,000/m2.
For rentals, you can find a two-room flat for €2500 a month and a three- room for €4000 a month.
The La Rousse neighbourhood already boasts the tallest building in Monaco, and one of the costliest: Tour Odéon. Apartments in this 170m, 49 storey dual skyscraper are selling for €20 to 50 million for the sake of their top-notch amenities. The 3500m2 penthouse, with infinity pool and water slide, has long been reckoned the world’s most expensive apartment.
Two building projects now under way should appeal to families. Bay House, located between Boulevard d’Italie and Avenue Princesse Grace, will have 54 private apartments (250 to 1000m2) and five luxurious villas, each with garden- terrace and pool. Scheduled for delivery in 2024, these homes are part of the Testimonio II development, which will also include the international school. Mona Résidence is an original architectural project designed by Jean-Michel Wilmotte for the Michel Pastor group. Also involved are landscaper Jean Mus, designer Ora-ïto and artist Daniel Buren. The project includes indoor and outdoor pools, a cinema and children’s areas. “The rents will be €800 to €1200 a year per m2,” says Jean-Yves Le Graverend at John Taylor. “Some older buildings in the district are still greatly appreciated: Château Périgord with its amazing view, Parc Saint-Roman and Monte-Carlo Sun,” says Lucien Mostacci at Miells & Partners.
Price per m2: €40,000 to €60,000 depending which storey.
Residents of Larvotto have direct access to the beach, with restaurants and the Japanese garden, Jimmy’z and the Sporting d’été nearby. There are very few properties for sale on the seafront (Avenue Princesse Grace) – only at number 21 and La Réserve, between €50,000 and 80,000/m2 depending which storey. The other seafront blocks, built by the Pastor family, have rentals. For these, “90% of the market is between €800 and 1200/m per year,” says John Le Graverend at John Taylor. To buy, you have to look for something close to Boulevard du Larvotto, where prices are lower.
Larvotto is going to see its fortunes rise still further with the current renovation of Promenade du Larvotto and the new extension being reclaimed from the sea.