Published on May 26, 2023Updated on October 17, 2023
The Principality of Monaco is a destination for prosperous businesses as well as the luxury real estate market, catering to the needs of both businesses and real estate investors. It's an attractive city for those seeking business and investment opportunities in a unique and prestigious setting.
While the price per square meter may be one of the highest in the world, according to experts, it is still possible to find interesting real estate opportunities that combine the charm of the Principality with a wise investment.
Discover our tips for finding real estate opportunities that perfectly match with your needs, and meet Henri d'Alessandro, Director of the Monaco Branch of Caisse d'Epargne Côte d'Azur, who shares his expertise on the Monaco real estate market.
It doesn’t happen often, but you can still find some good deals on property because of an inheritance, a divorce, or a full-scale renovation project, for example. “You have to be in the right place at the right time and make a snap decision, but it can be a complex process because there are lots of people involved. This is rare but you can find a property at an attractive price, for example €3 million for a 2 room apartment in an old building, as part of an inheritance, for a property to be completely renovated.” says a representative from Miells-Christie’s. On the other hand, don’t hold out any hope for a life annuity sale. “Those are extremely rare”, says Fiona Wiegersma Bruno at Dameno.
This option has several advantages for an investor. “Payment is made in installments when you buy off-plan. Registration and solicitors’fees go down to 2.5% instead of 6%. Clients also like to pay in installments. When you buy off plan, you pay 10 to 15% at each phase of the project,” say Marilyn Milardi and Nicolas Croesi from Miells-Christie’s. Future deliveries include the Bay House of course: 60 flats with 4 to 7 rooms and large bay windows spread over 8 floors, delivered in 2024, and Mareterra. There is also Villa Ninetta by Groupe Segond, which built the 26 Carré Or and the 45 in La Condamine. This Belle Epoque property project is to be delivered in 2026. It includes 27 flats ranging from studios to three rooms with living areas of 56 to 310 Sq. metres in duplexes with panoramic views. A burglar alarm system will be installed in each flat and a concierge service is also on hand.
Note that some buildings under construction are available for rent: the Villa Lucia at 35, pont Sainte-Dévote, one apartment per floor then a quadruplex with private swimming pool, or the Ecrin de Malachite, a property development project led by Christian Curau’s architectural firm on behalf of Olga and Vladimir Melnichenko, which required four villas to be demolished. “Near the Carré d’Or, the Schuylkill, the first high-rise building in the country will be completely renovated from 2024 for €170 million, and will become one of the most beautiful in Monaco,” says Florian Valeri. And this project will not be the last.
Who are your clients in Monaco?
Our customers are real estate professionals – agents and developers – or real estate investors conducting capital asset transactions through a company.
For which projects?
We support any Monegasque or French company owned by a resident or Monegasque, whether the project is in the Principality or France. The projects we work on most frequently are purchase/sale after renovation, construction of a building for sale in lots, rental, or secondary investment.
What are the financing terms for each customer category?
Financing terms may vary depending on several factors, including the economic situation, type of operation, personal contribution, property valuation, potential cash flow, etc. We offer variable-rate loans to real estate professionals, which can combine with a swap or a cap to mitigate risks associated with interest-rate fluctuations and, therefore, better control the project’s final cost. We mainly finance real estate investors through medium- to long-term loans with monthly.