The Monegasque building-developing market is shared by five main related businesses, represented by Sodimo, Général Union, S.A.M.P.I., Sefonil, and S.A.T.R.I.
Monaco Real Estate
Living in Monaco allows you to take advantage of the facilities available for Monegasque residents: fiscal advantages, safety, quality of life, banking environment.
In Monaco, more than half of the real estate investments are made by non-residents planning to live in Monaco only temporarily. There are mostly French nationals wishing to take advantage of the inheritance tax laws.
Because of the great demand, Monaco real estate activity is prosperous. Usually prices go very high both for rents and for buying property as land is very limited.
The prices go from around €1000/month — the cheapest variants, to medium priced accommodations — around €4000/month and best quality ones which begin at around €20.000/month — apartments on Avenue Princess Grace.
There are no restrictions regarding real estate purchasing or rental by foreign nationals. When applying for a residence permit, there is no difference between owning an apartment and leasing one. The great majority of property is available for letting only.
Foreign companies have no restrictions and no special tax conditions on purchasing a property. Settling the company in Monaco may have some advantages (e.g. local companies may place their shares in a trust).
Closing costs are high in Monaco. The purchaser pays the notary fees and registration duties. They reach at around 10% of the purchase price. Both vendor and purchaser pay a fee to the estate agency. The vendor pays 5% and the purchaser 3% adding VAT at 19.6%.
The purchaser does not have to pay this fee in case the property is new and is being purchased directly from the developer. In the case of letting, the tenant pays 10% on the first year’s rental adding VAT.
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