XXX With an area of 1.95 square kilometres but a well-defined and strong position in many respects, the Principality of Monaco definitely does justice to the saying “Good things come in small packages”. Its total permanent population is estimated demographically at some 30,477 people, but the peak tourist seasons determine a significant increase due to the large number of temporary residents working in the related industry. Only 20 percent of the inhabitants are native, and the rest are a mix of French, Italian, British and other nationalities such as Americans, Canadians, Australians, South Africans and Middle Eastern nationals. So what made them choose to live here? The answer will be revealed in the following lines and has to do with the Monaco property for sale.
Is it a good place to live?
Thanks to the convergence of favourable circumstances, Monaco has managed to build a reputation as a thriving business centre and an ideal place to live for people seeking security, accessibility to European regions, a mild climate, a convenient tax system and a high standard of living. One of the strengths of the Monegasque State is that it guarantees a high level of security to its residents, mainly due to the presence of a strong police force. In addition, there are numerous apartment complexes that have a 24-hour surveillance system and a concierge.
On the other hand, the availability of space is quite limited, as Monaco attracts many investors who intend to open offices here, not to mention the ever flourishing branch of tourism, which requires new hotels. Economic and demographic growth imposes an additional burden on it, so multi-storey structures are built in close proximity to each other. A direct consequence of such premises is manifested in the form of quite high prices for buying or maintaining property in this country. Despite this apparent burden, the domestic real estate business remains lucrative. One explanation would be that the purchase of property in Monaco for long-term housing or rental purposes is favoured by the absence of an income tax system.
Since Monaco is a prestigious and glamorous area, property has high “costs”, but buying it is a good investment. Most of the offers available on the market are represented by apartments, ranging from small studios to large luxury triplexes and penthouses. The price fluctuates depending on the specific characteristics, being more expensive and valuable the condominiums overlooking the harbour or the Monaco Grand Prix circuit. Also at the top of the list in terms of value comes a selection of luxury villas and beautiful townhouses.
Another feature that increases the value and convenience of properties for sale in Monaco is the availability of parking. If you are looking to buy or rent privately, expect to be faced with offers of tens of thousands of euros and restricted availability around the centre of Monaco.
Is the real estate market profitable?
The Monegasque property market is very active and comprises more than 40 related agencies that place ads daily for all districts: Monaco Ville, Monte-Carlo, Fontvieille, La Condamine, and the auctions Le Larvotto, La Rousse, Moneghetti, Saint Michel, La Colle and Les Révoires.
MonteCarlo-RealEstate.com is one of the most complete and thorough online agencies that can help one in terms of buying or renting property. The area of activity covers several services, helping the clients:
- find apartments to buy or rent;
- discover real estate investment offers;
- place advertisements regarding buy – sell – rent – administration.
Moreover, real estate consultants are available to guide customers in every of their proceedings.