It is very interesting to see that most of the ultra-high net worth individuals who are investing in the Principality of Monaco are non-European. The political and the economic stability plays an important role in the safety of their real estate assets, making the Principality of Monaco the ideal destination for property investments.
The Principality is built-up from ten wards and divided into five districts. In this article series we asked Monegasque real-estate specialist Christian Miceli, the co-owner and director of CM Monaco Real Estate to guide us through the districts of the Principality of Monaco.
The five districts and the ten wards are (the numbering is for illustration purposes only):
2. Monte-Carlo / Spélugues
3. La Rousse / Saint Roman
4. Larvotto / Bas Moulins
5. Saint Michel
La Condamine (including Jardin Exotique):
6. La Condamine
7. La Colle
8. Les Révoires
9. Moneghetti / Boulevard de Belgique / Ravin Ste Dévote
The oldest district in the Principality of Monaco is Monaco-Ville, which is located on the “rock”. Monaco-Ville is the historical town of Monaco; here stands the cathedral, the Prince’s Palace, and the famous Oceanographic Museum. Monaco-Ville is often referred to by the locals as Monaco City, Le Rocher or simply the Rock of Monaco.
It is a distinctive area full of history like no other place in Monaco. This old city district prominently extending into the Mediterranean provides an exceptional panoramic view for the people living there.
The daytime brings an abundance of tourists who venture there to visit the Prince’s Palace or the Oceanographic Museum. However since this is the home of the Princely family, it is also a very highly protected district.
The demand is high, supply is low, and the competition is fierce, this is the way that we could summarize the real estate market of Monaco. It may seem easy to understand Monaco by its numbers and facts, however understanding the real estate market is much more challenging, and the demand extremely diversified. The Principality […]
Near the Palace, apartment carefully renovated with quality materials. You will appreciate his 5 balconies and his brightness. Its floor is marble as well as its room bathroom tiled with the same material, several wall wardrobes are provided in the bedrooms and the corridor. Each of them has a balcony. The apartment consists of a […]
In one of the main streets of old Monaco, close to the Town Hall, beautiful apartment entirely renovated with originality. Located at the front top floor, you will enjoy its brightness, high ceilings, its charm, its 3 balconies. It is fully air-conditioned and very functional. It consists of a corridor equipped with plenty of storage, […]
There are permanent police officers who control access for vehicles driving to the historical town, and principally give access to vehicles registered only in Monaco or in the “Alpes Maritimes” a French department close to the principality.
Monaco-Ville is a very charming place with rigid streets that are typical of traditional French and Italian villages. It is a sought after tourist location all throughout the year, but a very calm place in the evening. It also offers approximately 50 small boutiques offering souvenirs, local arts and crafts, as well as charming restaurants with a large selection of regional cuisines. Most inhabitants in this district consider this aspect as a significant advantage to living on ‘the rock’.
In the street of Emile-De-Loth, which is in the center of Monaco-Ville, prices of apartments range from 35,000 to 45,000 plus euros per square meter. However, availability of apartments with a beautiful view on either side of the rock are very rare. People who want to invest in Monaco-Ville should be patient to find the property of their dreams and should bear in mind that parking spaces are also very limited in the area.
According to real estate professionals, one must know if the apartment that you are purchasing is under the Monégasque “Sous le loi 1291”, because this law stipulates the amount in which you can charge to rent out your apartment. Therefore, investors should be careful in purchasing an apartment in this district, as most of the apartments in Monaco Ville are under this law (Sous le loi 1291.)
It is also an interesting fact that the two sisters of H.S.H. Prince Albert II of Monaco do not live in the Prince’s Palace. H.R.H. Princess Caroline lives in Monaco-Ville at the Villa Clos St Pierre with her family, and H.S.H Princess Stéphanie lives with her family just next door to her sister’s home at Villa Clos Saint-Martin.
Rent or Buy a property in Monaco
The Principality of Monaco is becoming more and more attractive to individuals, families and family offices seeking the safe/diversified benefits of its real estate market, as well as the benefits of becoming a potential resident.
Relocation in Monaco can be very financially rewarding, as there is no income tax or capital gains tax on individuals residing in the Principality. In addition, there is no Monégasque estate duty on assets situated outside the Principality.
“The demand is high, supply is low, and the competition is fierce, this is the way that we could summarize the real estate market of Monaco.” - says Christian Miceli, Associate Manager at CM Monaco Real Estate
Approx. 2.7 billion euros were exchanged on real estate transactions in 2018. Prices have been up +18.1% on average from 2017. Mean value in Monaco is now 48 799 euro’s per square meter, which is a new record; this is almost two times the average price of 2009.
It is very interesting to see that most ultra-high net worth individuals who are investing in the Principality of Monaco are non-European. The political and the economic stability plays an important role in the safety of their real estate assets, making the Principality of Monaco the ideal destination for property investments. The Principality of Monaco […]
Purchasing real estate in the Principality of Monaco is not as easy as many people believe and it requires the support of an advisor or real estate agency. Monaco is in the unique position of high demand and low supply, its real estate prices have been continuously growing during the last few decades, therefore unlike […]
As in any real estate market, understanding where these trends come from and the drivers for this market, we thought it prudent to highlight some of the key market figures from 2018. For this reason we approached our trusted real-estate partner CM Monaco Real Estate. “Overall, 2018 was a good year for real estate in […]
An investor wishing to allocate funds in a low-risk asset could eventually include a Monégasque property in his or her international portfolio.
In case if you have an inquiry we encourage you to contact CM Monaco Real Estate, which offers you transaction, sales, rental and high-end property management services for real estate located mainly in the Principality of Monaco.
“We are glad to start the partnership with MWM which has a long track record in Monaco. With them, we will be able to accelerate our development and improve our visibility with UHNWI’s.” – said Christian Miceli, when CM Monaco Real Estate joined as a Premium partner of Monaco Wealth Management
CM Monaco Real Estate would be delighted to welcome you to their agency in the “Montaigne” residency, 7 avenue de Grande Bretagne, in the heart of the prestigious “Golden Square” area, close to the Casino and its famous hotels.
Why CM Monaco Real-Estate?
CM Monaco Real Estate is a family owned Monégasque real estate agency with its core focus being on real estate in Monaco, including a large selection of on and off-market properties.
Also CM Monaco Real Estate is the Premium partner of Monaco Wealth Management, providing high-quality real-estate offers and excellent property choices paired with the highest quality real estate services in the Principality of Monaco.
Created in 2017 by Jocelyne Beraudo and her son Christian Miceli, the agency offers incomparable knowledge on renovations and UHNWI services, alongside with purchase, sell, rent and property management.
CM MONACO REAL ESTATE
7, avenue de Grande-Bretagne
« Le Montaigne » Bloc B
Monte-Carlo, 98000 Monaco
Phone: +377 99 90 80 59