Monaco » The Purchase Process

The housing market in Monaco provides opportunities for buying a house overseas.

Monaco is a very interesting place to visit for a holiday - and it's always a good idea to go on holiday somewhere first to see if you like the place. It's much cheaper than buying a house, and can help preventing problematic mistakes.

One of Monaco’s foremost attractions is the high level of security afforded to its residents due largely to the presence of a strong police force. Many of the apartment complexes have 24hr security and concierge for extra peace of mind.                                                            

To gain residency in Monaco you need to be able to commit yourself to live there for six months a year and as well as having a property deed to show the residency officials a bank certificate from one of Monaco’s banks showing a deposit has been made is also needed. Many of the banks ask for 400,000 Euros, but for those in the know some will accept 100,000. And the good news is that you’re free to use that money how you want once residency is granted, and can be taken out of Monaco without restriction.

The main cost is of course the property. Closing costs are high in Monaco – expect anything between 10% and 14% due largely to notary fees - and this needs to be factored in when deciding if you have sufficient capital to move to Monaco.

Prices start from 350,000 Euros for a small 28m² fourth floor studio on the Boulevard d'Italie, rising to 5,000,000 Euros for a three bedroom apartment with Mediterranean views in Monte Carlo, to over 15,000,000 Euros for the best apartments.

With good two bedroom apartments starting at over a million Euros, and penthouses with Mediterranean views often over five million and some of them over ten million, it can take just one sale to turn a bad year into a good one.