Monaco

Bordering the French and Italian Riviera, located minutes from the Nice International Airport and tucked into the maritime Alps, Monaco is a landmark in the south of France. It is the second smallest state in the world and the world’s most densely populated country. Its role as a tax haven for many means that Monaco’s property market is one of the most expensive in the world.

Still governed by the Grimaldi Royal Family, the principality is a large financial, economic and commercial centre for banking, asset management, the pharmaceutical industry and luxury goods. Wealth and luxury flows through the principality, especially with the opening of the Monte Carlo Casino, one of the main attractions of Monaco.

Apart from the casino, Monaco has a lot to offer. The centre of the city, called Monaco-Ville, is a medieval town filled with traditionally tourist shops. However, the streets are beautiful and it houses the Prince’s palace and the City Hall. Young adults and crowds of wealthy men in suits are seen in the streets looking dapper and successful.

Monaco sees healthy year-round tourism activity and it has more than 38,000 permanent residents, so there is always something to do and to see. The Grand Prix attracts visitors and tourists in the spring, opera and theatre are on every night during the months of January and February, and yacht tourism keeps the streets and port populous during the summer.

The experts say

During the season’s many events, such as the Grand Prix, the rental market is incredibly strong and lucrative. Apartments with balconies overlooking the streets can rent for up to €5,000 a week.

The luxury property market in Monaco

Prices for a Monaco property are incredibly expensive and most properties are apartments. Monaco benefits from a 0% income tax, and property development is very limited, so prices and value are expected to increase at a stable pace.

The luxury property market in Monaco has reached a new peak in 2014, the highest surge since 2007 with a combined value of €2.4 billion.

Parking lots alone start at around €100,000 and can increase to €500,000 depending on the location. A 50m sq apartment in the centre of the city retails at €700,000 with larger apartments well above the €1,000,000 mark. A Monaco villa for sale, near the beach, can reach up to €50,000,000.

  • This is one of the safest parts of the globe thanks to a heavy police presence. Street crime is almost non-existent.
  • The ruling Grimaldi family has led the Principality of Monaco for the past 700 years.
  • Prince Albert is the current head of state, having taken over the role from his father, Prince Rainier III.
  • There are two major nightclubs, Jimmy'z and the Karrement, but there are lots of bars, including a great live music bar called Moods in the Place du Casino and Stars n Bars in Port de Fontvieille.
  • Monaco is the second smallest independent state after the Vatican City.
  • Monte Carlo acts as the government district.

Three insiders tips for Monaco

GET – a seat at Zia Theresa in the Metropole centre for a genuine Italian meal. In addition, it is one of the best coffee spots in town.
DO – visit the Condamine Market, which has been around since 1880.
SEE – a movie at Monaco's wonderful open-air cinema, which thrives in the summer months and is filled with tourists and locals alike.

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