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Real Estate in Monaco | Digital Nomad Exchange
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Real Estate in Monaco

By Betsy Burlingame

Last updated on Apr 08, 2023

Summary: An expat should begin their search for a home to buy in Monaco by researching the different neighborhoods and areas of the city. They should also consider their budget and the type of property they are looking for. It is also important to research the local real estate market and the availability of properties. Homes in Monaco typically include luxurious amenities such as swimming pools, private gardens, and terraces with stunning views of the Mediterranean Sea. Many of the properties also feature modern kitchens, spacious living areas, and high-end finishes. Foreigners are allowed to purchase property in Monaco, however, there are certain restrictions. Non-residents are not allowed to purchase property in certain areas of the city, such as the Carré d'Or. Additionally, non-residents are not allowed to purchase more than one property in Monaco.

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How do I find a place to live in Monaco?

We asked expats how they chose their neighborhood and found a place to live. They answered:

"Finding a place to live in Monaco can be a daunting task. The best way to start is by researching the different neighborhoods and areas of Monaco to determine which one best suits your needs. You can also look into local real estate agents who specialize in Monaco properties, as they can provide valuable insight into the local market and help you find the perfect place to call home. Additionally, there are a number of online resources available that can help you find available properties in Monaco, such as websites dedicated to Monaco real estate and listings from local newspapers. Finally, it is always a good idea to reach out to friends and family who may have connections in Monaco that can help you find the perfect place to live," remarked one member in Monaco.

What is a typical expat home or apartment like in Monaco?

"Expat homes and apartments in Monaco tend to be luxurious and modern, with high-end amenities and features. Many of the apartments have stunning views of the Mediterranean Sea, while some of the homes are located in the hills overlooking the city. Expats can expect to find spacious living areas, modern kitchens, and plenty of natural light. Many of the homes and apartments also come with access to private pools, gyms, and other amenities," said one expat in Monaco.

What is the average cost of housing in Monaco?

If you are thinking about moving to Monaco, cost of living in probably a key consideration. Expats commented about the cost of housing:

"The cost of housing in Monaco is generally quite high, with the average price for a one-bedroom apartment in the city centre being around €2,000 per month. Prices for larger apartments and villas can be significantly higher," remarked one foreigner who made the move to Monaco.

Should I buy or rent a home in Monaco?

If you have not spent a lot of time in Monaco, you should rent before even thinking about buying. We asked expats there about the buy vs. rent decision:

"Buying a home in Monaco can be a great investment, as the real estate market is strong and the cost of living is relatively low. However, it is important to consider the cost of purchasing a home in Monaco, as well as the cost of upkeep and maintenance. Renting a home in Monaco can be a great option for those who are not ready to commit to a long-term purchase, as it allows for more flexibility and can be more cost-effective in the short-term. Ultimately, the decision to buy or rent a home in Monaco should be based on individual needs and preferences," explained one expat living in Monaco.

What do I need to know when buying property in Monaco?

When we asked expats what advice they would give a foreigner before buying a property in Monaco, they said:

"1. Monaco is a popular destination for those looking to purchase property due to its low taxes and attractive lifestyle. 2. It is important to research the local market and understand the different types of property available before making a purchase. 3. It is also important to be aware of the legal requirements for purchasing property in Monaco, including the need for a residency permit. 4. It is advisable to seek professional advice from a local lawyer or estate agent to ensure that all legal requirements are met. 5. It is also important to be aware of the costs associated with purchasing property in Monaco, including taxes, fees, and other costs. 6. Finally, it is important to be aware of the local culture and customs when purchasing property in Monaco, as this can have an impact on the purchase process," explained one person living in Monaco.

Are foreigners allowed to own property in Monaco?

When we asked expats what advice they would give a foreigner before buying a property in Monaco, they said...

"Yes, foreigners are allowed to own property in Monaco. Non-residents are able to purchase property in Monaco, however, they must obtain a permit from the Monaco government in order to do so. The permit is granted on a case-by-case basis and is subject to certain conditions. Additionally, non-residents are subject to certain taxes and fees when purchasing property in Monaco," wrote one expat who made the move to Monaco.

What appliances are typically included in a rental?

We asked foreigners in Monaco what appliances are typically included in a rental, and, if there is anything else included or not included that a newcomer would not expect. Replies included:

"Rental properties in Monaco typically include a refrigerator, stove, oven, dishwasher, washing machine, and dryer. Additionally, some properties may include air conditioning, a microwave, and other small appliances," said one in Monaco.

Additional Information about Searching for a Home in Monaco:

We asked foreigners in Monaco what appliances are typically included in a rental, and, if there is anything else included or not included that a newcomer would not expect. Replies included...

"Expats can search for homes in Monaco by looking at real estate websites, contacting local real estate agents, and searching online for expat-specific resources. Additionally, expats can join online forums and social media groups to connect with other expats who may have advice or recommendations for finding a home in Monaco," said one expat in Monaco.

About the Author

Betsy Burlingame Betsy Burlingame is one of the founders of Digital Nomad Exchange and the Founder and President of Expat Exchange. She launched Expat Exchange in 1997 as her Master's thesis project at NYU. Prior to Expat Exchange and Digital Nomad Exchange, Betsy worked at AT&T in International and Mass Market Marketing. She graduated from Ohio Wesleyan University with a BA in International Business and German.

Some of Betsy's articles include 12 Best Places to Live in Portugal, 7 Best Places to Live in Panama and 12 Things to Know Before Moving to the Dominican Republic. Betsy loves to travel and spend time with her family. Connect with Betsy on LinkedIn.

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