With the world beginning to open up as travel restrictions are being lifted, there is a new level of demand for properties in the Principality of Monaco. People from around the world are looking for a new lease of life after years of confinement and restrictions. Monaco during the pandemic was seen as a safe haven with the government handling the situation extremely well. There was a #strongtogether campaign running through the entirety of the quarantine period and the government clearly communicated new guidelines to workers and residents in the Principality. People also spending time in small city flats in other countries wanted to find a life in a new country with a better climate, Monaco provides this by having over 300 days of sunshine per year.
With this new influx of people moving to Monaco there needs to be a multilingual real estate agency that can deal with people’s requests. A local agent is preferable as they know the real estate market like the back of their hands and can guide the potential buyer to make the right choices for their relocation. This estate agent also will help to guide the client through the buying process which can be quite complicated if they don’t speak the nation’s premier language, French.
Monaco has a variety of real estate options, some choose first to rent properties and then later buy, this is usually so that they can test the market and spend a more leisurely time viewing properties. Rental prices can range in Monaco, small studios without views and in less desirable areas can start as low as €1,600, whilst large apartments in the most prestigious developments and areas can fetch up to and over €100,000 per month. Monaco has long been known to be the most expensive real estate market in the world and in 2020 again was at the top of the leader board above Hong Kong and New York.
Sales prices also range depending on the area the property is located in and a variety of other factors such as: sea view, high-floor, building services and service charges. It is recommended to have a local trusted real estate agent to negotiate the price with the seller. In 2020 Monaco real estate values average €48,000 per square metre, this price point fluctuates depending on the cartier. The Larvotto area of Monaco is the most expensive with price averaging over €60,000 per square metre. Other areas such as Jardin Exotique are less expensive with prices averaging €38,000 per square metre. The prices are a true indicator of the value people place on living in the Principality, with a benign tax regime, high levels of security and sublime year-round weather to name just a few reasons that make Monaco the place to relocate as the world gets back to normal.
If you are interested in buying property in Monaco, be sure to contact a local trusted Monaco property broker so that they can guide you through the process. Don’t hesitate to start your new life in the sunshine Principality which has a perfect location situated between France and Italy. You can go skiing and have dinner by the sea on the same day. This is what makes Monaco a special place to live.