Published on and written by Cyril Jarnias
In a world where investment opportunities are multiplying, Monaco stands out as a rare gem for those looking to diversify their portfolio in luxury real estate. While the territorial limits of this principality nestled between sea and mountains continue to fuel demand, this microstate offers not only an exceptional living environment but also a favorable tax framework.
These elements contribute to making real estate in Monaco a strategic and secure investment, promising not only potential profits but also a share of exclusivity and prestige. Join us as we explore the facets of this investment that, beyond its financial value, is a true symbol of international status.
Why Choose Monaco for Real Estate Investment
Monaco stands out as a prime destination for real estate investment thanks to a combination of unique advantages:
Economic and Political Stability
- The Principality benefits from a stable economy, largely unaffected by global crises.
- Its strong governance and political neutrality provide investors with a secure environment.
Favorable Legal Framework
- Monegasque law facilitates property acquisition, including for foreigners.
- No major restrictions on foreign ownership and simplified access to private banking services.
| Legal Advantage | Description |
|---|---|
| Freedom of Purchase | Open to non-residents |
| Property Protection | Strong legal security |
| Banking Access | Availability of private offshore accounts |
Exceptional Tax Attractiveness
- Monaco levies no income tax, no capital gains tax on real estate, and no wealth tax (with exceptions for certain French activities).
- This tax system attracts an affluent international clientele.
In Monaco, there is no income tax, no wealth tax, no property tax, and no occupancy tax. Real estate capital gains are not taxed.
Limited and Exclusive Real Estate Supply
- The extremely limited land area results in a restricted supply of real estate properties.
- This scarcity maintains sustained demand and promotes continuous property appreciation.
| Characteristic | Impact for Investors |
|---|---|
| Very Limited Supply | Constant appreciation |
| International Demand | Dynamic market |
| High-End Real Estate | Rarity of exceptional properties |
Example: Price per square meter ranks among the highest in the world.
Unmatched Quality of Life
- Monaco guarantees an ultra-secure environment with an extremely low crime rate.
- Modern infrastructure: prestigious marinas, renowned medical facilities, international schools.
- Strategic location in the heart of Mediterranean Europe:
- Immediate proximity to Nice-Côte d’Azur (international airport)
- Quick access to Cannes, Saint-Tropez, or Milan
The Principality also offers a luxurious lifestyle—Michelin-starred restaurants, international sporting events (F1 Grand Prix), exclusive boutiques—attracting cosmopolitan residents and discerning investors.
Summary list of main advantages:
- Economic stability and political security
- Favorable taxation with no major direct taxes
- Legislation favorable to non-residents
- Rare real estate supply ensuring asset appreciation
- Remarkable quality of life with premium infrastructure
Good to Know:
Investing in real estate in Monaco offers major advantages such as its economic and political stability, providing a secure framework for international investors. The Principality offers a favorable legal environment that protects investors’ interests while benefiting from an attractive tax regime, with taxes often reduced or non-existent for residents. Furthermore, the limited and exclusive real estate supply in Monaco generates strong demand, ensuring continuous property appreciation. The exceptional quality of life, with modern infrastructure, maximum security, and a strategic location in Europe near the French Riviera, enhances Monaco’s appeal for those seeking to invest in a prestigious and dynamic setting.
Overview of Prices and Housing Types in Monaco
Monaco’s real estate market in 2025 remains one of the most exclusive and expensive in the world, marked by continuous price growth despite a slight slowdown in transaction volume. This dynamic is primarily driven by supply scarcity, political stability, favorable taxation, and the territory’s international prestige.
Recent Trends and Developments
- In 2024, the average price per square meter reached €51,967, a 1.1% annual increase and over 44% growth over ten years.
- Sales in new developments average €36.4 million per unit, about six times the price of resale properties.
- Ultra-prime neighborhoods (Monte-Carlo, Larvotto) regularly exceed €100,000/m², especially for new or very high-end residences.
| Neighborhood | Average Price €/m² | Notable Characteristics |
|---|---|---|
| Larvotto | up to 97,563 | Exceptional sea views, Mareterra |
| Monte-Carlo | approx. 53,911 | Nightlife/luxury/shopping |
| Fontvieille | approx. 53,908 | Modern residential/harbor promenade |
| La Condamine | approx. 53,801 | Near Port Hercule/vibrancy |
| Jardin Exotique | approx. 49,847 | Tranquility/panoramic views |
| La Rousse | approx. 45,303 | Sought-after residential |
| Moneghetti | approx. 42,326 | More affordable/traditional |
Typical Prices by Housing Type
- Studios: approx. €39,621/m²
- One-bedroom apartments: approx. €45,153/m²
- Two-room apartments: approx. €48,281/m²
- Large apartments (3 rooms+): up to €61,932/m²
- Ultra-luxury new penthouses/villas: well above these averages; recent examples around or above €100 million for exceptional properties.
A recent family apartment in Monte-Carlo was sold for nearly €40 million, while a contemporary villa with sea views in Larvotto exceeded €110 million in a discreet transaction.
Factors Influencing Price Variations
List of major elements:
- Geographic location within Monaco (sea/mountain views)
- Immediate proximity to beaches (Larvotto), casinos/shopping (Monte-Carlo)
- Modernity/amenities integrated into the building (luxury concierge/spa/pool)
- Increased rarity for standalone villas or penthouses with panoramic terraces
- Accessibility to international schools/sports facilities
New developments like Mareterra also contribute to raising the overall standard with their exceptional features.
Notable Recent Statistics
- Average annual increase (+1% approximately) despite uncertain global economic context
- Spectacular growth over ten years (+44%) confirming lasting appeal
- Record transactions in new/super-prime segment (>€30M per unit)
Demand remains primarily driven by an affluent international clientele seeking asset security and exceptional quality of life in Monaco.
Synthetic Example:
| Type | Average Price (€ / m²) | Recent Examples |
|---|---|---|
| Studio | ~39,600 | La Rousse studios >€2M |
| 2 rooms | ~48,300 | Fontvieille apartments >€7M |
| Penthouse | >100,000 | Monte Carlo/Larvotto >€70–100+M |
| Villa | N/A | Rare – confidential transactions |
The entire market is thus distinguished by its structural upward stability linked to its extreme selectivity—each flagship neighborhood displaying its own records based on views/amenities/privileged strategic location.
Good to Know:
In Monaco, real estate is characterized by some of the highest prices in the world, with studios generally around €500,000 to €1 million, advancing to about €2 million for two-room apartments, while penthouses and villas can reach several tens of millions of euros. Popular neighborhoods such as Monte Carlo, La Condamine, Fontvieille, and Larvotto are particularly attractive due to their proximity to luxury amenities, stunning sea or mountain views, and modern infrastructure. Recent transactions reflect this trend, for example, a two-room apartment in La Condamine sold for nearly €3 million. Prices have seen slight annual growth, reflecting constant demand despite limited available space for development. These price variations are influenced by location, modern facilities, and panoramic views, making real estate investment in Monaco an exclusive but potentially highly profitable market.
Key Areas and Rental Profitability in Monaco
Monte-Carlo, La Condamine, and Larvotto are among the most sought-after neighborhoods for real estate investment in Monaco. Their appeal is based on several factors: prestige, economic dynamism, proximity to the sea, and presence of high-end infrastructure.
| Neighborhood | Major Assets | Types of Real Estate | Average Price per m² (estimate) |
| Monte-Carlo | Luxury, Carré d’Or, casinos, prestigious boutiques | Exceptional apartments, penthouses | €95,000 – €130,000 |
| La Condamine | Vibrant local life, access to Port Hercule | Modern or renovated apartments | ~€60,000 – €80,000 |
| Larvotto | Renovated beaches, unique seaside setting | Upscale residences with sea views | >€100,000 |
Investors are attracted by:
In these key areas:
“Monaco offers attractive rental yields with gross rates around 3 to 4%.”
This rate is maintained thanks to constant demand from:
The main factors influencing this profitability are:
Key takeaway:
Monte-Carlo/Carré d’Or neighborhoods appeal for their unmatched prestige,
La Condamine for its dynamic local life and iconic port,
Larvotto for its unique seaside spirit—all assets ensuring stable rental profitability around 3–4%, despite a high entry cost.
Good to Know:
Monte-Carlo, La Condamine, and Larvotto are among the most sought-after neighborhoods for real estate investment in Monaco, offering interesting potential for rental profitability. Monte-Carlo is famous for its casino and luxury boutiques, attracting an affluent international clientele and ensuring strong rental demand for upscale apartments. La Condamine, with its easy access to the port and numerous shops, is ideal for those seeking a dynamic urban atmosphere, while the Larvotto neighborhood appeals with its beaches and luxury restaurants. Available properties include studios and spacious apartments, often featuring high-end amenities, with annual rental yields potentially reaching 2 to 3%. Proximity to amenities, secure living environment, and efficient public transportation are major assets that maintain strong rental demand.
Comparison of Monaco with Other Popular Destinations
| Criteria | Monaco | London | New York | Dubai |
| Average Price (luxury, €/m²) | 50,000–100,000 | ≈ 17,000 | >14,000 | ≈ 7,000 |
| Political Stability | Exceptional, international neutrality | Good, but Brexit brought uncertainty | Stable, strong institutional tradition | Very stable, centralized governance |
| Tax Advantages | No income or wealth tax | Heavy taxation on residents | High property and income taxes | Very favorable taxation (no income tax) |
| Rental Profitability | Low to moderate (strong demand but high prices) | Moderate to high depending on neighborhoods | Potentially high in certain sectors | High due to attractive prices and expatriate demand |
| Appreciation Potential | Land limitation favoring scarcity | Positive history but slowed growth | Mature market, moderate increase | Rapid growth in recent years |
Strengths of Real Estate Investment in Monaco
Specific Challenges in Monaco
Economic Factors & Trends
“In Dubai…the average price per square meter in the luxury segment is about $7,000…in New York this figure can easily exceed $14,000. London reaches up to $17,000/m²…Monaco remains well above with often over €50,000/m²”
Markets like London or New York offer security due to their established stature—however they often present high initial costs as well as less favorable tax regimes for international private investors.
Local Regulations & Financing
Simplified comparative list:
- Acquisition mainly reserved for individuals; strict KYC/AML processes; financing possible via local private banks under strict conditions
- Stringent controls aimed at financial transparency
- Limited volume of new properties available each year
- Open market; numerous mortgage options including for non-residents; heavy taxation (high stamp duty)
- Evolving post-Brexit regulation sometimes affecting foreign nationals
- Wide access to mortgage credit even for foreigners with substantial down payments;
- Significant taxes during transactions and substantial recurring taxation
- Simple process including for non-residents;
- Accessible mortgage loans under conditions;
- Attractive regulation targeting international investment; almost total absence of personal or recurring real estate taxation
“Dubai offers unique opportunities thanks to its attractive tax policies and modern infrastructure. Rental yields are among the highest in the world while London and New York remain sought after due to their historical prestige…”
Statistics & Recent Concrete Examples:
Illustrative list:
⏹️ The Monegasque market combines exceptional stability, ultra-attractive taxation, and absolute scarcity—offering a unique “safe haven” profile that justifies its permanent premium compared to major global metropolises despite sometimes lower gross profitability.
Good to Know:
Monaco stands out from other popular destinations like London, New York, and Dubai due to its exceptional political stability and notable tax advantages, particularly the absence of income tax, which are major assets for investors. In terms of rental profitability, Dubai offers higher yields due to sustained market dynamics and growing demand, but Monaco guarantees impressive appreciation potential thanks to its land scarcity. Furthermore, London and New York, although presenting complex regulations, have attractive financing options through global institutions, while Monaco, with its simplified and strict procedures, ensures notable legal security. In 2023, the average price per square meter in Monaco peaked at €50,000, illustrating strong demand and a well-established luxury market, while London and New York, with approximately €15,000 and €25,000 respectively, remain sought-after but more accessible in terms of costs. These factors make Monaco a strategic choice for those seeking stability and long-term appreciation.
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Cyril Jarnias is an independent expert in international wealth management with over 20 years of experience. As an expatriate himself, he is dedicated to helping individuals and business leaders build, protect, and pass on their wealth with complete peace of mind.
On his website, cyriljarnias.com, he shares his expertise on international real estate, offshore company formation, and expatriation.
Thanks to his expertise, he offers sound advice to optimize his clients' wealth management. Cyril Jarnias is also recognized for his appearances in many prestigious media outlets such as BFM Business, les Français de l’étranger, Le Figaro, Les Echos, and Mieux vivre votre argent, where he shares his knowledge and know-how in wealth management.
