Published on and written by Cyril Jarnias
Buying an apartment in Monaco is one of the most ambitious real estate projects a French person can consider in 2026. Record price per square meter, ultra-selective market, specific notarial rules, tightly regulated financing, special tax treatment for French residents, reinforced banking and anti-money laundering requirements: nothing is left to chance.
This guide offers a step-by-step operational path for a French buyer looking to secure a purchase in Monaco in 2026, without getting lost in the local complexity.
Understanding the Monegasque market in 2026 before getting started
Before even talking about financing or notaries, you need to understand where you are stepping. In 2026, the Monegasque real estate market remains unique, disconnected from the classic cycles observed in France.
The territory barely covers 2 km², with almost saturated land. This structural scarcity creates constant tension between an extremely limited supply and a very high-end international demand. The latest data show average prices ranging from around 52,000 to nearly 58,000 € per sq. m for resales, with spectacular peaks in certain neighborhoods.
Overview of resale prices by neighborhood according to recent studies
Average resale price: €350,000
Average resale price: €420,000
| Neighborhood | Estimated average resale price per sq. m* |
|---|---|
| Larvotto | ~€97,500 |
| Monte-Carlo | ~€53,900 |
| Fontvieille | ~€53,900 |
| La Condamine | ~€53,800 |
| Jardin Exotique | ~€49,800 |
| La Rousse | ~€45,300 |
| Les Moneghetti | ~€42,300 |
Order of magnitude based on the latest available publications, to be used as an indicative range.
Transaction volumes remain low relative to the overall market value, but at record levels in amount. Recent years have seen more than €5.9 billion in sales, with many transactions above €20 million, and several exceeding €100 million. In 2025, the average price for large resale properties (five rooms or more) even approached €29 million.
In 2026, the major trends are confirmed:
Prices are not falling, with an increase of +2 to +5% depending on the type and location. Demand is concentrated on ultra-prime assets (Carré d’Or, Larvotto, Mareterra, Monte-Carlo), while secondary properties, without a view or technically outdated, are more negotiated. Energy performance, acoustic comfort, technical quality, and building services are now decisive selection criteria.
In this context, a French buyer should not think in terms of a “good deal” in the French sense. They are primarily buying wealth security in an exceptional market, with an eventual goal of residence, inheritance, diversification, or rental yield.
Step 1: Clarify your project as a French buyer
For a French person, the first question is not just “which apartment” but also “what for” and “with what tax and wealth consequences”.
Several scenarios exist:
– primary residence or prestige pied-à-terre, with no tax objective
– pure rental investment, seeking net yield (often around 2.5 to 3.5% in recent periods)
– preparing a residence project in Monaco with obtaining a residence permit
– estate and inheritance strategy (protecting spouse, children, optimizing transmission…)
Unlike other foreigners, a French national who moves to Monaco remains taxable in France on their worldwide income, in accordance with the 1963 Franco-Monegasque treaty. The IFI (French wealth tax) also applies according to French rules. Thus, the idea of exiling oneself to Monaco to avoid taxes is inaccessible to French nationals, except in very rare cases.
On the other hand, in terms of inheritance, the Principality applies a very attractive regime: no inheritance tax between spouses or in the direct line (children, grandchildren), only 8% between siblings, and up to 16% for third parties. This framework, combined with the possibility for a foreign resident to choose the inheritance law of their nationality (thanks to Monegasque private international law provisions), opens up wealth planning opportunities, even for a French person.
Before visiting apartments, a French buyer would therefore benefit from:
– validating, with a French tax advisor, the impact of the purchase on their tax situation (income tax, IFI, rental income, inheritance, treaties)
– clearly defining whether they plan to apply for Monegasque residence
– choosing their acquisition structure (personal, SCI, foreign company, professional property dealer, etc.)
Step 2: Set a realistic budget, including all costs
The price shock is real for a French person used to the Parisian or Côte d’Azur market. Therefore, you need to establish an “all-in” budget, including not only the sale price but also the many mandatory ancillary costs.
For an individual or a Monegasque SCI held by individuals, the main items are as follows:
| Cost Item | Order of magnitude for an individual |
|---|---|
| Registration duties (resale) | ~4.75% of the price |
| Notary fees (excluding mortgage) | ~1.5% of the price |
| Total notary + duties (standard acquisition) | ~6 to 6.25% of the price |
| Buyer-side agency fees | 3% + VAT (i.e., 3.6% of the price) |
| Bank processing fees (if loan) | 0.25 to 1% of the loan amount |
| Mortgage registration duty | ~0.65 to 0.92% of the loan amount |
| Inspections, translations, miscellaneous | One-time amount, variable |
For a foreign or offshore company, the regime is heavier:
– registration duties that can rise to 7.5%, or even 10% if the structure is not transparent about its beneficial owners
– notary fees of approximately 1.5%
– total acquisition cost often approaching 9 to 11% of the price, or even more in some complex structures
A resale example at €10 million helps visualize the orders of magnitude for an individual.
| Item | Approximate amount |
|---|---|
| Purchase price | €10,000,000 |
| Registration duties (4.5–4.75%) | ~€450,000 to €475,000 |
| Notary fees (~1.5%) | ~€150,000 |
| Agency fees 3% + VAT | ~€360,000 |
| Total acquisition cost | ~€11,000,000 |
The annual costs, on the other hand, are relatively contained compared to France, as there is no property tax or habitation tax. The main items are:
– condominium fees, very variable depending on the standard and services (approximately €50 to €150/sq. m/year, or more in ultra-luxury residences)
– electricity, water, heating, waste: generally a few hundred euros per month
– possible insurance, rental management, concierge, or property management
For a French person, you must of course add French taxation on rental income and on IFI if applicable, even though Monaco itself does not tax rental income or property ownership.
Step 3: Organize your financing within the Monegasque framework
Financing is a key point, especially since the vast majority of institutions active in this market are private banks, accustomed to wealthy international clients. The logic is not that of a French “retail” mortgage.
Monegasque banks and minimum requirements
The banks of the Principality lend to both residents and non-residents, including French nationals. However, they require very high financial strength guarantees:
– down payment often at least 30% of the price, and very frequently 40 to 50% for large cases
– prior opening of an account in Monaco, with an average entry ticket of around €500,000 in assets to deposit
– requirement that repayment does not exceed approximately 33% of monthly income (“remaining living expenses” controlled)
– complete proof of identity, tax status, income, and assets (tax returns, company financial statements, pay slips, bank statements, property deeds…)
The standard maximum loan term is generally 15 years; beyond that, only very select profiles can obtain longer arrangements over 20 years.
Types of loans available
The Monegasque market offers a fairly wide range of financing solutions, whose names and logic partly overlap with French products, but with nuances:
Discover the characteristics of the main forms of real estate financing, adapted to different borrower profiles.
Rate locked for the entire term with constant monthly payments providing perfect visibility. Rate ranges generally vary from 2.5-3.5% to 3-4% depending on the environment and client profile.
Indexed to Euribor and revised every 3 to 6 months with a margin of 1 to 2% above the index. May be accompanied by a rate cap clause (±1 or 2 points) limiting the risk of sharp increases.
Attractive fixed rate for 5 to 10 years, then switches to a capped variable rate. Generally cheaper than a fixed rate over the same period, but carries a term risk.
The borrower pays only interest during the loan term, with the principal repaid in one lump sum at maturity. Backed by a securities portfolio, prized by very high net worth individuals.
Transitional financing used to buy in Monaco while waiting for the sale of another major asset. Allows you to have funds before the sale is completed.
Some specific private banking offers even mention LTV (loan-to-value ratios) that can go up to 100% of the acquisition price, provided that a significant percentage (20% to 50%) of the amount is placed as managed assets with the bank.
Credit application: typical documents required
A French person applying for financing will need to put together a particularly extensive file, including among others:
– ID card, proof of address, civil status documents (birth certificates, marriage certificate, etc.)
– latest French tax notices, proof of tax payment
– recent bank statements, amortization schedules for other ongoing loans, proof of rental income
– balance sheets and income statements of owned companies (for directors and shareholders), employment contracts and last three payslips for employees
– proof of financial assets (portfolios, capitalization contracts, etc.)
– preliminary sales agreement or promise to sell, as well as a valuation of the property by an approved expert if applicable
In addition, there are processing fees (often 0.25 to 1% of the amount borrowed) and mortgage guarantee setup fees (approximately 0.65 to 1%).
Step 4: Choose the right acquisition structure
When buying in Monaco, you can hold the apartment:
– in your own name
– via a real estate civil company (SCI), Monegasque or under French law
– via another structure (offshore company, SARL, SAM, trust, family company, property dealer…)
Purchase in your own name
This is the simplest and clearest solution, especially for a French person planning a residence project. The authorities require, for the issuance of a residence permit, proof of accommodation in your name (or that of a spouse/close relative hosting you) as well as consistency between the size of the home and the composition of the household.
A direct purchase also allows for perfect transparency for the notary, the bank, and the supervisory authorities (anti-money laundering).
SCI and civil companies
The SCI, including under French law, remains a widely used tool to organize family ownership and prepare for inheritance. Banks lend to SCIs, but sometimes on slightly less favorable terms than to individuals (required equity, additional guarantees, documentary complexity).
Acquisitions of shares in Monegasque civil companies holding property are subject to specific duties: 4.75% for an individual or eligible Monegasque SCI, up to 7.5% for other buyers, not including notary or lawyer fees.
Foreign structures and “opaque” companies
Buying through a foreign company, especially offshore, leads to a very significant increase in registration taxes. Duties can rise to 7.5% or 10% of the property value, plus the notary’s 1.5% fees. These structures are also under close scrutiny under AML/CFT (anti-money laundering and counter-terrorism financing) rules.
For a French buyer without specific legal constraints, the use of these structures must be evaluated with specialized advice, taking into account the Franco-Monegasque tax treaty and the view of the French tax administration.
Special case of property dealers
Professionals (property dealers) benefit, for short-term speculative purchases, from a specific regime: only 1.5% notary fees are due at acquisition. In return, they must resell within a maximum period of 4 years, otherwise they may be retroactively charged the 4.5 to 4.75% transfer duties, plus a penalty of approximately 6% calculated on the property value.
This regime, purely professional, only makes sense for profiles experienced in development or trading of very high-value assets.
Step 5: Get support from the right professionals
In Monaco, any real estate purchase must necessarily go through one of the three official notaries of the Principality. They are appointed by sovereign ordinance, practice in limited numbers (numerus clausus), and hold a delegation of public authority.
The central role of the Monegasque notary
The Monegasque notary is both a public officer and a ministerial officer. Their mission includes:
The notary verifies the identity and capacity of the parties, checks the ownership history and absence of mortgages, consults the Title Service and the mortgage register, validates urban planning compliance, centralizes funds in a sequestered account, drafts the deed, organizes the signing, ensures tax registration and property publication, then keeps the original to guarantee its authenticity.
They act in the joint interest of the seller and buyer, with an obligation of impartiality and strict compliance with Monegasque law. In practice, the buyer chooses the notary, but the seller may be assisted by their own notary; the firms then collaborate on the same file.
The three official firms are, for information:
| Notary firm | Address | Phone | |
|---|---|---|---|
| Étude Henry Rey / C.-H. Rey | 2, Rue Colonel Bellando de Castro | +377 93 30 41 50 | [email protected] |
| Étude Magali Crovetto‑Aquilina | 31, Boulevard Charles III | +377 93 50 54 13 | [email protected] |
| Étude Nathalie Auréglia‑Caruso | 4, Boulevard des Moulins | +377 93 10 60 60 | [email protected] |
All draft deeds in French. For a non-French-speaking buyer, the presence of a sworn interpreter is mandatory at the signing. This is of course not the case for a French person, but this rule illustrates the level of requirement in terms of understanding commitments.
The real estate agent and new anti-money laundering obligations
In practice, 99% of transactions go through a local agency. Fees are regulated by the Monegasque Real Estate Chamber: generally 5% + VAT charged to the seller and 3% + VAT on the buyer side (i.e., 3.6% including VAT for the latter).
Since the end of 2023, the Monegasque Financial Security Authority (AMSF) has very concretely reinforced agents’ obligations regarding the fight against money laundering and terrorist financing (Law n° 1.362).
Monegasque Financial Security Authority (AMSF)
– carry out enhanced due diligence on client identity and actual beneficial owners
– verify the economic origin of the funds used for the purchase
– monitor “risky” operations and, if necessary, report suspicions to the competent authorities
– keep all supporting documents for ten years
– submit to increased controls by the AMSF, under penalty of heavy sanctions
Concretely, a French buyer should expect to provide many more documents to the agent and notary than during a standard acquisition in France. That’s part of the game: behind these constraints, the benefit is also to legally secure your purchase in a highly exposed market.
Step 6: Search for and analyze apartments
Once the budget, financing method, and wealth framework are clarified, the French buyer can focus on the actual search.
Free sectors vs. regulated sectors
The Monegasque market is divided into two main categories:
– the Free Sector, which constitutes the vast majority of the high-end housing stock (Carré d’Or, Monte-Carlo, Fontvieille, Larvotto, etc.). Prices there are free, rentals are unregulated, and any investor, French or foreign, can buy and rent at their convenience, subject to compliance with condominium rules
– the Regulated Sector, composed of older buildings subject to rent control laws and access reserved for certain profiles (Monegasques, long-standing former residents…). These are “under law” properties, which can be bought by a foreigner, but whose rental and occupancy are heavily regulated
A French investor should generally choose the Free Sector, except for very specific strategies. A ‘under law’ building involves constraints on re-rental, state pre-emption rights, and sometimes rent caps, which complicates use without calling ownership into question.
Condominium due diligence
As in France, any apartment in a building is governed by a condominium regulations. But in Monaco, the stakes are heightened by the values involved.
Before signing a preliminary contract, it is recommended to:
To buy serenely in a condominium, read the condominium regulations in detail to understand the distribution of common and private areas, permitted uses (pure residential, mixed use, rental to a company, short-term rental restrictions, commercial prohibitions, etc.). Request the minutes of general meetings from the last three to five years to detect major works voted or planned, recurring disputes, and issues related to neighbors or structure. Ask the syndic about the reserve fund status, unpaid charges, and major works planned within five years (facade, roof, elevators, boiler room, technical upgrades). Finally, check mandatory diagnostics: energy performance, possible presence of asbestos or lead in older buildings, as well as technical reports on elevators, electrical installations, and fire safety of common areas.
All these elements must be integrated into the budget calculation, as a heavy condominium catch-up can weigh very heavily on an investment’s profitability, or on the overall cost for a resident.
Technical and urban planning checks
Monaco imposes technical controls for all work, even minor ones. If you plan a renovation, you will need to:
– check the history of building permits and work authorizations filed with the Urban Planning Department (DPUM)
– identify constraints regarding structure, acoustics, fire safety, ventilation
– anticipate the need for acoustic tests before/after for work affecting floors
– understand that any modification to interior or exterior layouts must be authorized in advance and will be subject to a compliance inspection before the occupancy permit is issued
Here again, the support of an architect certified in Monaco and a notary is crucial before committing to a property with a major transformation project.
Step 7: Make an offer and pay the deposit
Once the apartment is chosen, it’s time for the written offer. In Monaco, it is usually presented as a letter of intent to purchase, describing:
– the property precisely (address, floor, lots concerned, annexes)
– the proposed price
– the desired deadline for signing the final deed
– any suspensive conditions (for example, obtaining financing, or certain additional diagnostics)
– the notary chosen by the buyer
In most transactions, a deposit of approximately 10% of the price is paid after acceptance of the offer, exclusively into the notary’s sequestered account. This amount should never be paid directly to the seller or the agency, as it materializes the buyer’s commitment and triggers the preparation phase of the preliminary contract.
Unlike France, Monaco does not provide an automatic legal withdrawal period for the buyer after signing the compromise. It is therefore all the more important to:
– complete most of the legal, technical, and financial checks before even initialing the compromise
– be assisted by a notary, or even an independent lawyer, to draft precise and balanced suspensive clauses
– not sign any written commitment, even a simple “offer,” without having clarified the structuring points (financing, property status, legal and technical condition)
Step 8: Sign the Monegasque compromise
The compromise (or synallagmatic promise) of sale is the stage where the sale becomes truly locked in, subject to the suspensive conditions inserted into it.
It specifically summarizes:
The unilateral promise to sell must include: full identity of the parties and any intermediary companies, detailed description of the property (apartment, cellar, parking, share in common areas, surface area, intended use), ownership history, price and payment terms with the deposit already paid, diagnostics and allocation of work, suspensive conditions (loan, diagnostics, administrative documents, pre-emption right), as well as the timeline up to the final deed.
From the signature, the notary initiates their full checks: final verification of titles, comprehensive consultation of the mortgage register, requests for information from the tax administration and the DPUM, securing diagnostics, etc.
On certain older buildings, the State may have a pre-emption right. In this case, it has a period (often around 30 days) to substitute itself for the buyer on the same terms. If this right is exercised, the buyer’s deposit is of course returned, but they lose the possibility of acquiring the property. This is a risk to integrate, especially for buildings constructed before certain dates.
Step 9: Finalize the deed of sale with the notary
Once the suspensive conditions have been fulfilled and the regulatory deadlines have been cleared, the notary summons the parties to sign the final deed. This document, drafted in French, includes in particular:
The deed must include: the civil status of the parties or their legal structure, description of the property (address, cadastral reference, share in common areas), ownership history, charges and easements, price and financing (loan, disbursement), breakdown of costs (duties, notary, agency), and declarations (absence of disputes, rental situation, conformity).
A few days before, the buyer receives a detailed statement of amounts to be paid, including:
– balance of the price
– registration duties and VAT if applicable
– notary fees
– agency commissions if not already paid
– costs related to the creation or renewal of a mortgage guarantee
On the day, the buyer must have transferred the total amount to the notary’s account. Once the deed is signed, the notary:
– publishes and registers the sale with the Tax Services Department and the Property Title Service
– pays the seller the net price, after deduction of agency fees and any mortgage repayment, within approximately two weeks
– gives the buyer a certificate of ownership, then an authentic copy of the deed once formalities are completed
It is at this point that ownership becomes fully enforceable against third parties. The buyer can then take possession of the premises, subject, if there is an ongoing lease, to respecting the tenant’s rights (particularly the remaining lease term, unless amicably agreed).
Step 10: Think from the purchase about Monegasque residence (or its absence)
For a French person, buying an apartment in Monaco does not automatically lead to residing there. But many consider this option, if only for their children or heirs.
To obtain a residence permit, three main pillars are essential:
The accommodation must be suitable for the size of the household, owned or rented with a lease of at least 12 months registered with the Public Security Department. You must provide proof of sufficient resources, generally a deposit of around €500,000 in a Monegasque bank (sometimes more). A clean criminal record is required, with extracts from the countries of residence for the last 5 to 10 years.
Additionally, there is health insurance valid in Monaco, sufficiently regular physical presence (in practice, often 183 days per year for real domiciliation), and an interview with the Public Security Department. The full process, from opening a bank account and moving into the accommodation to the issuance of the first one-year card, typically takes three to six months.
But, once again, for a French person, the residence permit does not mean exemption from French tax. It primarily holds value in terms of quality of life, stability, security, prestige, and ultimately, continuity for the family.
Step 11: Integrate the rental dimension and long-term appreciation
Even when buying primarily for oneself, it is prudent to think like an investor: what will this property be worth in 10 or 20 years? Is it easy to rent at a good price if the family’s needs change?
The Monegasque rental market remains tight. Rents, especially for large family apartments, have increased by around 8 to 15% in recent years, and net yields observed for well-located properties often range between 2.5 and 3.5%. In a market with no local income tax or Monegasque wealth tax, this remains attractive for many international investors.
On the French side, this income must be declared in France but benefits from the stability of the Monegasque market: low vacancy, strong international demand, and long-term property appreciation.
Looking ahead to 2026 and beyond, everything suggests that:
– prices will remain at a very high plateau, with moderate but steady growth
– the gap will widen between properties of impeccable technical quality (energy performance, acoustics, home automation, services) and products needing major renovation
– flagship projects like Mareterra or certain ultra-luxury residences will only further cement the “ultra-prime” dimension of the market
For a French buyer, the challenge is therefore to position themselves on a property that will remain desirable in ten years: view, terrace, location, parking, building quality, renovation potential, absence of legal risks. Serious notarial support, up-to-date diagnostics, and a fine analysis of the condominium regulations are the best safeguards against unpleasant surprises.
Conclusion: Method over myth
Buying an apartment in Monaco in 2026, for a French person, requires accepting several realities: some of the highest prices in the world, a demanding banking environment, strict anti-money laundering framework, a French tax regime that does not disappear with the residence permit. But it is also the possibility of entering an extraordinarily resilient market, with strong legal security, an ultra-high-quality offering, and a very long-term wealth vision.
The key, more than ever, is method:
To successfully buy real estate in Monaco, you need to frame your project with a French tax and wealth diagnosis, secure your financing and down payment well in advance, carefully choose your interlocutors (recognized agent, notary, legal advisor), conduct condominium, urban planning, and compliance checks before the compromise, draft precise contractual clauses adapted to Monegasque specificity, and anticipate, if applicable, a residence and family transmission project.
By proceeding in this way, a French person can transform a market reputed to be “inaccessible” into a project that is certainly ambitious, but controlled, coherent, and solid over the long term. Monaco is not conquered by gambles: it is built, step by step, with rigor and lucidity.
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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.
