Monaco Apartments for sale
Monaco’s real estate market is dominated by apartments and penthouses. Together they account for about 98% of all property sales transactions. Moving to Monaco, generally means living in an apartment, but the Principality offers something for everyone’s taste and needs; from chic apartments to large luxury triplexes and penthouses with rooftop terraces and breathtaking sea views. Many modern and classic belle-époque style apartment buildings generally offer similar amenities, including underground parking, pools, spas, concierge services and other conveniences to ensure the full comfort and security of their residents.
Most popular apartments in Monaco
During the last decade, the highest volume of property sales included studios and 1–2 bedroom apartments. At the end of 2016, studios accounted for 24% of the apartment resale volume, whereas 1 and 2 bedroom apartments together accounted for 57%. Although very large apartments and penthouses account for a much smaller share of the transaction volume, those in more prestigious buildings are in high demand and sell for higher prices per square metre than the smaller and more popular apartments in Monaco.
Most popular districts in Monaco
Apartments for sale can easily be found in all Monaco districts. However, certain districts are significantly more popular, supply more properties and offer better liquidity. Unsurprisingly, Monte Carlo continues to be the most popular spot during the last 10 years, except for 2015 when the La Rousse district surpassed Monte Carlo’s sales volume. Monte Carlo’s glamorous and iconic Golden Square (Carré d’Or) with the casino, Hotel de Paris, numerous luxury brands, art galleries, and restaurants remains the most sought after location. The La Rousse district, a mainly residential area with many well-known apartments buildings, typically comes a close second to Monte Carlo in terms of real estate sales. La Rousse hosts the Tour Odeon and other splendid apartment buildings in Monaco such as the Château Périgord, the Monte Carlo Sun or the Park Saint-Roman. The next two most popular districts are Jardin Exotique and Fontvieille. Jardin Exotique is a quiet residential area located in the northern part of Monaco with fantastic views of the Principality and the Mediterranean. Fontvieille was built on the land reclaimed from the sea, is home to many waterfront residential buildings with yachts moored adjacent to the apartments’ terraces and multiple small and large businesses with a modern character. Fontvieille is also a popular destination for shopping, attracting many local residents and international visitors.
Mixed Usage (Usage Mixte) apartments in Monaco
Many apartments for sale in Monaco carry an indication of whether they qualify for mixed usage purposes. Mixed usage simply means that the property can be used as a residence and a place of business at the same time. There are certain requirements which need to be met before the business can start operating out of an apartment. In general, businesses with activities that do not disturb residents and do not require servicing customers can quality. The government allows new businesses to register their operations in a residential property for the first 2 years of their registration to give business owners more time, among other reasons, to decide where they want to locate their office or how to develop their business operations. Many sole proprietors and family businesses take advantage of this solution.
Unlike in other luxury real estate markets, Monaco apartments for sale present different levels of prestige and value due to their location, type of building, amenities or whether a property can take advantage of mixed usage. Additionally, there are other considerations such as the year of construction, which is linked to certain rental restrictions. At Monaco Estate, we offer an attractive portfolio of apartments and local real estate market insight to assist our clients in purchasing their ideal home.