Monaco is an attractive location to establish a private residence, go on vacation or to set-up a business. For this reason, the Principality is known for tourism, business, and a fantastic place to live around the world. Before you decide to settle in Monaco and start searching for an apartment or villa to rent, there are some key facts to keep in mind about the Principality.
Where to start
One should always ask an estate agent for help when searching for a property in Monaco. Once the rental budget, location, and other property requirements are established, the rental process will begin. The timeframe will depend on the type of property and current availability. You do not need to contact many agencies as most real estate agencies work together in order to make the process as convenient as possible for the clients. Simply pick your favorite street and/or specific buildings and let the agents do the rest.
In most cases, rentals are handled by agents, which is why finding a property directly from a private owner is very rare. Though, there are some exceptions because you can end up renting a property from your friend.
What is the current real estate price?
The real estate world is characterized by fluctuating prices. This is the main reason why you should be very keen on the current rental prices in Monaco. This informs your decision and also ensures you are not exploited in the process. Renting a Villa in Monaco is a huge investment that calls for enough time observing the markets.
If you are not sure of the prices or you don’t have enough information about the same, it’s always a wise decision to work with a real estate agent.
Real estate in Monaco is very expensive
There are several factors that make real estate in Monaco very expensive. The first and main reason is the high demand and limited supply in the city-state. This is particularly true for villa rentals in Monaco, which constitute less than 1% of total rental market in Monaco. Finding a suitable property for you and your family is important as there are certain standards imposed by the government, which must be met in order to obtain approval for residency. For this reason, you might need to consider large apartment instead of a villa.
Choosing a real estate agency in Monaco
Using an established property agent that knows the local market and has relationships with other estate agents is highly recommended. The agency will walk you through all the stages of the transaction. They help you get the best and suitable options; help you through the process of price negotiation, signing and registration process. If you are searching for property rentals outside of Monaco, you can use local agencies or portals such as Bayut Properties to coordinate the process cross-country for your convenience.
Planning is key
Due to the limited supply of villas rentals in Monaco, it is very important to start your property search as early as possible. Especially, if your requirements include an option to run a business out of your residence. Not all properties will be accepted for ‘’usage mixte’’ as the nature of business and type of activities are taken into consideration which may lengthen the process. The process of renting a villa in Monaco is very formalized and needs professional assistance to avoid many pitfalls. This is why to ensure that both parties’ interests are properly protected, it is best to rent properties through real estate agencies licensed to conduct business in the Principality of Monaco.