Monaco's property market is unlike any other in the world. In a territory of less than two square kilometres — smaller than New York's Central Park — demand from the world's wealthiest individuals is concentrated against a supply that cannot meaningfully grow. The result is a market where prices have trended consistently upward over decades, where new developments are extraordinarily rare, and where a well-chosen property functions as both a luxury asset and a resilient long-term store of value.

This guide covers everything a serious investor needs to understand before entering the Monaco property market: the six districts, realistic price ranges, the step-by-step purchase process, the full cost of acquisition, financing options, and the current market dynamics including Monaco's first major land extension in fifty years.

Why Invest in Monaco Real Estate?

Absolute Scarcity of Supply

Monaco is physically constrained in a way that no policy change can alter. There is no agricultural land, no suburban periphery, and almost no undeveloped plots. Every significant new residential unit comes from either demolition and redevelopment or — extremely rarely — land reclamation from the sea. The total residential stock is finite and essentially fixed. This structural scarcity underpins pricing in a way that simply does not apply to any other European market.

Zero Capital Gains Tax for Residents

Monaco residents pay no capital gains tax on property disposals. For an investor who is also a Monaco resident — or who is planning to become one — this is a substantial advantage over jurisdictions where property gains are taxed at 20–30% or more. See our Monaco residency guide for a full breakdown of the tax position.

Currency and Political Stability

Monaco uses the Euro, is governed under a stable constitutional monarchy, and has maintained its legal and tax framework without significant disruption for decades. Unlike jurisdictions where residency programmes or tax regimes are subject to political reversal, Monaco's model is deeply institutionalised. For international investors holding assets in multiple currencies and jurisdictions, this stability has a real premium.

Consistent International Demand

Monaco's buyer pool is genuinely global — Russians, British, French, Italians, Americans, Middle Eastern and Asian investors all participate. This breadth of demand means the market is not dependent on any single nationality's economic fortunes, and liquidity, while never high in absolute terms, is sustained even during periods of broader market stress.

Monaco Property Prices: What to Expect in 2026

Monaco is consistently the world's most expensive residential real estate market on a per-square-metre basis. Prices are quoted in Euros and vary significantly by district, floor, view, condition, and building quality. As a general orientation:

• Entry level (smaller apartments, less sought-after buildings, lower floors): €28,000–€40,000/m²
• Mid-market (well-located apartments, modern buildings, sea or garden views): €45,000–€65,000/m²
• Prime (Monte-Carlo front row, high-floor panoramic, Larvotto seafront, new builds): €70,000–€100,000+/m²
• Mareterra / ultra-prime new build: €100,000+/m²

In practical terms: a studio of 35 m² starts at around €1 million. A one-bedroom apartment (60–80 m²) typically ranges from €2–4 million. A three-bedroom apartment (120–160 m²) in a quality building will generally cost €6–12 million. Penthouses and villas command a significant premium above these ranges.

Monaco's Six Districts: A Buyer's Guide

Mareterra: Monaco's First New District in 50 Years

Mareterra — also known as Portier Cove — is the most significant development in Monaco's residential market in decades. Created on land reclaimed from the sea adjacent to Larvotto, it adds approximately 3 hectares to the principality's footprint and introduces a entirely new residential district with green spaces, a marina, and contemporary architecture designed to the highest environmental standards.

Properties in Mareterra are among the most expensive in Monaco — and among the most limited. The development has generated exceptional interest from international buyers, and a significant proportion of units were reserved well ahead of completion. For investors seeking a blue-chip Monaco asset in a genuinely new address, Mareterra represents a rare opportunity that will not be repeated.

The Monaco Property Purchase Process: Step by Step

Buying property in Monaco follows a structured legal process supervised by a notary (notaire). The key stages are:

1. Property Search and Offer

The Monaco real estate market is small and relationship-driven. Many of the best properties are sold off-market or through a small number of established agencies before reaching public listings. Working through a trusted real estate agent — ideally one introduced by your advisor — gives access to inventory that is not publicly visible. Once you identify a property, an offer is made directly to the vendor or their agent.

2. Compromis de Vente (Preliminary Sale Agreement)

Upon agreement of price and terms, a preliminary contract (compromis de vente) is signed. The buyer pays a deposit — typically 10% of the purchase price — held in escrow by the notary. This contract sets out all conditions of the sale and binds both parties. Monaco law does not provide a statutory cooling-off period for buyers, unlike French law, so legal review before signing is essential.

3. Due Diligence

Between the compromis and the final deed, the notary conducts title searches and verifies that the property is free of encumbrances, unpaid service charges, or legal disputes. Buyers should also commission an independent survey of the property's condition, particularly for older buildings.

4. Acte de Vente (Final Deed)

The final sale deed is signed before the notary, typically six to ten weeks after the compromis. The remaining purchase price and all transaction costs are paid at completion. Ownership transfers at the moment of signature and notarisation.

Transaction Costs: The Full Picture

Cost Item	Who Pays	Approximate Amount
Transfer tax (droits d'enregistrement)	Buyer	4.5% of purchase price
Notary fees	Buyer	~1–1.5% of purchase price
Estate agent commission	Seller (typically)	3–5% of purchase price
Legal advisor fees	Buyer	Variable
Total buyer additional cost	Buyer	~6–7% of purchase price

On a €5 million purchase, the buyer should therefore budget for approximately €300,000–€350,000 in transaction costs on top of the agreed price. These costs do not reduce over time and should be factored into any investment return calculation from the outset.

Financing Your Monaco Property Purchase

The majority of Monaco property transactions are completed in cash. The principality's buyer pool consists of individuals for whom the purchase price represents a manageable fraction of their total liquid net worth, and the cost and complexity of arranging financing often does not justify the benefit.

That said, financing is available and strategically sensible in certain circumstances — particularly where a buyer holds significant liquid assets in investment portfolios that are generating returns above the cost of borrowing.

Traditional Mortgage

Private banks operating in Monaco — including Société Générale Private Banking, BNP Paribas Wealth Management, Julius Baer, and others — offer mortgage financing for Monaco property. Loan-to-value ratios for non-residents are typically 50–60%. The process is rigorous and documentation-intensive.

Portfolio-Backed Lombard Loan

For buyers with substantial investment portfolios, a Lombard loan — secured against the portfolio rather than the property — can provide acquisition financing without liquidating assets. This is particularly advantageous for US persons, who face FATCA-related friction with traditional European mortgages. Amberlake Partners specialises in structuring this type of financing for international buyers. See our detailed guide to portfolio-backed financing for European property purchases for a full explanation of how this works.

Property Ownership and Residency: An Important Distinction

Owning property in Monaco does not grant residency. This is a common misconception among international buyers. However, property ownership does satisfy the accommodation requirement for a Monaco residency application — which is one of the principal prerequisites. If your goal is to become a Monaco resident as well as a property owner, the two processes run in parallel.

Rental Market and Investment Yield

Monaco's rental market is active, driven by a combination of long-term residents who prefer to rent rather than commit capital to purchase, corporate tenants, and short-term demand from visitors attending the Grand Prix, tennis, and other international events.

Gross rental yields are lower than in most comparable European markets — typically 2–3% per annum for long-term lettings. This reflects the fact that Monaco property is priced primarily as a store of capital value and lifestyle asset, not as an income-generating investment. Short-term rental yields can be significantly higher during peak periods (Grand Prix week in particular commands extraordinary premiums), but involve higher management costs and restrictions in some buildings.

For buyers whose primary motivation is income rather than capital preservation, Monaco is not the optimal market. For those whose priority is wealth preservation, fiscal efficiency, and a tangible asset in one of the world's most stable micro-states, the yield calculation looks different.

How Amberlake Partners Supports Monaco Property Buyers

Amberlake Partners does not act as a real estate agent. Our role in property transactions is on the financial and advisory side:

• Trusted agent introductions: We maintain relationships with Monaco's established real estate agencies and can make appropriate introductions based on your requirements and budget.
• Financing structuring: For buyers considering portfolio-backed financing, we manage the portfolio and work with partner banks to arrange the Lombard credit facility.
• Banking relationships: We can introduce clients to Monaco private banks for both the purchase financing and the ongoing banking relationship that Monaco residency typically requires.
• Post-purchase wealth management: Once the purchase is complete, we provide ongoing investment management and financial planning services for residents and non-residents alike. For more on the advantages of this model, see our article on working with an independent external asset manager versus a private bank.

Frequently Asked Questions

Conclusion

Monaco's property market rewards patient, well-advised buyers who understand its structural dynamics. Supply will not increase meaningfully. Demand from internationally mobile wealth will not abate. In that context, a well-chosen Monaco property — particularly one in a prime district or the new Mareterra development — is a resilient, prestigious, and fiscally efficient asset for long-term wealth preservation.

Amberlake Partners works with clients at every stage of the process, from initial market orientation through to financing, banking, and ongoing wealth management. If you are considering a Monaco property acquisition, we welcome a confidential initial conversation.

Disclaimer: This guide is for informational purposes only and does not constitute legal or financial advice. Property prices and market conditions change; consult qualified professionals before making any investment decision.