A guide to buying property in Monaco
While small in size, Monaco offers a diverse and elevated lifestyle with international appeal. Our experts share their advice on the neighbourhoods to consider when purchasing
Monaco has an elegant, timeless glamour, captured perfectly in its celebrated landmarks of Casino Square, the American Bar at Hôtel de Paris and yacht-filled harbours. The lifestyle is undoubtedly affluent with seven Michelin-starred restaurants in an area of less than one square mile yet behind the longstanding glitz, Monaco has a thoroughly modern side too, says James Davies, partner in the International Residential team.
“Monaco is an alluring holiday destination but look beyond the designer boutiques and supercars and you see it’s a place where people live and enjoy a wonderful lifestyle,” he says. “That includes meeting up after school on Larvotto beach, playing tennis on the clay courts at Monte Carlo’s Country Club and dining at local restaurants. It’s a wonderfully easy-going side to Monaco life that often gets overlooked.”
2 bedroom penthouse for sale in La Rousse. Guide price €7,500,000
Sought-after neighbourhoods
As the temperature rises, La Note Bleue is the place to be, a sun-drenched ‘feet-in-the-sand’ beach club and restaurant on Larvotto Beach where a lengthy lunch with friends is a weekend ritual for many. Sébastien Le Graverend of Balkin Estates | Knight Frank Monaco cites Larvotto as a favoured district with investors, with prices ranging from €65,000-€95,000 per sq metre.
“It recently benefited from an elegant facelift with the redevelopment of Larvotto Beach, which is now endowed with a sweeping seafront promenade flanked by gourmet restaurants and boutiques,” he says. “Also coveted is La Condamine, one of the principality’s oldest districts and home to the iconic Port Hercules, the port of choice for the world’s most luxurious superyachts This elegant district showcases a desirable mix of elegant belle époque and modern-day buildings, such as Le Stella.”
Near to Larvotto is the new gardens and promenade provided by Mareterra, a land reclamation project ten years in the making with exciting new waterfront residential options. Mareterra has created an entirely new neighbourhood in the principality, one that has further amplified the quality of life for residents.
“Mareterra is a very special new neighbourhood that has brought a renewed buzz to Monaco,” says Davies. “The waterfront is a vibrant addition to the principality with restaurants such as Marco, informal cafes around the new harbour and well-used green spaces.”
A family-friendly lifestyle
The growing number of younger buyers with families coming to Monaco – an average age of 40 to 45 today, says Davies – is reflected in the expansion of Monaco’s International School where a new campus opened in 2023, catering for 820 students aged 3-18. It can be seen too in the thriving numbers at the Junior Academy at Monaco’s Yacht Club. The outdoor lifestyle provided by the southern European climate has clear appeal but so too does Monaco’s geographical position, putting the golden beaches of the Cote d’Azur and Italian region of Liguria on the doorstep, with Alpine skiing within two hours.
“Life in Monaco is pleasant all year round thanks to its Mediterranean climate, with mild winters and temperate summers,” says Le Graverend. “This is combined with its advantageous fiscal system, peace of mind from a security aspect and, above all, a rich social and cultural environment with a calendar of world-class events.”
Apartments in Carre d'Or
Choosing the area for you
Despite its compact size, smaller than New York’s Central Park, Monaco has several distinct neighbourhoods, stretching from Jardin Exotique in the west to Saint Roman in the east. Choosing the one right one for your lifestyle can take time, which is why Davies recommends new arrivals consider renting for a year or two before buying.
“I advise my clients to take their time when working out where to live,” he says. “Property in the principality is still some of the most expensive in the world. The top sales price last year was over €60 million for a home at Mareterra, so it is sensible to ensure that when you do invest, that the area will suit you and your family. For those who prefer a quieter location yet still on the waterfront, Fontvielle in the west is a good place to consider. It’s leafy and green with its own small port and little construction nearby. Others might like the hustle and bustle of being at the heart of the Formula One track around La Condamine.”
3 bedroom apartment for sale in Jardin Exotique. Guide price €15,500,000
Where to buy
As reported in The Wealth Report as part of Knight Frank’s Prime International Residential Index (PIRI 100) which tracks the performance of 100 locations worldwide, US$1 million typically buys 19 square metres of luxury accomodation in Monaco - less than that budget would achieve in London, Geneva and New York.
“Two-bedroom apartments in Mareterra and Bay House are €40 million and €15- 20 million respectively,” he says. “In an older building, overlooking the Port, a well refurbished apartment would be €8-12 million. In Jardin Exotique expect to pay €6-8 million for an immaculate apartment with a view and wide terrace or €3.5-5 million for one without a view.”
Le Graverend notes that demand for premium property remains strong. “In an increasingly volatile world, Monaco offers a safe haven for investors and those who wish to reside in one of the world’s most luxurious destinations," he says. “It continues to attract buyers from all over the world, and the numbers of those looking to invest in Monaco is only increasing.”
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