It is hard to believe but many apartments in Monaco are for sale already for several years.
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First of all, we should remember that for the last 7-8 years Russia was a main supplier of high-end buyers of real estate in Monaco. They were buying large 4-bedroom apartments in upper market segment. Russia’s prolonged economical crisis, economic and political sanctions started to become effective and affected … economy of Monaco. Even the banks in Monaco are now obliged to conduct proper due diligence of the Buyers and ask for the proof of source of income and relevant taxes paid. Can they be provided by majority of potential Monaco realty buyers from Russia or Ukraine?
Secondary realty market results were disappointing in 2017 thus demonstrating 1.831,0 mio eur value of all transactions for re-sale of 406 apartments (vs. 2 217 mio eur and 520 apartments sold in 2016). This is almost 22% drop. Average price of every re-sold unit was 4 509 000 eur. Most stable turned out to be the segment of resold studio-apartments in Monaco. Their quantity in 2016 and in 2017 remained unchanged. Number of one-bedroom units sold was cut by approx. 20-25%, two-bedroom apartments in Monaco lost approx.
2017 ended with the sales of 228,0 mio euro in Monaco real estate (both primary and secondary markets). In comparison to 2016 with 453 mio euro sales achievement it is almost 49% decrease.
Official statistics on real estate sales in Monaco in 2016 became public.
During the past year 33 apartments in new buildings (or under construction) were sold totaling 453.5 million Euro, and 520 apartments in the secondary market totaling 2 217.7 million Euro. The most popular type were two bedroom apartments. That, with a slight lag is followed by one bedroom apartments, three bedroom and four bedroom. Studios were almost in no demand.
We rely upon official data which is published by Monaco statistics office every year. It helps our buyers to plan their purchases in Monaco, analyze and foresee the trends.
Monaco has become a city of millioners. However, there are many citizens in Monaco who are not. The laws 887, 1291, 1235 have a vast scope of matters regulated and among them are the issues of so-called "social" real estate in Monaco meant for the local market.
Some properties in Monaco fall under Law 887. It means that:
Monaco residence is extremely attractive as it involves payment of 0% income tax.
The first step to become a resident in Monaco is to purchase or rent some property to ensure your accommodation in Monaco.
The general list for residence permit application is including the following documents: