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How to Buy a Property in Monaco?

Posted by Hanushka Toni - 2018-10-08

There are many reasons that after visiting Monte-Carlo people choose to buy property: Monaco has a favorable tax system, political stability, safety, career opportunities, a sunny climate, and a desirable Mediterranean lifestyle make buying a property in the Principality an enticing proposition. Monaco’s limited space means that the value of any investment will undoubtedly appreciate over time, but it also results in high prices and significant competition from other buyers. This guide provides basic information about buying property in Monaco. Nevertheless, while this concise guide to buying real estate in the Principality may provide an understanding of the topic, finding property to buy in Monaco is much easier with the help of a real estate professional.

Decide Your Budget

The area and type of property you want to buy will affect the price of your property. Do you want a villa, apartment or luxurious penthouse? Do you want to be by the beach or Monte-Carlo’s Golden Square ? Would you like 24/7 security, a garden, a private gym, sea views or a parking space?

The price displayed in an estate agent’s window or on the internet should include the seller’s fees (5% + VAT of the property price) and does not include the purchaser fees (3% +VAT) . Take into account that the notaire’s (notary) legal fee is usually 6% of the sale price. It’s important that you always ask what the price quoted includes when considering a property.  Ask for an estimate of any additional fees and remember to add on 20% for VAT on any extra commissions.


Search for Your Perfect Property

Search our online database of Monaco property for sale or contact us with your property preferences form and we will conduct a detailed search based on your specific wishes. When you find a house you’d like to view, make sure you thoroughly inspect it taking notes that will help you to compare properties and prices.

When you have chosen a property, you need to reserve it by signing a preliminary contract or a reservation agreement. This provisional agreement is a big step, but Miells & Partners can guide you through the purchasing process. We are members of the Real Estate Board of Monaco and governed by its regulations for best practice.


Be Prepared to Pay a Deposit

A written offer is an essential part of purchasing a home in Monaco. The offer presents the buyer and describes the property along with the offered price, terms and timing of the acquisition. After both parties agree to the sale, a deposit of 10% of the selling price is paid to reserve properties in Monaco and demonstrate good faith. The deposit is usually a bank transfer or cheque from a Monegasque bank.

This is also the stage where you may need to take out a loan. Generally, the banks will lend up to a maximum of 60% of the property value and require the client to bring assets to the bank equal to a minimum of 50% of the loan amount/mortgage as collateral. Loan repayment and mortgage rates vary depending on the value of the property, its location and the amount of collateral deposited by the buyer.

The written offer is a legal document that signals a firm commitment on the side of both parties. If the buyer were to withdraw from the transaction after the seller has accepted the sale, the deposit cheque would be forfeited. However, if the seller decides to withdraw from the sale, the deposit is handed back and the seller is expected to pay compensation for the same amount. In fact, a procedure to force the seller to go through the actual sale may be considered.


Formalise the Sale

A public notary must draw up the deed of conveyance to confirm the contents of the sale and the agreement between the parties. This act imposes the same force as a final judgment. It sets the property sale to a certain date and protects your interests seamlessly. We can advise of the best notaries to use within the Principality. It can take up to eight weeks between the provisional sales agreement and the deed of conveyance.



Now that you own real estate in Monaco, you must take out comprehensive household insurance. From this point on, you are responsible for any injuries or damage your property may cause to a third party.

Miells & Partners offer private broking for buyers. Please contact us for more information about buying property in Monaco and how we can help you find your dream home.

Monaco’s limited space means that the value of any investment will undoubtedly appreciate over time, but it also results in high prices and significant competition from other buyers.

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