Real Estate Agency Fees in Monaco: Transparency on Costs and Benefits
Monaco, the pearl of the Mediterranean, has long been a paradise for international real estate investors. Its glamour, idyllic location, and thriving economy make it a sought-after destination for buying and renting high-end properties. When navigating the Monaco real estate market, it is essential to understand the agency fees that may be associated with purchasing, selling, or renting a property.
Agency Fees for Rentals
When renting a property in Monaco, agency fees are generally equivalent to 10% of the annual rent, plus applicable VAT. This commission covers the services provided by the real estate agency to find and secure accommodation that meets the tenant’s needs, as well as handling administrative documents and other services to facilitate their move.
Agency Fees for Purchases
When purchasing a property in Monaco, agency fees typically include a “seller” commission and a “buyer” commission. These fees cover the services provided by the agency to facilitate the transaction, such as finding properties that meet the buyer’s criteria, negotiating the terms of the sale, and assisting with the finalization of the transaction. The real estate agency takes on a genuine advisory role, with the associated legal responsibilities.
| OPERATIONS | SELLER, LANDLORD or BORROWER | BUYER or TENANT |
| Sale of property completed or canceled by the seller or the buyer | 5 % | 3% |
| Sale of business assets and industry | 6% | 3% |
| Sale of assets exercising the right of first refusal | 6% | |
| Exchange of property or assets | 5% | 5% |
| Management of business assets and industry (for the duration of the management – max 3 years) | 5% | 5% |
| Mortgage, pledge | 7% | |
Rental empty or furnished empty, for one year furnished, for the duration of the rental commercial and industrial, for one year | 10% | 10 |
The Benefits of Agency Fees in Monaco
Despite their apparent cost, real estate agency fees in Monaco offer numerous advantages to those who utilize their services. Firstly, Monaco’s real estate agencies have an in-depth knowledge of the local market, allowing them to quickly identify opportunities that meet their clients’ specific needs. Additionally, their legal expertise and network of contacts are invaluable for navigating the administrative complexities associated with buying, selling, or renting a property in Monaco.
Although real estate agency fees in Monaco are unavoidable, they provide significant added value in terms of service and advice. By partnering with a reputable and reliable real estate agency, sellers, buyers, and tenants can maximize their chances of finding the ideal property in this gem of the French Riviera.
