Buying property in Monaco is much more than just a real estate transaction. It means investing in one of the most prestigious and exclusive markets in the world, where every square metre tells a story of luxury and refinement. The buying process in Monaco is well structured, transparent and accessible to foreign buyers who know where to look for the right information.
This comprehensive guide outlines the essential steps for navigating this unique market with confidence. From defining your project to signing the deed of sale, discover how Monegasque regulations facilitate access for international investors, while highlighting the specific points to consider that will make the difference between a successful purchase and a frustrating experience.
An open but structured market
The first piece of good news for foreign buyers: Monaco imposes no restrictions on the acquisition of property. A citizen of France, the United States, Chinese or Brazilian citizen has exactly the same rights as a Monegasque resident to purchase a property. There is no administrative waiting period nor any discrimination based on nationality.
Please note, however, that for properties in the protected sector (buildings constructed before 1947, subject to Laws 1235/1291 and 887), the Monegasque State has a right of pre-emption. This means that the government may exercise a right of first refusal within four weeks of notification of sale, in order to preserve the protected rental stock. This right does not apply to properties on the open market.
You can purchase property in your own name or through an SCP (Société Civile Particulière), a Monegasque structure dedicated to property ownership. The SCP offers flexibility in terms of assets and inheritance, which is appreciated by international investors. Contrary to popular belief, it is not necessary to decide between a personal purchase and a purchase through a company before making an offer. The common practice is to include a substitution clause in the offer or preliminary agreement, which allows you to make an offer on a personal basis and then transfer the purchase to an SCP before signing the final deed. This mechanism is perfectly normal and accepted in Monaco.
Step 1 — Define your project and surround yourself with the right people
From this stage, surround yourself with a specialised estate agency. Monaco is not a market where you can improvise: the best properties are not always advertised publicly, and the networks of professionals make all the difference. A good agency understands the a32> subtleties of each neighbourhood, knows the owners behind the scenes, and can guide you towards off-market solutions that are impossible to find on your own. At the same time, identify the solicitor who will handle the deed of sale. The Monegasque solicitor is the guarantor of the legality and of the security legal of your transaction.
It is not mandatory to use a solicitor when buying property in Monaco. The notary acts on behalf of both parties and verifies all legal aspects of the transaction. A solicitor may be useful in specific cases: international tax planning, complex asset structuring, or if you do not speak French and would like additional support prior to signing. However, for a standard purchase, the solicitor is sufficient.
Step 2 — Searching for the property
Monaco couvre à peine 2 kilomètres carrés et abrite environ 38 000 habitants. C’est l’une des zones les plus densément peuplées au monde, ce qui signifie que le marché immobilier est extrêmement limité. En 2024, l’IMSEE (Institut Monégasque de la Statistique et des Études Économiques) a recensé 365 transactions sur le marché secondaire (revente) et 101 ventes sur le marché primaire (neuf, dont la majorité liée au programme Mareterra), soit 466 transactions au total pour près de 5,9 milliards d’euros (IMSEE — Observatoire de l’immobilier 2024). Ces chiffres illustrent pourquoi la patience et les bonnes connexions sont des atouts majeurs dans votre recherche.
A significant proportion of the best properties are never advertised publicly. These off-market properties circulate within closed networks of agencies, solicitors and the owners themselves. This is precisely why your choice of agency is crucial: a well-connected agency gives you access to a world that is invisible to most buyers.
Each neighbourhood in Monaco has its own distinct identity. The Carré d’Or (Monte Carlo) offers the prestige of large historic buildings, with an average price of €53,911 per square metre in 2024. Larvotto is home to modern residential towers with spectacular views and reaches €97,563/m² (data to be interpreted with caution as it is based on only three transactions in 2024). Fontvieille is priced at £53,908/m². The Jardin Exotique, long considered more affordable, has seen a 36.4% increase to €49,847 per square metre. La Condamine is priced at €53,801 per square metre.
Step 3 — The purchase offer
Once you have identified a property, the next step is to draw up a written offer to purchase. This should include your full contact details, a precise description of the property in question, the proposed price, the period of validity (usually two to five days) and the essential conditions.
Critical point: unlike in France, there is no cooling-off period in Monaco. In France, the buyer has 10 days to withdraw after signing the preliminary agreement. In Monaco, once your offer has been accepted by the seller, it is binding on both parties. If the buyer defaults, the deposit is forfeited. Ensure that your offer includes the basic guarantees, in particular the payment of a deposit of 10% of the purchase price to the solicitor.
The deposit is held by the solicitor in escrow until the purchase is finalised. Your funds do not go directly to the seller. If the purchase goes ahead, this deposit will be deducted from the balance payable. If it does not go ahead for legitimate reasons covered by the conditions precedent, it will be returned to you.
Step 4 — The preliminary sale agreement (optional)
Contrary to what many believe, the sale agreement is not mandatory in Monaco. If the purchase offer does not contain any conditions precedent and both parties agree, the sale is not subject to any conditions precedent. a18> two parties agree, the sale may take place a23> take place directly by signing the authentic deed at the office of the solicitor, which significantly reduces the timeframes.
The preliminary agreement becomes useful when the transaction includes conditions precedent: obtaining bank financing, waiving the State’s right of pre-emption (for properties in protected areas), planned physical modifications, or planning issues. In this case, the solicitor drafts the preliminary agreement, which describes the property, specifies the price, identifies the parties, and lists the conditions precedent. The 10% deposit is paid to the solicitor at this stage.
The solicitor then carries out searches at the Monegasque Land Registry to verify that the property is free of encumbrances and that there are no disputes over the property. These checks generally take four to twelve weeks, depending on the complexity of the transaction.
Step 5 — The deed of sale and handover of keys
Once all checks have been completed and financing confirmed (if applicable), the parties meet at the solicitor’s office to sign the final deed of sale (authentic deed). This day marks the true point of no return. If the buyer cannot be present, a notarised power of attorney can replace them.
Upon signing, you pay the balance of the price (total price minus the deposit already paid) plus all fees. Once all payments have been confirmed, the solicitor registers the deed with the Monaco Land Registry. You receive a certificate of sale confirming your new status as owner. Registration with the Monegasque Registry is quick (usually within a few days of signing).
Fees and taxation: what to anticipate
Understanding Monegasque taxation is essential for assessing the real cost of your purchase. Since Law No. 1.548 of October 2023, transfer duties have been revised as part of the strengthening of anti-money laundering measures:
- Purchase as a private individual or via a Monegasque SCP (secondary market): 4.75% of the purchase price. In addition, there are notary fees of approximately 1.5%, bringing the total acquisition costs to 6.25%.
- Primary market purchase (new) : 1% transfer duty for Monegasque individuals or SCPs. Since October 2023, transactions subject to VAT are only eligible for a 50% exemption from registration fees (compared to a full exemption previously).
- Acquisition via a transparent foreign company: 7.5 per cent. If the entity does not comply with the beneficial owner reporting requirements, the rate increases to 10 per cent.
In addition to transfer duties and notary fees, the buyer also pays a 3% agency commission + VAT (20%), or 3.6% of the purchase price. In total, for a standard purchase on the secondary market for personal use, the total acquisition cost amounts to approximately 9.85% of the purchase price (4.75% transfer tax + 1.5% solicitor’s fees + 3.6% agency commission).
Good news on the other hand: Monaco does not have property tax (annual tax on property) and does not levy capital gains tax on property. However, you should check the tax implications in your country of residence: some countries (including France and the United States) tax their residents on their worldwide earnings, including capital gains on Monegasque property. In particular, French nationals residing in Monaco are subject to French capital gains tax under the bilateral Franco-Monegasque agreement.
What foreign buyers often forget
Here are some common surprises that foreign buyers encounter when purchasing property in Monaco.
Firstly, condominium fees can be very significant. In prestigious buildings, these annual fees range from €5,000 to €20,000 per year, and sometimes much more. They cover the maintenance of common areas, security, heating and water. Always ask for a precise estimate before signing.
Secondly, there is no compulsory property inspection in Monaco. The buyer is responsible for having the property examined by an independent building surveyor if they wish to do so.
Thirdly, all official documents are in French. For non-French speakers, the presence of a sworn translator is mandatory when signing documents.
Fourthly, if you are not a euro resident, exchange rate fluctuations can significantly affect your purchase. Consider currency hedging with your bank. Finally, with regard to financing: many banks require minimum deposits of €500,000 to €1 million to grant a loan on Monegasque property. Credit conditions are often stricter than in France.
Why getting support makes all the difference
The Monegasque property market is deeply relational. The best properties, the best investment opportunities, and often the best prices are only accessible through networks. A buyer who attempts to navigate alone, armed only with online listings, is depriving themselves of a significant portion of the real market.
This is where a quality estate agency becomes invaluable. A good agency offers several distinct advantages: access to off-market properties, in-depth knowledge of each neighbourhood, negotiating expertise that can save you hundreds of thousands of pounds, and a detailed understanding of local regulations.
Agence Continentale embodies precisely this comprehensive approach. As an agency specialising in luxury Monegasque property, we have an established network of owners, of solicitors and of colleagues who enable us to offer you properties that cannot be found elsewhere elsewhere. Contact us to discuss your project : an initial discussion, with no obligation, can clarify your strategy.
Frequently asked questions
Do you have to be a resident of Monaco to purchase property?
No, absolutely not. Monaco does not impose any restrictions based on residence or nationality for properties on the open market. A foreign buyer has exactly the same rights as a resident. However, becoming a resident of Monaco involves other administrative procedures (applying to the Town Hall, obtaining a residence permit) which are separate from the property purchase.
How long does an acquisition in Monaco usually take?
The duration depends on the complexity of the transaction. A cash purchase with no conditions precedent can be finalised in four to six weeks. With bank financing or conditions precedent, allow eight to twelve weeks. If a preliminary sale agreement is signed (optional, remember), the due diligence process then takes an additional six to ten weeks.
Can we purchase through a company?
Yes. The main options are a Monegasque SCP (Société Civile Particulière) or, in some cases, a foreign company. The structure chosen directly affects transfer duties: 4.75% for a personal purchase or via a Monegasque SCP, 7.5% for a transparent foreign company, and 10% for an opaque entity. Thanks to the substitution clause, you can make an offer in your personal capacity and then transfer it to an SCP before signing the authentic deed.
Is there a capital gains tax in Monaco?
No. Monaco does not levy capital gains tax on property sales. However, depending on your country of residence for tax purposes, you may be liable for capital gains tax in your country of origin. Consult an international tax expert before purchasing.
Is a solicitor necessary?
No. The Monegasque notary acts on behalf of both parties and guarantees the legality of the transaction. A solicitor is optional and only useful in specific situations (estate planning, complex tax structuring, language support). For a standard purchase, the notary is sufficient.
