Market Insights: The State of Luxury Real Estate in Monaco

This Sunday, May 28, motorsport enthusiasts and the international glitterati will descend on Monaco for the jewel in the crown of Formula 1 racing: the Grand Prix de Monaco.

Since 1929, the race has taken place on the Circuit de Monaco, a 3.337 km (2.074 mile) route through the Principality’s narrow, winding streets and legendary hairpin turns. It’s a challenge, said three-time world F1 champion Nelson Piquet, akin to “riding a bicycle around your living room.”  

Spectators can watch the race from grandstands along the circuit, while others may prefer to catch the action from the deck of a superyacht or, perhaps, a terrace atop one of Monaco’s highly sought-after residential towers.  

Like the superyacht, that terrace comes at a premium. Laurent Locchi, assistant director of Miells, a Monte-Carlo-based brokerage with an extensive portfolio of luxury apartments, said, “Monaco is known for having a highly desirable and exclusive real estate market due to its limited territory and availability.” 

Indeed, at just over three quarters of a square mile (1.9 sq km), and with a population of more than 38,000, space within Monaco is, unsurprisingly, scarce. 

“There aren’t a lot of new private developments in Monaco, so, of course, there is a high demand for luxury properties, Locchi said. “The market is still active, not only for resales but also for off-plan properties.”  

Prices have risen by 60 percent for the last 10 years and tend to appreciate steeply over time. “Political stability, economic growth, a favorable tax environment, and 100 percent security make the principality unique, an environment like no other,” Locchi said, also noting that the average life expectancy in Monaco is 87.01 years—the longest on earth. 

“The population is multicultural. Most buyers are from Europe.” Others, he said, come from Canada and South Africa, but not so many Americans: “They do not get a tax benefit from residency,” Locchi said, but some have taken advantage of the favorable euro-US dollar exchange rate. “That was not really expected,” he said. 

“Buyers are moving away from purchase through offshore companies,” Locchi said. Instead, they are buying in their own names, or by forming a “civil company” a legal structure which can buy, sell, or rent unfurnished real estate. He said, “This allowance offers discretion and flexibility. Even though the scheme has been in place a long time, buyers are really investing with this structure.”   

Here’s what’s on offer in the Miells portfolio. 

On the Market 

Giotto in Fontvieille, Monaco 

This sleek city penthouse has a sunseeker’s rooftop garden deck overlooking the yachts of Fontvieille Marina.

The principality’s southernmost ward (and built almost entirely on reclaimed land), Fontvieille is the home of ROKiT Venturi Racing, Monaco’s only racing team.

The apartment’s entrance opens to the living/dining space and, beyond, a spacious terrace facing the marina.

There are three bedrooms, three bathrooms, a guest bath, laundry, and a staircase rising to the rooftop terrace, where the Jacuzzi and a Mediterranean garden await.

The topside amenities also include a dining space, outdoor kitchen, and a solarium. Cellar storage and a double parking space are included. 

Penthouse at Les Oliviers in Jardin Exotique, Monaco 

This rare penthouse property unfolds across three floors in the Jardin Exotique district, with magnificent views of the sea and Roquebrune-Cap-Martin.

The property’s expansive 508 square meters (5,468 square feet) of living space includes a 318-square-meter (3,422-square-foot) terrace overlooking the principality.

The triplex has three exposures, with each room opening to a terrace. There are two large bedrooms, two full bathrooms, and a guest bath.

A study, a fully kitted kitchen, and a double-sized living room complete the amenities. Two storage spaces and a two-car garage are included with the property.

Also on offer on the same floor is a 319-square-meter (3,434-square-foot) penthouse with an additional 156 square meters (1,679 square feet) of sunny, sea-view terraces. 

Residence at Parc Saint Roman, La Rousse, Monaco 

This ultra-luxurious residence is in Parc Saint Roman, a distinguished development close to the iconic Casino de Monte-Carlo, the Monte-Carlo Beach hotel, and the M.C.C.C. country club.

The three-bedroom, three-bathroom residence is on a high floor of the building, offering views from Cap Martin all the way to Cap Ferrat.

The home was renovated in contemporary style with airy, open-plan rooms leading to private terraces and a veranda with adjustable slats to maximize shade or sunlight.

The expansive kitchen features top-of-the-line appliances and a glass-enclosed, temperature-controlled wine cellar. The owners’ suite has a lavish en suite bathroom with soaking tub, shower, hammam, and its own spectacular sea view.

This exceptional residence also includes two cellars and seven parking spaces and access to Parc Monaco’s leafy private park. 

Triplex Apartment at Les Oliviers in Jardin Exotique, Monaco 

Sunshine, sea views, and serenity await the residents of this triplex apartment in the Les Oliviers complex of Monaco’s bright and bustling Moneghetti neighborhood, near the beloved Jardin Exotique preserve.

The apartment offers two bedrooms and two full bathrooms within 319 square meters (3,434 square feet) square feet) of living space, including a rooftop sundeck.

The eighth-floor entrance introduces the generous, airy living room and kitchen, which flow onto a shaded terrace; an adjoining bedroom and bath has its own terrace. Upstairs, the ninth-floor en suite bedroom also has its own terrace. The 10th-floor terrace is a sunworshipper’s retreat.

The property includes two storage cellars and two parking spaces. Expansion of the property is possible with the acquisition of an adjoining penthouse on offer. 

*Christie’s International Real Estate does not provide tax, legal or accounting advice. This article is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.  

Still searching for a luxury residence in Monaco? Explore Miells’ extensive portfolio here.