“…Large apartments are particularly scarce,” says Arash Shams of the prestigious agency Royal Riviera Immobilier Monaco (377 977 06 200). “Three-bedroomed apartments cost an average € 11,500 per square metre; even a studio-apartment is hard to find at less than € 380,000.” Then there’s the Villa Rose, ten apartments behind a 1900s façade, offered at € 20,000 per square metre. For those who strike it rich at the Casino, or went short… on the Euro!... »

“…Among the most active buyers are the British, reflecting big City bonuses and the growing number of people seeking a tax haven for their earnings. "We are no longer talking about people who are retiring to live here on the wealth created in their lifetime," says Arash Shams, partner of Royal Riviera Immobilier, a Monaco estate agency. "These are people in their 40s and 50s with successful careers, who are making big money and are principally, but not exclusively, coming here to find a tax shelter not just from income tax [but also from] inheritance tax [as] the value of their UK properties rises. They are coming here to live with their families, not just buying addresses…."

« …Arash Shams of Royal Riviera Immobilier points to the recent price rise per sq. metre, especially in the Golden Square around the Place du Casino. “It can attain 50,000 €, even 70,000 €, for outstanding apartments,” he says. A recent survey carried out by the Knight Frank and City Private Bank groups confirms his observation. Monaco takes second place in the rankings of the world’s most expensive cities with an average price of 35,000 € per sq. metre, behind London and ahead of New York, Hong-Kong, Tokyo and Cannes. Its real estate follows a dual logic, relating to both neighbourhoods and individual apartment blocks. In the Golden Square, the Park Palace, Les Floralies, the Métropole and Monte-Carlo Star are highly sought-after. Port Hercule comes next. Its residents, keen on liveliness, the Grand Prix and Monaco Yacht Show, readily accept to forget about the noise. A top-notch apartment in a complex as prestigious as the Shangri-La will cost from 37 to 40,000 € per m2. Expect prices 15 to 20 % higher in the case of a penthouse. At Fontvieille, a neighbourhood of approx. 55 acres regained from the sea, clients have families and are looking for social infrastructures, boutiques and the amenities of the Louis II Stadium ; they also like residences with their own pools. Such as the Seaside Plaza and Les Terrasses du Port, with price-tags between 30 and 35,000 € per m2. The Boulevard d’Italie and Larvotto neighbourhood to the east offer the immense advantage of beaches and tennis courts within walking distance. Examples include the Monte-Carlo Sun and Parc Saint-Roman, from 25 to 30,000 € per m2. At 18 to 20,000 € per m2, the Exotic Gardens neighbourhood is of more interest to local residents, as is La Condamine. As for the Rock of Monaco, it belongs almost exclusively to the “Monégasques” (Monaco nationals), accounting for 19 % of The Principality’s total population. According to Arash Shams, the rental market is approaching saturation, especially for large apartments. With an occupancy rate of 95 %, the minimum waiting time ranges from three to four months. Studio flats cost on average 1,500 € per month, 1-bedroomed apartments 2,500 €, 2-bedroomed from 3,500 €, 3-bedroomed 7,000 €, and exceptional examples will fetch 10,000 € and more… »

« …Arash Shams of the Royal Riviera Immobilier agency has made a detailed analysis of this market. Roquebrune-Cap Martin tops the list. Though, to be precise, one should split the area between Monaco and Menton into several distinct localities. Cap Martin is the most luxurious ; and going one step further, its private, gated and guarded estate draws a good number of wealthy industrialists. The land offers the advantage of being flat, and some grounds have access to the sea. A real paradise on earth, just ten minutes from the Principality and twenty minutes from Italy. English and North European buyers dominate the market, though Russians have acquired several important properties, which all serve as second residences. Clients tend to be much younger, in the 45-55 age bracket. Justified by the rarity of properties for sale, prices range from 2,000,000 to 50,000,000 €. Closer to Monaco but still part of Roquebrune, one discovers the neighbourhood of Carnolès. Except for Le Parc Saint-Roman, where residences cost from 1,500,000 to 6,000,000 €, the price range is more modest : 500,000 to 1,000,000 €. In Roquebrune Village, fans of small stone houses will find little gems from 700,000 to 1,500,000 € (for 150-200 m2 with a small garden and sea view). The entire sector, except for Cap Martin and the Cap du Golf Bleu, suffers the consequences of sloping land : no swimming pools, for example. Another estate worth mentioning is La Torraca, up above the village. This residential neighbourhood, mostly in Provençal style, enjoys panoramic sea views with prices from 2,000,000 to 4,000,000 €. Further west, one comes to Cap d’Ail with its “Belle Epoque” villas. Its advantages include the beauty of the cape and proximity to the sea. One disadvantage is the railway line. Expect to pay from 3,000,000 € (for 300 m2 in grounds of 2,000 m2) to 9,000,000 € (for 700 m2 with grounds of the same size, right at the water’s edge). Menton is deliberately treated separately from the rest of the area. In fact, this border town can be placed more in the 500,000 to 1,000,000 € bracket, though it does play host to a few outstanding homes. Here, the Italians as well as the French have proved to be eager buyers. The back-country also has its fans. At La Turbie, on the Chemin des Révoires and Le Mont des Mulles, a villa of 180 m2 with grounds of 800 m2 will go for at least 1,000,000 €. The same house at Peille, less accessible but facing south and west, will cost around 600,000 €.

« …According to Arash Shams of the Royal Riviera Immobilier agency, the Golden Square in front of the Casino, and the Saint-Roman neighbourhood close to the Tennis and Monte-Carlo Beach Clubs post prices ranging from 20,000 and 25,000 € per sq. metre. The Larvotto area, just a little lower and highly-prized by the English for holiday residences, is the ideal setting for family holidays. Port Hercule, popular among fans of yachting and car-racing, is sought-after by Greek and Italian buyers. One reckons on over 20,000 € per sq. metre for prestigious apartment blocks. Those who opt to settle permanently in the Principality choose Fontvieille with its international university, gardens and shops. They appreciate the sublime view of Cap d’Ail even if certain parts are a bit noisy. Prices here go from 15,000 to 25,000 € per sq. metre. Worth knowing : the Carrez Law does not apply to Monaco, so the surface areas indicated are in fact total surface areas, including storage rooms and terraces. The rental market follows the same trends. At the top end of the market, in the Golden Square, a 2-bedroomed apartment rents for 8,000 € per month, 3 bedrooms from 10,000 to 11,000 €, and a penthouse from 20,000 €. At Saint-Roman, expect to pay 7,000 € for the first, 10,000 € for the second and between 12,000 and 13,000 € for the third. At Fontvieille, prices start respectively at 7,000, 9,000 and 15,000 €. Finally, around the port, one will pay 5,000, 7,000 and over 10,000 €. One can however find rentals 50 % cheaper than those quoted above in more modest buildings. For acquisitions, price differences may attain 20 %. The main change on the Monaco market has resulted from growing demand for large apartments. The penury which could arise due to this phenomenon is effectively countered by incredible mobility : people switch every two years versus seven years as reported in France. Sales arguments include security, the pleasant climate, the quality of infrastructures and, of course, tax benefits. A person whose main residence is the Principality is exonerated from paying tax on his income, investment profits and real estate. This, however, does not apply to French or American residents ; the latter have to pay tax wherever they happen to live. Bricks and mortar in the Principality also offer good returns : 4 % per year when the property is rented out, 7 to 10 % when resold. And while apartments were over-valued in the year 2000, the market has become more rational today. Six months suffice to sell. And people prefer new to old. Some developments like the Terrasses du Port are sold out on plans. For this type of acquisition, one now has to wait : the only apartment blocks under construction are the Pastor complexes in the Larvotto area, intended solely for rental, and those being built by the State which will come under Law 12035 (reserved for Monégasques and those who have lived in the Principality for over ten years and actually work there) and Law 887 (for those who have had an address in Monaco for more than five years and have been working there for over six months), both providing moderate rents.