There are several different sectors in Monaco real estate. The Private Market, also called “Free Market” that comprises all the apartments in modern buildings or in houses built before 1947 but that aren’t governed by any restrictive law. Less knows but also interesting, the market “Under Law” offers apartments located in old-style residences, also called Bourgeois buildings, and that can be purchased under the same conditions than an apartment of the Private market. Only the rental will be controlled and will have to respect some conditions imposed by the Monaco Government. Lease will have to be for a 6-year duration, when in the Free Market, leases are for a minimum of one year.
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Sale apartments under law Monaco
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The main laws that govern this type of apartments are*:
Law 887 :
The owner can decide of the amount of the rent with the broker’s advices. The apartment will then be offered for rent and the lease will be for a 6-year duration. The tenants will be:
- Monaco nationals,
- People of other nationality but with a link to a Monegasque national (born from a Monaco national, spouse, child, widow, parent of a Monegasque child),
- Have lived in Monaco for 5 years and work there for 6 months,
- Work in Monaco for a minimum of 5 years.
Law 1.235/1.291 :
The owner will have to inform the Direction de l’Habitat (State Entity) of the availability of the apartment and agree on a rent that doesn’t exceed the limited amount required by the Direction de l’Habitat. The apartment – which can also be managed by a real estate agency – will be offered for rent through the Official Journal. The tenants will send their application directly to the Direction de l’Habitat which will allocate the apartment depending on the received applications and by priority order, as follows:
-- Category 1 : Monegasque nationals,
- Category 2: People of other nationality but with a link to a Monegasque national (born from a Monaco national, spouse, child, widow, parent of a Monegasque child),
- Category 3: “Petits-Enfants du Pays” - People born in Monaco with one of their parents already “Enfants du Pays”,
- Category 4: “Enfants du Pays” - People born in Monaco and living in Monaco since birth and without any interruption,
- Category 5: other tenants in Monaco who have lived there for more than 40 years without any interruption.
* Non binding information given only for information purposes and that can be rectified by the Monaco Government without informing directly the agency
Often set aside because of the rental conditions, these apartments are located in “Bourgeois” houses which offer charming interiors with mouldings on high ceilings. Some of them have typical wooden floor or fireplaces. The price per square meter is lower than in the “Free Market”, which make of these apartments an interesting investment.
Other residential sectors are available but only for rent :
- The State Sector with apartments available only for Monegasques,
- The Caisse Autonome des Retraites (C.A.R.) which offers apartments for the Monaco workers.
Monte-Carlo Sotheby’s International Realty, located in Monaco for more than 40 years, guides you in your purchase of apartments under law in Monaco.