Buying or Selling a Flat in Monaco is very easy. There are no restrictions for foreigners. The deal can be concluded easily and our real-estate team will assist you step by step during the whole process.
The simple or exclusive sales mandate plus the proof of residence are the compulsory documents which will allow our agency to publish the flat on our medias in Monaco and abroad. We will also communicate your properties via our international sales networks. The investors will have thus the opportunity to make an offer in full knowledge of the property.
For a valid offer, the investor will have to secure the offer with a cheque or bank transfer, representing 10% of the total offer to the chosen notary. The notary will draft a contract with the technical information given by our real estate agency. First, the notary will write the preliminary sale agreement, which will be signed by both Seller and Buyer. Once all conditions precedents are fulfilled, the notary will proceed to the signature of the bill of sale. The signature will take place at the notary ‘s office with the Seller, the Buyer and a deputy of our real estate agency. The last step will be the bank transfer by the Buyer of the total price plus the notary and agency fees to the notary. In case of non-existence of conditions precedents, the Byer and Seller can directly sign the bill of sale at the notary’s office.
There are different fees that investors have to be aware of when buying a flat in Monaco. The notary and agency fees. Depending on the status of the byer and the property type, different fees will apply.
In most cases, the notary fees represent 6% of the property price when you buy a flat with your own name or via a Société Commerciale Immobilière (SCI) registered with your own name. However, if you buy a flat in a new-building the notary fees are reduced to 2,5%.
In the case the buyer purchases the property with an offshore firm, the notary fees are up to 9%. Nevertheless, when the flat will be sold, the buyer will then have the possibility to resell the property without repaying notary fees as it will just be transfer of company’s shares.
The percentage collected by the real-estate agency is 3% of the flat’s price plus a VAT of 20% on the 3%. The total fees will be paid after the signature of the bill of sale in presence of one of the three Notaries of Monaco.
There are a few numbers of flats submitted to special laws in Monaco. Those laws regulates the renting price and the tenants. Anyone can buy those apartments but it is important to know those renting conditions before acquiring a flat under a special low.
If you buy a flat in Monaco under the 887 law, the flat can only be rented under a leasing agreement of 6 years minimum. The contract is also only cancellable by the tenant. In addition, the tenant will have to fulfill at least one of those requirements to rent the flat:
The renting price is however not regulated and can be negotiated freely between the tenant and the owner.
The rents of flats built before September 1947 are regulated by the State Housing Authority. In addition, the tenant will have to fulfill at least one of those requirements to rent the flat:
The apartment will be rented under an agreement of at least 6 years, cancelable only by the tenants. In case of specific constructions works and if the house is not suitable for the tenants to live in, the owner will be able to cancel the rent agreement.
Our Agency, Member of the Real Estate Chamber of Monaco (CIM), is recognized for its expertise and offers a selective approach to guide you in your project to buy, sell or rent a property. We are active in Monaco and on the French Riviera from Menton to Saint Tropez. (Beausoleil, Roquebrune Cap Martin, Eze, Menton, Saint Tropez, Cannes and Nice).
Thanks to our market knowhow and our network of partners the luxury real estate business of Monaco and the French Riviera, we will assist you efficiently in choosing the best property investment that meets your short and long-term goals. Our multilingual and dynamic team will help you with all administrative procedures, banks, notaries and local governments.
We offer you a wide range of property types to buy and to rent in Monaco and the French Riviera: studios, apartments, villas, lofts, penthouses, land, business asset, leashold, Freehold, offices, commercial properties, etc
For more information, do not hesitate to contact us.