Luxury Apartment in Monaco

In the Principality, there is one question that the most discerning buyers rarely ask first, yet it ultimately determines everything. Not “how much does a luxury apartment for sale in Monaco cost?”, but rather “what budget actually gives me access to what I am looking for?” The distinction is crucial. In a territory of barely two square kilometres, where Monaco real estate trades at price levels unmatched anywhere else in Europe, the asking price is only the visible part of a much broader wealth commitment. Defining your budget therefore begins with understanding exactly what you are buying.

What the Official Figures Reveal and What They Leave Unsaid

The Real Estate Observatory published by IMSEE in February 2026 provides the framework. In 2025, the average price per square metre, combining new-build sales and resales, stood at 57,569 euros. This represents a slight decline of 1.4% from the 2024 peak, but an increase of nearly 42% over ten years. Behind this average, the hierarchy between districts is clear. Larvotto, which now includes Mareterra in the official classification, exceeded the 70,000-euro threshold for the first time. Monte-Carlo, Fontvieille, La Condamine and La Rousse–Saint-Roman fall within a relatively narrow range of between 51,000 and 54,000 euros. Jardin Exotique and Moneghetti remain the most accessible areas of Monaco’s real estate market, at around 44,000 to 45,000 euros.

One methodological detail, however, deserves the attention of any buyer. IMSEE’s statistical model, based on the district and period of construction, explains only around half of the observed price differences. The other half depends on what the institute describes as characteristics specific to each property: the floor, the view and the overall condition. In other words, it is precisely in the factors that statistics cannot fully capture that Monaco’s luxury real estate market is defined.

Luxury Apartment for Sale in Monaco: Looking Beyond the Price per Square Metre

Two properties listed at the same price may, in reality, have very little in common. The first may offer an unobstructed panoramic view over the Mediterranean, within a prestigious residence whose co-ownership is impeccably maintained. The second may provide a larger surface area, but with a partially compromised outlook, a façade due for renovation and ageing common areas. In Monaco’s luxury real estate market, value lies precisely in these trade-offs that remain invisible on a property listing.

The period of construction also plays an important role. According to estimates from the IMSEE model, buildings completed since 2020 achieve an average of approximately 65,600 euros per square metre. Properties from previous decades stand at significantly lower levels. An apartment for sale in Monaco within a 1970s residence, ideally located and intelligently renovated, can therefore offer a balance between address, volume and price that new developments can no longer provide. However, the budget must also take into account the cost and duration of a renovation meeting the standards expected in this market.

The very notion of surface area also requires caution. Terraces, loggias and ancillary spaces are not always included according to the same conventions from one listing to another. Comparing two prices per square metre is therefore only meaningful when the calculation method is identical. This is one of the first checks that a Monaco real estate expert should carry out on behalf of a client.

The Overall Budget: Acquisition Costs and Less Visible Expenses

The purchase price is never the full budget. For the resale of a property acquired by an individual or a Monaco civil company, the costs collected by the notary amount to approximately 6.25% of the purchase price. These are divided between registration duties and notarial fees. For new-build or off-plan properties, the regime is different: real estate VAT is included in the purchase price, while notarial and registration costs amount to approximately 2.5%. When the acquisition is handled through an agency, buyers should also allow for agency fees, generally set at 3% excluding VAT and payable by the purchaser.

Applied to a resale apartment priced at 5 million euros, these additional costs represent approximately 492,500 euros, or around 10% of the purchase price. For a new-build property at the same price, the additional budget is closer to 305,000 euros. Upon signing the preliminary sales agreement, a deposit of 10% is also generally paid into the notary’s escrow account and subsequently deducted from the purchase price.

Other, less visible expenses complete the equation. A residence offering concierge services, permanent security, a swimming pool or a spa can generate substantial co-ownership charges. These should be reviewed from the very first viewing, together with any works already approved or being considered by the co-owners’ meeting. A parking space or cellar, never insignificant assets in the Principality, may sometimes need to be purchased separately. Finally, where bank financing is involved, the registration of a mortgage gives rise to additional costs calculated on the amount borrowed.

The Ownership Structure: An Often-Underestimated Variable

The choice of acquisition vehicle has a direct impact on the initial cost of the investment. Purchasing in one’s own name or through a Monaco civil real estate company benefits from the standard rate. By contrast, ownership through a foreign company entails significantly higher registration duties, particularly where the beneficial owners are not identified. This choice also has implications for estate planning and the future liquidity of the property. It should therefore be determined with a notary and legal adviser before any offer is made, rather than at the time of signing.