en
en
Behind every prestigious residence in the Carré d’Or, Monte-Carlo, Larvotto, or La Condamine stands a key player who often remains behind the scenes but plays a decisive role in maintaining a property's quality and value: the condominium property manager.
In Monaco’s real estate market, where a residence’s reputation depends as much on its maintenance as on its architectural prestige, professional and rigorous management helps preserve an apartment’s long-term appeal and value. Conversely, poorly planned maintenance works, inadequately controlled service charges, or a lack of transparency in property management can weaken the reputation of even the Principality’s most prestigious buildings.
Understanding how condominium ownership operates and the responsibilities of the property manager is therefore an essential step before purchasing an apartment in Monaco.
Monaco’s condominium ownership system is not governed by French law. Instead, it is subject to a legal framework specific to the Principality, primarily established by Law No. 1.329 of 8 January 2007 on condominium ownership of built properties. This legislation was notably amended by Law No. 1.531 of 29 July 2022, which modernized several aspects of condominium governance and introduced the digitalization of certain communications and administrative documents.
A further reform was adopted through Law No. 1.590 of 19 May 2026. Published in the Journal de Monaco on 29 May 2026, it introduces stricter accounting requirements, requires each condominium association to hold its own dedicated bank account, and provides more structured access to condominium records. These new provisions will enter into force on 1 July 2027.
The professional practice of condominium property management is also regulated by Law No. 1.252 of 12 July 2002. Property managers must obtain administrative authorization and comply with requirements relating to professional qualifications, financial guarantees for client funds, and professional liability insurance.
This legal framework is designed to safeguard the funds managed on behalf of condominium associations and to ensure the accountability of professionals operating in Monaco’s real estate market.
The condominium property manager acts as the legal representative of the condominium association. They are responsible for the day-to-day administration of the building and for implementing the decisions collectively adopted by the co-owners. Their main duties can be grouped into several key areas of responsibility.
The property manager prepares and convenes the annual General Meeting of the co-owners, which must be held at least once a year. They establish the agenda, compile the necessary financial and technical documents, and submit resolutions for voting on matters such as the budget, service contracts, maintenance works, and the general administration of the building. Following the meeting, the property manager drafts and distributes the minutes, recording the resolutions that were approved or rejected.
The proper conduct of meeting notices, the quality of the information provided, and the clarity of the meeting minutes are all key indicators of sound and professional property management.
The property manager prepares the annual budget, collects service charges from the co-owners, and pays the building's service providers. They are responsible for maintaining accurate records of income, expenses, outstanding payments, and cash flow. The property manager also oversees the recovery of unpaid service charges when certain co-owners fail to meet their financial obligations.
For prospective buyers, reviewing the condominium accounts can help identify: the usual level of service charges; any exceptional expenses; the existence of unpaid contributions; trends in maintenance costs; the condominium's financial capacity to fund future renovation or improvement works.
The property manager is responsible for the preservation, supervision, and maintenance of the building's common areas. They manage the contracts required for the day-to-day operation of the residence, including elevator maintenance, cleaning services, security, central heating, landscaped areas, technical equipment, and on-site staff. The property manager also obtains quotations from contractors and presents them to the co-owners whenever works require approval. Depending on the size of the condominium, quotations for certain projects must be attached to the meeting notice when their value exceeds the applicable regulatory thresholds.
Effective property management is not limited to responding when problems arise. It also requires anticipating the renovation of façades, utility networks, elevators, safety systems, and common areas before deterioration leads to significantly higher repair costs.
The property manager represents the condominium association in all matters necessary for the administration of the building and, where permitted by law, in legal proceedings. In particular, they may initiate debt recovery actions, take the necessary protective measures, and act in emergency situations to safeguard the interests of the condominium.
The property manager is responsible for maintaining the building's official records, including the condominium regulations, meeting minutes, service contracts, architectural plans, accounting documents, correspondence, and court decisions. The proper preservation and organization of these records are essential. They enable co-owners to understand the decisions that have been made and allow prospective buyers to assess the condominium's overall condition and management more accurately.
Before purchasing a property in a Monaco condominium, your due diligence should not be limited to the apartment itself, its view, or its price per square metre.
It is advisable to review, in particular: the condominium by-laws; the latest general meeting minutes; the amount and trend of service charges; the condominium's financial statements; recently completed works; works that have been approved, planned or postponed; any outstanding unpaid charges; ongoing legal proceedings or disputes; maintenance contracts; and the overall condition of the common areas.
These documents may reveal upcoming façade restoration, lift refurbishment, waterproofing works, or other expenses that could significantly impact the purchaser's budget. They also provide valuable insight into the quality of communication and management between the property manager, the condominium committee, and the co-owners.
In Monaco's prime real estate market, the value of an apartment depends on far more than its address, size, floor level, or panoramic views. The reputation and overall condition of the residence are equally important. Impeccably maintained common areas, regularly upgraded facilities, and transparent financial management enhance both residents' quality of life and the building's desirability.
Conversely, poor or short-sighted management can lead to deteriorating common areas, an increase in emergency repairs, a sharp rise in service charges, disputes between co-owners, major works without adequate financial planning, and ultimately a loss of appeal when selling or renting the property.
Choosing an exceptional property in Monaco means understanding not only the property itself, but also how the residence is managed. Established at Château Périgord since 1976, the team at PIRAS Immobilier has been assisting clients with in-depth analysis of Monaco's real estate market, from identifying the right property to assessing its long-term investment environment.
Before any acquisition, our agency carefully reviews the general meeting minutes, service charges, approved or planned works, the condition of the common areas, and the key factors that may influence the property's future value. Depending on the owner's needs, our support also extends to property letting and rental management. For any questions regarding the purchase, sale, or management of a luxury property in Monaco, contact PIRAS Immobilier at +377 93 25 30 00 or contact@pirasimmobilier.com.
PIRAS Real Estate has been advising clients on property sales, rentals, acquisitions and management in Monaco and on the French Riviera since 1976.
PIRAS REAL ESTATE
Château Périgord Residence
6 Lacets Saint Léon
98000 Monaco
From 9 a.m. to 7 p.m. – Our team is here to welcome you
French – Italian – English – Russian – Spanish
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
