Real Estate Agency in Monaco or Buying Direct:
What Does It Really Change?

Buying directly in Monaco can save the buyer the estate agency fee, usually set at 3% excluding VAT, but it does not eliminate notary fees. In return, the buyer must take sole responsibility for assessing the asking price, reviewing the co-ownership, negotiating the transaction and accessing confidential properties. A licensed real estate agency in Monaco provides this expertise and protection within a framework established by law. The question arises sooner or later for any international buyer. It often comes up when an owner, perhaps introduced through personal connections, suggests that a transaction could be concluded “privately”. Should the buyer therefore bypass a real estate agency in Monaco and deal directly with the seller? From a purely financial perspective, buying direct may initially appear attractive. The reality of the Monaco property market is more nuanced and requires buyers to consider carefully what they save and what they give up.

What Buying Direct Actually Saves

The calculation is straightforward. On an apartment priced at 5 million euros, a buyer’s agency fee of 3% excluding VAT represents 180,000 euros including 20% VAT. This is the only guaranteed saving when purchasing directly. The acquisition costs collected by the notary remain fully payable. They are approximately 6.25% of the purchase price for a resale property acquired by an individual or a Monaco civil property company. Completion before a notary also remains mandatory for the sale itself. There is an important distinction to make at this stage. The notary authenticates the deed, verifies the legal status of the property and collects the relevant duties on behalf of the State. It is not the notary’s role to determine whether the price is appropriate, whether the view will remain unobstructed, or whether the co-ownership is preparing to approve major façade renovation works. These questions, which can significantly affect the value of an exceptional property, fall within a different area of expertise.

Real Estate Agencies in Monaco: A Strictly Regulated Profession

In the Principality, real estate transactions are a regulated activity. Law No. 1.252 of 12 July 2002 makes the exercise of the profession subject to four conditions: administrative authorisation, proof of professional competence, a financial guarantee and professional liability insurance. Real estate agents are also subject to the due diligence obligations set out under Law No. 1.362 relating to anti-money laundering measures, under the supervision of the Monaco Financial Security Authority. For buyers, these requirements are more than a formality. They help secure the origin of funds on both sides of the transaction and therefore contribute to the overall reliability of the transaction itself.

The regulatory framework continues to evolve. In October 2025, the National Council adopted a proposed law relating to real estate activities and professions. In March 2026, the Princely Government issued a favourable opinion regarding its transformation into a draft law. This legislation is not yet in force. Among other measures, it provides for the introduction of a professional licence, the wider use of written mandates and the restriction of remuneration to duly authorised professionals. This reform responds to a well-known reality in the local market. Some transactions described as being conducted “directly” are not truly direct at all: they involve unauthorised intermediaries with neither a financial guarantee nor professional liability.

The Right Price: What a Buyer Acting Alone May Not See

In Monaco, value is assessed building by building and, in some cases, floor by floor.Official IMSEE statistics illustrate this clearly: the district and the period in which a building was constructed explain only around half of the observed differences in property prices. The remainder is influenced by factors such as the floor level, the view and the condition of the property. An individual buyer rarely has access to comparable transaction data within the same residence or to detailed knowledge of previous sales.

The Carré d’Or provides a striking example. Two neighbouring buildings, located only a few dozen metres from Casino Square, may command very different values. Orientation, the quality of the co-ownership or the potential for an open view can be enough to create a substantial price difference. We explore these factors in greater detail in our analysis of Carré d’Or real estate in Monaco. This is precisely the type of analysis expected from a Monaco property expert. The professional reviews general meeting minutes, approved works and the methods used to calculate floor areas. They also verify the permitted use of the premises and the legal status of any ancillary spaces, such as parking spaces or cellars.

Negotiation and Access to the Confidential Market

Buying directly also means negotiating alone, face-to-face with a seller who naturally knows the property better than anyone else. A professional intermediary provides valuable distance. The agent presents offers, manages the pace of negotiations, reformulates positions when necessary and helps prevent a personal relationship from influencing an important financial decision. In luxury real estate, where the sums involved can amount to several million euros, this distance has tangible value. There is also another essential consideration. Many of the most sought-after properties in Monaco’s luxury real estate market are never publicly advertised. Owners who value discretion frequently entrust their properties confidentially to trusted agencies. A buyer proceeding independently can only see the properties that happen to be presented to them. A buyer represented by an established agency has access to a broader range of opportunities and can compare alternatives before making a decision.

After Completion, the Relationship Continues

A real estate transaction does not end with the signing of the authentic deed. The next stages include the handover of keys, meter readings, the transfer of utility contracts and the first exchanges with the building management company. In some cases, the buyer may also require assistance with letting or managing the property while living abroad. A buyer who purchases directly must organise all of these steps independently, often from another country. A real estate agency with a long-standing presence in the Principality provides continuity. Over the years, it remains a trusted point of contact with detailed knowledge of the property, the building and the surrounding area.

When Buying Direct Can Make Sense

It is important to acknowledge that certain situations may be well suited to a direct transaction. This can be the case when the buyer has known the seller for many years or already lives in the building and has a detailed understanding of its history. It may also be appropriate where the buyer is supported from an early stage by both a lawyer and a notary. In these circumstances, a direct purchase can be completed with confidence, but it still requires a significant personal investment in terms of time, due diligence and negotiation.

“The real question is not whether you are paying an agency fee, but what you are receiving in return for it,” explains Silvio PIRAS, Director of PIRAS IMMOBILIER. “A real estate agency in Monaco assumes professional responsibility for the quality of the information it provides. On a property worth several million euros, an error of judgement regarding the co-ownership or the view can cost considerably more than the agency commission.” Since 1976, PIRAS IMMOBILIER has assisted an international clientele with the acquisition of exceptional properties in the Principality, combining discretion with the in-depth knowledge of Monaco’s residences that comes from half a century of local presence. If you are considering whether to purchase with professional representation or proceed directly, we would be delighted to discuss your options with you at our offices in Château Périgord, Monaco, and help you make a fully informed decision with complete peace of mind.