Buying a new construction apartment in Monaco is a wise investment. The Monaco housing market is probably the most stable housing market on Earth, located in a beautiful location between the Italian and the French Riviera. Monaco has been able to expand its territory by creating extra land into the sea.
The offshore extension project of Monaco started in 1907. In addition to a new port and an incineration plant, the Principality also built its first football stadium and erected protective sea walls around Port Hercule. In 1910, the country reclaimed more land from the sea, which was then used to construct new docks and houses. In the old “Monaco Harbour”, 6.3 hectares were reclaimed from the sea.
Prince Rainier III ordered the State to develop the coastline between Roquebrune and Portier Cove during the 1960s. A new peninsula was created in 1961 by separating it from the sea. Today, it’s home to various establishments, such as the Monte-Carlo Bay Hotel, the Sporting Summer Festival, and recreation areas.
Building with a Vision in Monaco
Over 22 hectares of land was reclaimed from the sea during the offshore extension project in Fontvieille. A new area was then created from scratch from 1966 to 1973. A sea wall was also erected along the border with Cap d’Ail. This temporary structure protected a body of water that was enclosed by the cliffs.
A view of the Port de Fontvieille and the high-rise buildings in Monaco
The area was eventually filled with the foundations of a new harbour basin. It took over 30 years for the project to develop. The first commercial project was delivered in 1993.
In those days, Port Hercule’s extension was also carried out. Port Hercule is a technical wonder; with ‘semi-floating’ grounds which weighed over 160,000 tons and spanned 352 meters long, was anchored to a new region of land. This new area gave the country an additional 3.7 hectares. The need to extend the coastline into the sea was identified in the 2000s due to the increasing number of residents.
The goal of Prince Albert II was to create an eco-district that would provide Monegasque residents and nationals with new opportunities and spaces by the sea. He also wanted to ensure that the marine environment was protected.
The latest extension is the Eco-district of Mareterra, which will be delivered in 2024. This project is being carried out by the HSH Prince Albert II of Monaco. The main goal of this project is to protect the marine ecosystems of the area and ensure that the city’s real estate industry doesn’t affect them. There are various residential projects that are currently under development in Monaco. Living on the Cote d’Azur has access to all projects and we are happy to assist you as a buyer broker, in alliance with our local partners.
Buying a new construction apartment in Monaco
People who wish to live in Monaco cite its location as one of the top reasons. It is situated on the Mediterranean Sea, with the French Alps in the background, and it is close to the mountains and sea. It is also popular with rich property buyers, making it an appealing choice.
As the second-smallest nation in the world, Monaco is considered an elite location. Many international investors are flocking to this country to purchase properties due to its desirable location and the fact that it is home to various prominent individuals, such as athletes, musicians, and actors. Due to its tax incentives, it is also an ideal choice for business professionals.
Monaco’s favourable business environment and tax policies make it an ideal location for wealthy individuals. Since 1869, the country has not imposed personal income tax on its residents. To be a resident of the country, you must live here for at least six months. Some European countries view this as tax evasion, and individuals who live in Monaco may be liable for income taxes. For instance, French nationals who reside in the country may have to pay taxes. Although there is no property tax in Monaco, rental properties are subject to a 1% tax on the rental fee plus various charges.
In addition, Monaco doesn’t impose taxes on dividends, capital gains, and investment income. The real estate market in the country is considered to be one of the world’s most expensive. The average purchase price per m2 is around 47,000 Euros. Most of the time, properties priced below 5 million Euros are in high demand. On the other hand, those that are over 10 million Euros are in fewer sales. Due to the limited space in Monaco, most of the houses for sale are either penthouses or apartments. These luxury homes come with various amenities and have great views of the Med.
International investors love Monaco
Monaco Expats feel at home since many locals speak English. It is also very convenient to travel to and from the country, allowing you to meet the locals and take advantage of its various attractions. Due to its small size and the favourable tax system, the real estate market in this area has been very popular. The climate in this country is very pleasant, with 300 days of sunshine a year.
The summer season in Monaco is characterized by warm temperatures. The rest of the year is mild enough to allow people to enjoy the outdoors. During the late June to late August period, the city is full of tourists and residents who are looking to take advantage of its various summer activities.
Monaco’s favorable business environment and tax policies make it an ideal location for wealthy individuals. Since 1869, the country has not imposed personal income tax on its residents. To be a resident of the country, you must live here for at least six months.
Some European countries view this as tax evasion, and individuals who live in Monaco may be liable for income taxes. For instance, French nationals who reside in the country may have to pay taxes. Although there is no property tax in Monaco, rental properties are subject to a 1% tax on the rental fee plus various charges.
International vibe
There are over 140 nationalities residing in a two-square-kilometer area, making Monaco one of the world’s most cosmopolitan locations. Although it is very cold during the winter season, temperatures stay above 10 degrees Celsius. Despite its compact size, Monaco still has plenty to offer. It is surrounded by luxury, and there are two harbours that are ideal for accommodating large boats. If you are not a yacht owner, you can still take advantage of the many services that are available to rent boats.
The Principality of Monaco is very safe due to its large police force and the 24-hour surveillance that is carried out throughout the country. It is also very convenient to travel to and from the area, allowing you to meet the locals and take advantage of its various attractions. Residents of Monaco enjoy the convenience of being close to various transport links, allowing them to visit other countries such as Italy, France, and the UK several times each year. The airport in Nice Cote d’Azur is around 30 minutes away by car, and if you require a faster ride, you can book a helicopter ride.
Because of its accessibility by train or boat, the Principality of Monaco can be used as an ideal location for individuals who are looking to relocate to other European nations while still maintaining their residency in the country. Its favourable business environment and personal tax policies make it a prominent tax haven.
The city is full of luxury establishments, such as the world-famous casinos. During the evening, high-rollers can enjoy the various food and shopping options that are available in this area. If you are looking for an outdoor activity, you can take advantage of the weather and enjoy skiing or snowboarding in the French Alps.
New apartments for sale in Monaco
Due to the lack of new buildings in Monaco, the demand for property is high. However, it’s still possible to find new construction for sale. On our portal, you will find from October 2023 all new projects in Monaco. Such as the Mareterra project, designed to continue the coastline’s current form.
It involves the construction of various structures, such as the Grimaldi Forum and the Grand Prix tunnel. To minimize the impact of the project on the marine environment, the designers were able to use sustainable building methods and techniques. The district, which will be delivered in 2025, will feature residential, commercial, and public facilities. It will also have a wooded park and a marina.
Price per square meter per Monegasque district
Investing in new construction in Monaco is interesting because Monaco doesn’t impose taxes on dividends, capital gains, and investment income. The real estate market in the country is considered to be one of the world’s most expensive. It has an average purchase price of around 47,000 Euros. Most of the time, properties priced below 5 million Euros are in high demand. On the other hand, those that are over 10 million Euros are in fewer sales. Due to the limited space in Monaco, most of the houses for sale are either penthouses or apartments. These luxury homes come with various amenities and have great views of the Med.
Interested in buying new construction in Monaco?
Contact us for a personal selection of the latest new constructions and guidance. We offer the same full-service real estate for buyers as we do in France, Ibiza, Portugal, and Mauritius.
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