Monaco Mortgages

Global individuals need simple international mortgage solutions.

For many years now, the Monegasque property market has been the most expensive in the world, continually topping Hong Kong, Geneva and New York. The Principality boasts more millionaires per proportion of a population than anywhere else globally. Monaco attracts new residents and foreign investors looking for a sun-soaked property with easy international access that is financially robust, while offering a prestigious lifestyle.

Image of Monaco mortgages infographic.

Why Choose Monaco?

Tax: There are no property taxes in Monaco, making the Principality an attractive country for real estate investment. Foreign residents who live in Monaco have the advantage of paying zero income or capital gains tax on assets outside of the Principality. Furthermore, there is no wealth tax either.

Security: Monaco is one of the safest and most secure places to live in the world. Due to the high level of wealth, Monaco is monitored by CCTV 24 hours a day and has one of the largest police forces in the world per capita, resulting in some of the lowest crime rates in the world.

Environment: Due to the maintenance of water resources, the limitations placed on chemical treatments, and organic pest control methods, Monaco’s environment is healthy and fresh. Plenty of leisure parks and gardens are available for public use, and emissions are well controlled throughout the Principality leading to stronger overall health and a sense of wellbeing. As well as this, the Principality is also located in the beautiful and culturally vibrant Cote d’Azur and balances its natural assets with a secure economic, political and social system offering locals excellent healthcare and education.

Foreigners: Acquiring property in Monaco is relatively straightforward for those investing from overseas, further adding to the country’s appeal. There are virtually no restrictions on foreigners buying or renting in the Principality; it’s just like applying for property in your home country. All that is required are some witnessed papers and the services of a notary to legal endorsement.

Monaco Property Market Overview

In Monaco, the demand for property exceeds supply creating a rapidly-paced market. Therefore working with professionals with local knowledge is extremely valuable, enabling investors to act promptly. Professionals who are au fait with the Monegasque property market can advise you on making the right move. Over the past 15 years, the market has continued to grow significantly.

How Much Does Monaco Property Cost Per Square Metre?

Monaco continues to be the most expensive real estate in the world. The price per square metre of the property stands at approximately €48,000 in most cases. Within Monaco itself, the district of Monte Carlo is typically more expensive, with an average price of €53,000 per square metre. The average for prime monthly rents stand at €89 per square metre.

Monaco Buy to Let Mortgages

As far as renting residential property goes, Monaco ranks as the most expensive location globally, with the average cost of renting hovering around €126 per square metre per month. Buy to let mortgages are excellent opportunities to generate income that can then be used to cover repayments while the property’s value continues to grow. Every country has its own taxation rules. Therefore it is essential to engage an impartial mortgage advisor to understand the intricacies of each sub-market better.

Prime Real Estate In Monaco

The Principality boasts many naturally beautiful regions, each with its advantages. Areas in the highest demand include the ‘Golden Square’ which is the casino and Hotel de Paris area, the new luxurious Mareterra development in the heart of the Principality, the port areas of La Condamine and Fontvieille. Other mentionable sought after locations include the famous stretch of beach Larvotto on the prestigious Avenue Princesse Grace and, of course, the classically Mediterranean urban regions of Monte Carlo and Monaco Ville.

Equity Release and Refinance

Historically, Monaco has seen a demand for equity release schemes involving high-value properties and high-net-worth clients. The opportunity to release capital from a high-value property and invest elsewhere with a higher rate of return makes sense; however, any equity released from your property will still need to be paid back in the form of either a short-term loan or another mortgage. Retail banks, private banks and niche lenders all offer equity release transactions.

Assets Under Management Vs. Dry Lending

The increasing number of loan options present interesting new ways to achieve your mortgage goals. Traditionally, private banks offered over £1 million loans, but they would usually only do so for clients who have assets under their management (AUM). Typically, a private bank would require a minimum 25% of the loan value in AUM before granting the applicant the loan. Although the mortgage market has become more competitive, ‘dry lending’ has become more popular. Dry lending is the practice of banks offering preferential rates to borrowers who do not already have assets with the bank as a way of attracting new business. In this model, assets in any bank are assessed when looking at repayment schedules without the obligation of buyers to set up a relationship with a new institution.

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Global individuals need simple international mortgage solutions.

Your home or property may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it. Changes in the exchange rate may increase the sterling equivalent of your debt. You may have to pay an early repayment charge to your existing lender if you remortgage. Think carefully before securing any other debts against your home.  

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