When considering a move to Monaco, our clients are often concerned about where they should focus their property search, amongst the different Monaco’s districts. There is obviously no “best area” in Monaco; there are a number of lovely neighbourhoods, each with its own features and characteristics. So the focus is on finding the area that best suits your needs, your desires and your budget.
Monaco’s districts are currently defined by Royal Decree no. 4482 of 13 September 2013. Monaco is divided into two conservation areas and seven regulated districts.
According to the protection order, conservation areas are areas for which the “current character must be preserved”:
The regulated districts have urban planning by-laws:
Monte Carlo is the largest of Monaco’s districts, spanning 436,760 sqm or 21.5% of the surface area of the Principality. In contrast, Les Moneghetti is the smallest regulated district of Monaco, with 115,196 sqm, or 5.7% of the surface area of the Principality.
Because this definition of Monaco’s districts has evolved over time, in Monaco we sometimes hear names that no longer apply, as some neighbourhoods have been grouped together or their name has been simplified, in the 2013 definition:
Some districts even used to be “communes”: between 1911 and 1917, the Monegasque constitution structured the territory of the Principality into three municipalities: Monaco-Ville, Monte Carlo and La Condamine, before returning to a single municipality, which is still the case today.
As far as the supply of available housing is concerned, the Monte Carlo district is absolutely critical since it represents more than a quarter of the Principality’s total residential real estate and more than 28% of sales recorded in 2016 (excluding new builds).
The Larvotto district has an interesting feature: although it represents more than 7% of residential real estate, less than 1% of transactions are recorded there. This is because most of the buildings in the area are owned by the Pastor family, the people behind the development of the Larvotto district. So it is possible to rent an apartment but very difficult to buy.
In contrast, the district of La Rousse is very dynamic in terms of property transactions: more than 27% of sales take place in this area, though it represents only 17% of residential real estate.
When it comes to, Monte Carlo obviously takes the top spot, while the Jardin Exotique district is Monaco’s most affordable area.
real estate (sqm)
|Number of sales||Price per square metre (€)||Size of district / Residential real estate||Size of district / Number of sales|
|Jardin Exotique (Exotic Garden)||209,154||60||28,333||11.4%||11.5%|
But, fortunately, market statistics are unlikely to sway your decision of your future neighbourhood. Your needs, your desires and your limitations must be considered alongside the advantages and disadvantages of each area, to guide your property search and hopefully lead to love at first sight!
And you, in which Monaco’s district are you going to invest?
We can assist you in preparing and organizing tour move to Monaco.