Renting real estate in different districts of Monaco
MONACO-VILLE
The old city where the Prince’s Palace is located is always in fashion.
Many Monaco families have been living here for generations.
The English and the Scandinavians like this part of the town, too, attracted by the old stones and the authentic atmosphere.
Advantages of living in this part of Monaco are:
- The quality of life. It is cleaner and less noisy, as there is no traffic. Tourists disappear by 6 pm and silence falls
- Security and the constant presence of police.
- Families with children value the schools here, including 2 high schools (lycées).
Only 30% of properties are rented out in Monaco-Ville. As a rule, properties do not make it onto the market, they are usually rented by new tenants as soon as they become available.
Rental prices for properties in Monaco: Monaco-Ville
Studio – 2 000 - 2 500 euros per month
- 1-bedroom apartment – 2 800 - 4 000 euros per month
- 2-bedroom apartment – 4 500 - 7 000 euros per month
- 3-bedroom apartment – 6 000 - 17 000 euros per month
MONTE-CARLO/ CARRÉ D’OR
The central part of Monaco next to Casino square is the most expensive, both to rent and to buy. The further away from the Casino Square, the more reasonable the prices become.
Residencies like Les Florallies, Le Parc Palace, le Sun Tower, le Métropole, le Mirabeau and the newly built Petite Afrique are the most prestigious and expensive.
The average rental rate is about 80 euros per square meter per month.
Rental prices for properties in Monaco: Monte-Carlo/ Carré d’Or
Studio – 2 500 – 5 000 euros per month
1-bedroom apartment – 4 200 – 12 000 euros per month
2-bedroom apartment – 6 000 – 18 000 euros per month
3-bedroom apartment – 8 000 – 30 000 euros per month
LARVOTTO/LA ROUSSE
Larvotto, like Casino Square, is emblematic of Monaco. This district spreads along the seaside and offers apartments with sea views close to the beaches and the centre.
The peculiarity of this part of Monaco is that 90% of properties (mostly built around the 1960s) belong to the Pastors – a famous Monaco family, so it is easier to rent than to buy property here. In any case, available apartments rarely come to market. Usually, the potential tenants are waiting for an offer on a waiting list.
Le 21 Princesse Grace is a prestigious residency which stands out in this district. It was built in 1991 after an international architectural competition had been held to determine the winning project.
There are also three sumptuous villas that are rented out at 200 000 euros a month. They have private access to the beach, 24/7 security and a 5*-hotel service.
An ambitious land reclamation project is underway in Larvotto that should become the most comfortable and expensive part of Monaco once finished. Testimonio II is another on-going project, and should become the new home for the International School of Monaco.
The chances of finding an apartment to rent are high in La Rousse district. The prices here are not as high as in Larvotto, and you can enjoy the sea view and the beaches which are within walking distance.
Most residencies here were built before the 1960s. The highest demand is for the following buildings that have panoramic sea views: Le Chateau Périgord, Le Monte Carlo Sun, Le Parc Saint-Roman.
New projects include the Giroflées tower, and the landscaping of the area around the prestigious new tower Odeon. For the time being, the Odeon tower is the symbol of futurist architecture in Monaco, but the streets around it are not that nice.
This, however, has not prevented apartments in the Odeon tower being rented out at record rates: the 3-bedroom apartments (350 m2) were rented at for 42 000 euros per month.
Rental prices for properties in Monaco: Larvotto/ La Rousse
Studio – 2 000 – 4 000 euros per month
1-bedroom apartment – 3 500 – 6 000 euros per month
2-bedroom apartment – 7 000 – 15 000 euros per month
3-bedroom apartment – 12 000 – 25 000 euros per month
FONTVIEILLE
Fontvieille is a rapidly expanding part of Monaco where real estate prices are growing steadily.
Monaco people still remember the time when no one wanted to live in Fontvieille, fearing that the sea would reclaim its territory one day. Fontvieille is a land reclamation project.
Ironically, it has become one of the most sought-after parts of Monaco. It is highly prized especially by families with children – there are playgrounds and parks, a large supermarket, an international school, and the University is close by.
It is also easier to find large apartments (500-600 m2) with panoramic sea views away from noisy roads here. You can rent an apartment with a private pool here, and use your residential address for your SARL company for up to 2 years.
The earlier buildings in Fontvieille (Donatello, Raphael, Giotto) are facing towards the Fontvieille port, and have views of the old town and the Prince’s Palace.
The newer residencies are closer to Cap d’Ail port (Seaside Plaza, Le Terrasses du Port, le Memmo). These are more luxurious properties with swimming pools, gyms, and security.
In Fontvieille most people are renting apartments with 4 bedrooms, with a budget starting from 20 000 euros per month.
Rental prices for properties in Monaco: Fontvieille
Studio – 2 300 – 3 500 euros per month
1-bedroom apartment – 4 000 – 6 500 euros per month
2-bedroom apartment – 6 100 – 16 000 euros per month
3-bedroom apartment – 13 000 – 26 000 euros per month
LA CONDAMINE
La Condamine is one of the most pleasant places to live in Monaco.
It is situated behind the Hercule port. Families like the schools, pedestrianised streets, the proximity to the centre and the sea; and the young love the night-life and the restaurants within the port. It is easy to walk or to travel by bus to any part of Monaco from here.
The only downside is that is extremely rare to find properties for rent here.
Sales prices have soared in the Condamine since the beginning of the century, and so have the rental rates. In theory, a studio without a view in this area shouldn’t cost more than 1 800 euros per month.
But there are no properties available within that price range. Part of the problem is that many older properties in Condamine are owned by the state. They are not on the free market and reserved solely for people from Monaco.
Because the buildings are mostly quite old, it is difficult to find an apartment with an underground car park.
Rental prices for properties in Monaco: Condamine
Studio – 1 800 – 3 000 euros per month
1-bedroom apartment – 2 500 – 4 600 euros per month
2-bedroom apartment – 5 800 – 15 000 euros per month
3-bedroom apartment – 8 200 – 18 000 euros per month
MONEGETTI/JARDIN EXOTIQUE
The Jardin Exotique is a district located on your approach to Monaco from Cap d’Ail, on the highest road from Nice. It is a great example of how the real estate market has been transformed in the Principality.
It was avoided for a long time because it was further away from the centre and lacked infrastructure. Monaco people were afraid of the noise and its proximity to the tunnel.
Recently, the area of the Jardin Exotique has become more attractive.
A stylish tower called Simone was constructed. Its 4-bedroom apartments with private pools are very popular and rarely available. Monte Carlo View is another new residency.
Older buildings like Eden Tower, Patio Palace and Granada have had their façades renovated.
Tenants expect the rental rates here to be lower than in the rest of Monaco, but in reality, apartments are rented out at the same price, because demand is higher than supply.
The average rental price is 55 euros per m² per month.
Residencies such as Ligures are in high demand because they offer many amenities: a concierge, a swimming pool, a tennis court, a sauna, and a gym.
It is more difficult to rent out larger apartments costing over 20 000 euros per month in the district of Jardin Botanique, smaller flats at reasonable rates are more popular.
The advantage of Jardin Botanique is that you have a view of the sea and the Principality at rates which are lower than in other more prestigious parts of the city.
Rental prices for properties in Monaco: Moneghetti/Jardin exotique
Studio – 2 000 – 3 000 euros per month
1-bedroom apartment – 3 000 – 5 000 euros per month
2-bedroom apartment – 6 000 – 10 000 euros per month
3-bedroom apartment – 6 500 – 20 000 euros per month
