According to real estate experts in Monaco, a relative "calm after the storm" has settled on the apartment rental market. This means that today in Monaco there is no such hype when there was a queue for rentals and clients could rent an apartment for a long term without a prior viewing, simply over the phone.
There is still a stable demand for rentals in Monaco, but there are more apartments on the market, which means that a potential Monaco real estate tenant has a little more time to find accommodation than before Brexit. To rent a 3-room apartment in Monaco for a family with children, one should expect a budget of at least 6,000-7,000 euros per month. Apartments with a budget above 10,000 euros per month are harder to rent out today than a year ago, when apartments for 20,000 euros per month (the price of a prestigious 3-bedroom apartment with terraces and a sea view) were easily rented out. Paradoxically, in the famous new Odeon Tower, rental apartments with a budget of 40,000 euros per month still easily find their tenant. A regular studio in Monaco rents from 2,000 euros per month, whereas 10 years ago the same studio cost 1,000 euros. Real estate rental prices in Monaco directly depend on the prices of real estate for sale. Over 10 years, real estate prices in Monaco have increased by 180%. At the same time, the rental yield for landlords is not that high, at 1.6-2.5%. However, do not forget that apartment owners do not pay taxes on income from real estate rentals.
MONACO RESIDENTS: WHO ARE THEY?
According to official statistics, since 2012, 1,800 people become new residents of Monaco every year. Representatives of which countries become residents of Monaco? In 2016, the lucky holders of a Monaco resident card were:
- Italians 330
- French 328
- British 172
- Russians 142
- Swiss 74
- Belgians 71
- Germans 39
In total, the population living in Monaco by nationality in 2016 was:
- French 7,935
- Italians 6,936
- British 2,379
- Swiss 1,007
- Belgians 953
- Germans 805
- Russians 617
- Dutch 508
Thus, Russians entered the top 10 residents of Monaco, and this is noticeable: Russian speech can be heard everywhere on the streets and playgrounds.
Despite the sanctions, Russian-speaking clients are actively present in the Monaco real estate rental market. It was precisely the natives of Eastern Europe and the Middle East who supported the Monaco luxury real estate market in 2016.
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