Why does Monaco attract the rich and famous from all over the world?

General description of Monaco

Monaco is a small independent state with its own unique charm, located on the coast of the Ligurian Sea. It is only 20 kilometers from the famous Nice and borders France, making it easily accessible to tourists.

Area and population

The area of this state is approximately 2 square kilometers, which is comparable to the size of a small park in Moscow. Due to its modest size, Monaco is one of the most densely populated places on the planet: the population density reaches about 18,000 people per square kilometer. The total number of residents is around 36,000, among which:

• 47% — the French
• 21% — Monegasques (native residents)
• 16% Italians
• People from more than 125 different countries live here.

Political system

The political structure of Monaco is organized based on cooperation with France, which is regulated by an agreement signed in 1918. The highest legislative authority in the country belongs to:

• To His Serene Highness Albert II — Sovereign Prince of Monaco
• The National Council, acting as an element of the parliament

It is important to note that some members of the royal family also have the status of prince, but this should not be confused with the title of acting sovereign.

Transport communication

To get to Monaco from Moscow or St. Petersburg, the most convenient option would be to fly to Nice, and then you can use:

• By bus (the travel time will be about 45 minutes)
• By train (20-30 minutes)
• By car (about half an hour)
• By helicopter (it will only take 10 minutes)

Regular flights are offered by the airlines "Aeroflot" and Air France, with a travel time to Nice of about four hours.

Transport infrastructure

Despite its small area, Monaco has well-developed transportation systems. All modern modes of transport are available here:

• Railway
• Automotive
• Marine
• Airy

The train station is located in the center of Monte Carlo, while the sea ports are situated in areas like Fontvieille and La Condamine. Helicopter services are also actively operating, making transportation more convenient.

Movement within the principality

For comfortable movement within the Principality, there are modern elevators and escalators connecting the different levels, thus avoiding the use of a car. Various parking options are available within Monaco, both underground and surface parking.

Obtaining a visa

For those planning a trip to Monaco, it's important to pay attention to the visa application process, which is handled through French visa centers, as there are no representations of the principality in Russia. These centers are located in major cities, such as Moscow, St. Petersburg, Yekaterinburg, and Nizhny Novgorod.

Rules for the import and export of currency

There are no restrictions on the movement of foreign currency.When crossing the border, however, tourists who are not from EU countries should remember the need to declare amounts over 10,000 euros.

Why choose Monaco?

Why should Monaco be chosen as a travel destination? This is due to its favorable location, pleasant climate, historical significance, and stable economy, which create all the conditions for growth, attractiveness, and prosperity of this unique principality.

A unique place on Earth

In a small area of two square kilometers, there is such a concentration of celebrities and wealthy individuals that it's hard to find anywhere else on Earth. This is truly reflected in the real estate market, which is currently at the peak of its development.

Real estate and climate

Here are truly unique objects, the cost per square meter of which can reach almost €100,000. The charming shores of the Ligurian Sea, the neighborhood with the French Côte d'Azur and the mild climate of the Mediterranean create ideal conditions for the life and recreation of wealthy people.

Economic benefits

Status“global financial center”The protection of banking secrecy, low tax rates for foreigners, and the complete absence of income tax for residents undoubtedly attract significant amounts of capital to Monaco. The economic strategy of the principality is focused on attracting foreign investors through generous tax incentives.

Business incubator

There are about 800 international companies and around 50 banks operating in the country. It is home to two major business centers and numerous popular boutiques, which typically open at 9:00 AM and close at 7:00 PM with a lunch break.

Hospitality and entertainment

Speaking of the hospitality industry, it is safe to say that it has a“top class”In the principality, the following are functioning:

• luxurious five-star hotels;
• cruise lines;
• Michelin-starred restaurants;
• glamorous social events.

Cultural heritage

Monaco is also renowned for its cultural heritage and numerous interesting attractions. Throughout the year, events take place here that can rival the scale and significance of the most famous happenings, such as...“Monaco Grand Prix”of the Formula 1 championship. It's home to the famous casino“Monte Carlo”which is the first gambling house in Europe and one of the oldest in the world. Currently, there are five casinos open in the principality.

Educational opportunities

It is important to mention various prestigious educational institutions, both public and private. Here you can find:

• early childhood facilities;
• primary and secondary schools;
• a lyceum specializing in tourism;
• Monaco International University.

It is precisely the variety of educational opportunities and the high level of services provided that attracts affluent families with children from all corners of the world.

Medical services

Medical services in Monaco are recognized as some of the best in Europe and the world. Local hospitals are equipped with modern medical technologies for the diagnosis and treatment of various diseases.

Safety and quality of life

The crime rate in Monaco is one of the lowest in Europe, thanks to an effective law enforcement system that ensures order and safety. Therefore, for those looking for the perfect place to live or relax, the principality offers exceptional conditions in terms of both comfort and security.

The real estate market in the Principality of Monaco occupies a unique position, as it is the most expensive market not only in Europe but also in the entire world. Although cities like Hong Kong and London have apartments with high prices per square meter, the rates observed in Monaco are unmatched by anything else.

The gradual rise in housing prices only highlights this feature, and sometimes the price per square meter starts from80,000 eurosand goes up. The limited territory of the principality is almost completely developed, and available land for new construction has become a real scarcity. Therefore, most new projects arise from the demolition of old buildings.

Record performance

According to a reputable study conducted by Savills, 2014 was a record year in the history of the Monaco real estate market — the total transaction amount exceeded a staggering2.4 billion eurosThis significantly exceeded even the results of 2007, which was considered a peak year. A major role in this was played by Russian investors, who eagerly invested money in luxury real estate amid the economic crisis in their country.

The demand for housing in Monaco remains high, and the current supply-demand ratio is clearly not in favor of the latter.

Real estate investments

Investments in real estate in Monaco can be quite profitable, as the value of such assets consistently increases over time. Foreign buyers typically prefer to choose quieter and more secluded areas of the principality for living, while the investment market particularly favors one- and two-bedroom apartments, preferably with a sea view and direct access to the beach.

• Having a pool is also a significant advantage.
• In Monaco, there are no taxes on real estate and luxury.

Districts and their features

As for the division into districts and their investment attractiveness, before 1917 there were three separate communes in the Principality, but then they merged, and now the Principality is one commune divided into ten districts.

Monte Carlo is undoubtedly the most famous area, renowned for its casino, developed resort infrastructure, spas, and luxurious hotels such as Hôtel de Paris, Hermitage, and Metropol. It is also home to prestigious shops and the Metropol shopping center.

The high property prices in Monte Carlo make it particularly attractive to Russian investors who are looking to purchase residential real estate with a full range of amenities, including concierge services and heated pools.

San-Roman and its features

The neighborhood of San Roman, also known as La Ruz, has its own characteristics. Prices for square meters here range from30,000 to 40,000 eurosCurrently, a high-rise building is being constructed in San Román.Tour Odeon...whose ambition is to create some of the most expensive apartments on the planet, including a penthouse worth...300 million euros.

Overall, the real estate market in Monaco continues to be one of the most attractive and profitable resources for investment on the global stage.

Modern residential complex in Monaco

This modern and luxurious residential complex in Monaco embodies unique features, offering not only exceptional apartments but also a wide range of amenities. Residents can enjoy a pool, lounges, shops, and a fitness center, making their lives comfortable and fulfilling.

Larvotto Quarter

The Larvotto Quarter is a picturesque resort area known for its stunning promenade. It features popular establishments and entertainment zones that are well-known both within the principality and throughout the French Riviera. This is the eastern part of Monaco, and it attracts many tourists.

Unfortunately, regardless of their appeal, apartments on the first line along Avenue Princesse Grace cannot be purchased. All of these residences belong to the Pastor family and are only available for rent. The average cost per square meter in Larvotto ranges from18,000 to 30,000 eurosHowever, rare and exclusive offers can have significantly higher prices, reaching two times or more above.

Many of the apartments on offer have magnificent sea views and the opportunity to enjoy the swimming pools. The construction of a new high-rise building in Larvotto is expected to start in the coming years, which may negatively affect the views from some of the apartments behind it.

The La Condamine district

The La Condamine district is one of the most historically significant parts of the principality, located in close proximity to the Hercule port. The average housing prices in this area are around30,000 euros per square meterWhile prices may vary depending on the type of property.

Apartments on the first line offer stunning views of the port; however, it should be noted that due to the traffic on Albert I Boulevard, there can be a high level of noise. This is where the Formula 1 Grand Prix begins, making apartments with a good location on the track an attractive opportunity for investors.

Monte Carlo

Monte Carlo (Monaco Ville), known to the Monegasques as Le Rocher, is the main cultural part of the principality, where the Prince's Palace is located. From this spot, there are magnificent views of Monaco and the surrounding areas. This area is considered the most affordable in terms of housing prices, although this opinion may be relative compared to other areas of the principality.

The affordability of prices can be explained by the presence of older buildings here, which offer small apartments, making them attractive to renters, especially for short-term rentals.

Fonvyei

Fontvielle is the westernmost district of the principality, with construction starting in 1971 in the sea. It is home to the Fontvielle port, which adds comfort and tranquility to the area, making it ideal for permanent residence.

• There are many modern buildings, medical facilities, and interesting attractions in this area.
• Because of its location away from the main tourist routes, the cost of accommodation ranges from20,000 to 60,000 euros per square meter.
• Russian investors often choose spacious apartments in new buildings with sea views, parking, and swimming pools, which makes this area popular for living and investment.

The Golden Square in Monaco

The "Golden Square" (carre d’or) is the most prestigious and central area of Monaco, located around the famous casino.

The cost of real estate in Monaco

For example, the cost of a studio in a unique complex with a pool, designed by a famous Italian designer and located on the border with France, can reach €2.3 million. In the same area, three-bedroom apartments in another luxury residence were sold for €20 million, according to real estate agents. This indicates that the price per square meter in these apartments is on average at least 1.5 times higher than the base cost.

Average prices per square meter in different areas of Monaco

If we look at the current average prices per square meter in the most sought-after residences in various districts of Monaco, they appear as follows:

• Fonvieille – €60,000; rent for a two-bedroom apartment: €9,000-€12,000 per month.
• Larvotto - €50,000 to €65,000; rent for a two-bedroom apartment: €6,000-€7,000.
• Monte Carlo - €57,000; rent for two-bedroom apartments: €6,000-€7,000.
• Condamine – €62,000-€80,000; rent: €6,000-€7,000.
• Jarden Exotic – €40,000; rent for a two-room apartment: around €6,000-€7,000.
• Old town – €47,000; rent for a two-room apartment: €5,000 per month.

Villas in Monaco

When it comes to villas, their prices in Monaco can reach tens of millions of euros, and sometimes even exceed those amounts. These properties are rightly considered the pinnacle of luxury. However, due to the limited territory of the principality, the number of villas is significantly lower than that of apartments. For this reason, Monaco is often referred to as the "balcony of Europe," as high-rise buildings are constructed on a small area.

For example, the price of a three-bedroom villa with an area of about 400 square meters starts at €2.5 million and can go up to €10 million. But that's not the limit: the cost of a prestigious villa with an area of 350 square meters and a plot of 700 square meters on the first line by the sea, with no neighbors, can reach an incredible €95 million. Having a pool significantly increases the price, as not all villas can boast this advantage, which noticeably affects the overall price level.

Issues of short-term and long-term rentals

Experts note that short-term rental of housing in Monaco is essentially not an effective option, whilelong-term rentalIt can become a stable source of income. Due to the unique living conditions in Monaco, rental income may be lower than in other resort areas of the Mediterranean.

Rental prospects in the principality

Real estate in the principality quickly finds new owners or tenants; however, the selection of quality rental properties is quite limited, leading to high demand and rapid leasing. Property owners in Monaco have significant advantages over tenants, as after the lease term ends, the owner of furnished housing can terminate the contract and rent the apartment to a new tenant or increase the rent.This circumstance makes the real estate market in this region particularly attractive.

Choosing apartments in Monaco

When choosing an apartment in Monaco, it is extremely important to pay attention not only to the variety of offerings in the real estate market but also to thoroughly study the specific building where the apartment is located. Many experts claim that this information can be even more important than selecting the neighborhood where your new home will be situated. This highlights how crucial it is to create a comfortable and safe living environment in this prestigious principality.

Monte Carlo Casino

If you decide to visit Monaco, be sure to set aside time to visit the famous Monte Carlo Casino. This establishment is open to visitors from noon until the early morning, except on May 1st. Don't forget to check that you are at least 21 years old, as entry is only allowed for adults. Additionally, it is important to have an identification document with you and to adhere to the strict dress code set by the casino.

Oceanographic Museum

Don't miss the opportunity to visit the oceanographic museum, which is one of the main attractions of the principality. This museum is not only an exhibition space but also conducts scientific research in the field of oceanography.

Founded in 1889 by Prince Albert I and opening its doors in 1906, it later became famous thanks to Jacques-Yves Cousteau, who led it from 1957. Here, you can see not only extensive collections that tell the story of the mysterious world of the oceans but also a magnificent aquarium that is home to more than4000 species of fishand about200 species of invertebrates.

Ducal Palace

Don't forget to visit the princely palace, which is the official residence of the Grimaldi dynasty. When the prince is on the palace grounds, his flag flies over the Tower of Saint Mary, serving as a sign for residents and tourists. It's also worth taking a stroll through the exotic garden, which impresses with its diversity.

This garden features rare cacti from Africa and Latin America, as well as stunning giant aloes and century plants from South America. The unique climate of Monaco allows for the growth of more...7000 different species of plantsthat makes this garden a true paradise for botanists.

Other attractions

Among other attractions worth visiting, the following can be highlighted:

• Museum of Prehistoric Anthropology
• Specialized car museum
• An astonishing rose garden dedicated to Princess Grace
• Refined Japanese garden

Cultural events in Monaco

The government of Monaco is actively seeking to develop cultural ties with other countries. In 2015, the principality declared it the Year of Russia, during which many unique events were held. These activities attracted wide interest and were covered by local media.

From July 12 to September 6, a large-scale exhibition titled "From Chagall to Malevich. The Revolution of the Avant-Garde" took place at the Grimaldi Forum. This exhibition received special permission to transport artworks from renowned museums such as the Russian Museum in St. Petersburg, the State Pushkin Museum of Fine Arts, and the Tretyakov Gallery in Moscow, making it a true cultural event for all art lovers.

Conclusion

Despite its tiny size, Monaco is a vivid example of how even a small territory can become a true center of international attraction. Immersing myself in the rich history and culture of this unique state, I realized how important it is to consider not only the geographical but also the socio-economic aspects of life in the principality to understand its charm.

The rapid development of the economy and the attraction of international capital thanks tofavorable tax regimeMonaco is becoming a home for many wealthy and famous people, creating an unparalleled atmosphere of glamour and success. The high population density, made up of people from various nationalities, creates an amazing blend of cultures, opening doors to new ideas and opportunities.

Developed infrastructure

The developed infrastructure and ease of access to the country promise unparalleled comfort for both tourists and locals. Convenient transportation systems allow everyone to feel like a part of this dynamic society, while luxurious hotels and Michelin-starred restaurants:

• They bring us closer to celebrities.
• They offer the opportunity to immerse yourself in a world of comfortable and exquisite relaxation.

Cultural treasure trove

Monaco is not only a financial center, but alsocultural treasure trovewhere grand events and festivals take place, attracting attention from all over the world. It became clear to me that this concentration of art, music, sports, and overall human energy truly makes Monaco a unique place on the world map.

High standard of living

The principality offers not only luxury but also a high level of education and healthcare, which attracts families with children. In open schools and universities, future leaders are being educated who will be able to make the world a better place.

In conclusion, I understand that Monaco is an amazing blend of traditions and modern trends, a unique state with endless opportunities for business and prosperity that, despite its small size, leaves an incredible impression and attracts attention. It is this harmony of various aspects of life that creates the distinctive character of the principality, which is hard not to fall in love with and which remains in the mind as a symbol of refined living.