Becoming a resident of Monaco of course involves renting or buying here and we are often asked what are the most common property criteria which clients put forward when doing either.
Certainly, there is a trend for larger apartments to be sought, whether buying or renting. Probably a reflection of the fact that the residence card application process has tightened up in the sense that the authorities will look ever more closely at the applicant’s profile and what he has chosen to rent/ buy to assess whether the former corresponds to the latter. It is not for nothing that sales of studios decreased in 2018 and we believe that trend is probably set to continue though for a single person buying or renting a studio may still work depending on the indiviudal’s circumstances.
Larger apartments are in demand: families are moving here in their entirety and a spacious apartment such as the one we are marketing in the Eden Star, Fontvieille are likely to sell well. Unusual features such as this apartment’s games room, garden terrace and winetasting room, also help attract interest.
For the first time also, clients are asking us to find them apartments which are “quiet…”. Many areas of Monaco are under development and noise is an issue. Fontvieille also wins on this front- we have, for instance , a beautifully refurbished three bed apartment in a good building there for sale on an off market basis.
Views too are always desired and we are only too conscious if how important it is to ensure clients understand that Monaco is constantly evolving and it is often difficult to be 100% certain that the current view enjoyed by your property will not change. It is vital to check what the position is regarding surrounding buildings, something we have done, for instance, regarding this superb apartment in an older building, where the planning authorities were able to confirm that its view should stay as the building below was classified as a “remarkable” building..
Another trend we are seeing is for serviced rentals such as the Columbus Residence studios/ apartments where the rental price includes various hotel-style services. We see this set to continue in line with other destinations where branded residences are proving very popular.
Whilst the rental market may well calm down over the holiday month of August, we anticipate that September will see the usual spurt of activity and look forward to helping clients find their perfect residence here.